Bawumia Warns GoldBod of More Losses, Accuses Sammy Gyamfi of Deviating From NPP’s Gold-for-Reserves

New Patriotic Party (NPP) flagbearer Dr Mahamudu Bawumia has issued a strong warning about the operations of the Ghana Gold Board (GoldBod), predicting that the institution could suffer further financial losses under its current approach.

Bawumia reportedly made the comments while criticising the management of the GoldBod under its Chief Executive Officer, Sammy Gyamfi.

According to the former Vice President, the GoldBod is deviating from the original plan introduced by the previous NPP administration under its Gold-for-Reserves programme.

He argued that the current approach could expose the country to additional financial risks, warning that the losses being experienced may only be the beginning of bigger challenges ahead.

Bawumia’s comments suggest that he believes the GoldBod should have maintained the operational framework of the previous administration’s gold purchasing programme rather than adopting a different approach.

The Gold-for-Reserves initiative was introduced under the Akufo-Addo administration as part of efforts to strengthen Ghana’s foreign exchange reserves through the purchase of locally produced gold.

The programme was also intended to increase the Bank of Ghana’s gold holdings, support the cedi and reduce pressure on the country’s foreign exchange reserves.

However, the management and financial performance of the GoldBod have become subjects of political debate, with disagreements emerging between the NPP and the governing NDC over the institution’s operations.

Bawumia’s latest remarks have added to the growing political exchanges surrounding Sammy Gyamfi and the GoldBod.

His warning that the institution could suffer more losses is likely to attract a response from the government and GoldBod management.

The central issue now is whether the current gold trading arrangements are delivering the intended economic benefits and what measures are being taken to address reported financial losses.

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