Sammy Gyamfi fires back at Amin Adam over BoG gold reserves controversy

Sammy Gyamfi, Chief Executive Officer of the Gold Board (GoldBod), strongly responded to claims by former Finance Minister, Dr Mohammed Amin Adam, regarding the sale of Ghana's gold reserves by the Bank of Ghana. Gyamfi dismissed concerns raised by Amin Adam, insisting that the issues had already been addressed at the parliamentary level. According to him, a team from the central bank, led by the Governor, recently briefed the Economy Sub-committee of Parliament on the matter on March 9.

Gyamfi stated, "The answers you seek were all provided… a few days ago," urging the former minister to consult records of the committee meeting or engage members who were present. He referenced Kojo Oppong Nkrumah, the Ranking Member of the committee, as well as Dr Gideon Boako, who he accused of making "unfounded claims" about the gold transactions. Gyamfi's response comes after Amin Adam publicly questioned the rationale behind the reported sale of over 50 percent of Ghana's gold reserves in 2025, which allegedly generated about US$1.5 billion.

The former Finance Minister argued that the move raises concerns about policy consistency, transparency, and whether the proceeds were used to offset losses by the central bank. He further challenged the Bank of Ghana to provide clarity on how the transactions align with its reserve management strategy and whether the sales were undertaken to address financial losses rather than for portfolio diversification. Gyamfi maintained that due parliamentary processes had already addressed these concerns, emphasising the role of committee work in legislative oversight.