The Tema United Cadres Front (UCF) has endorsed a communiqué issued by the NDC Regional Chairmen and defended the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, against what it describes as attempts by the NPP Minority to falsely link him and GoldBod to a GH¢22 billion loss.
In a statement dated September 1, 2026, the UCF said it had taken note of two press conferences organised by the NPP Minority, the first led by Minority Leader Alexander Afenyo-Markin and the latest by former Finance Minister Mohammed Amin Adam.
According to the group, both press conferences sought to attribute a GH¢22 billion loss to GoldBod and called for its operations to be interrogated.
The UCF described the latest press conference as an “afterthought”, arguing that the NPP Minority had failed in its earlier attempt to tarnish the image of Sammy Gyamfi and had now shifted its approach while pursuing what it called the same smear campaign.
UCF cites IMF report on GH¢22 billion loss
The group said the records contained in International Monetary Fund (IMF) reports clearly distinguish between the operations of GoldBod and the Bank of Ghana’s Domestic Gold Purchase Programme (DGPP).
Citing the IMF Country Report No. 26/213, Selected Issues Paper, particularly paragraph 13, the UCF said the US$1.7 billion loss recorded in 2025, equivalent to approximately GH¢22 billion, was incurred by the Bank of Ghana under the DGPP and not by GoldBod.
The group further argued that GoldBod had not been accused by the IMF of causing losses to the state.
It also cited what it described as the Auditor-General’s certified 2025 accounts, claiming that GoldBod, under the leadership of Sammy Gyamfi, recorded an operational surplus of GH¢907 million and an overall surplus of more than GH¢5.4 billion.
Group says IMF supports transfer of DGPP to GoldBod
The UCF also pointed to a July 2026 tripartite agreement involving the Government, the Bank of Ghana and GoldBod to fully transfer the Domestic Gold Purchase Programme from the central bank to GoldBod.
According to the group, the IMF welcomed the arrangement as a crucial reform aimed at protecting the balance sheet of the Bank of Ghana.
The UCF therefore described the NPP’s decision to attribute the reported US$1.7 billion loss to GoldBod as “fraudulent and politically mischievous”.
UCF accuses NPP of hypocrisy over call for BoG Governor’s removal
The group also criticised the NPP Minority for calling for the removal of the Governor of the Bank of Ghana, Dr Johnson Asiamah, over issues surrounding the DGPP.
The UCF argued that Dr Asiamah inherited the programme and is now leading efforts to reform it.
It said the reported US$1.7 billion loss accumulated under the previous administration and accused the NPP of failing to take responsibility for the situation.
“The US$1.7 billion loss was accumulated under their watch, and he is the one leading the reforms to sanitise it,” the group said, adding that the NPP should rather apologise to Ghanaians.
UCF highlights GoldBod’s alleged gains
The Tema United Cadres Front further questioned why the NPP Minority had not focused on what it described as GoldBod’s gains, including the alleged contribution to the stabilisation of the cedi, the build-up of foreign exchange reserves and increased transparency in gold trading.
The group also challenged the NPP to use parliamentary mechanisms, particularly the Public Accounts Committee (PAC), if it had genuine concerns about GoldBod’s operations instead of relying on press conferences.
The UCF described the approach as a political gimmick and said Ghanaians were capable of assessing the competing claims.
Story by Freedom Etsey Lavoe
