Introduction
On the front burner is the reported loss of 1.7 Billion US Dollars in the Balance Sheet of Bank of Ghana (BOG) for the year 2025. The Loss is reportedly attributed to exchange rate differential and cedi liquidation at the Bank of Ghana (central bank) balance sheet due to the BOG’s mechanics thus represent quasi-fiscal expenditure incurred on the balance sheet of the BOG as part of monetary Stabilization. Hence the loss mainly due to a cumulative net policy costs and amounting differences under the Bank of Ghana’s Domestic Gold Purchase Program (DGPP).

The Domestic Gold Purchase Program (DGPP) with the Bank of Ghana (BOG) as risk owner was created as a foreign exchange and economic stabilization mobilization tool and not a commercial business meant to generate profit. So it was to boost the National Reserves which is made of two parts National Gold Reserves and National Foreign Currency (US Dollars) Reserves as in Ghana.

The Risk Owner of the DGPP is the BOG. So, the reported loss of 1.7 Billion US Dollars in the Balance Sheet of Bank of Ghana is appropriate for public good. Of course investigation in line with probity, transparency and accountability should not create enemies or divide us further more.

DGPP was introduced in 2021 firstly with gold for reserve (G4R) legs to buy gold at the spot price from the Large Scale Mining Companies under the Ghana Chamber of Mines. Since the BOG buys the gold at the spot price, no loss was envisaged or to be incurred since it is the Large Scale Mining Companies which rather may record marginal loss due to the requirement for them to offer a discount of their refined gold as done at the LMBA accredited Refineries, Oversea especially Rand Refinery in South Africa and not raw gold sold to BOG and the payments for the gold was made using BOG rates. So BOG was/is expected to make profit.

By the design of the old framework of the DGPP as made in the previous regime, a huge loss was expected for the gold in the Small Scale Mining Sector due to the payment of premium prices to reduce smuggling, as explained into details below; This huge cost/loss goes to the balance sheet of BOG, as the Risk Owner. Hence the magnitude of the cost/loss depends on the scale of operations, exchange variation, etc.

Domestic Gold Purchase Program
Due to the severe economic challenges faced by Ghana in 2021, the DGPP, initially made of the Gold for Reserve (G4R) program was introduced in 2021, when it was found that the Country’s National Gold Reserves remained stagnant at 8.77 tonnes between 1958 and 2021. So, the Gold for Reserve (G4R) was introduced to help in the economic recovery efforts or boost the economy portfolio of the Country.

G4R by the previous regime termed herein as the Old Framework involved the Large Scale Mining Companies under the Ghana Chamber of Mines. So, the old framework introduced in 2023 required the Mining Companies under the Ghana Chamber of Mines (hereafter simply as Ghana Chamber of Mines) to sell 20 percent of their refined gold production at the oversea refineries at 0.6 percent discount of the Spot price (Bloomberg Price) of the date of export to Bank of Ghana. .

This implied the 20% gold for BOG from the Ghana Chamber of Mines by the old framework exported straight with the 80% of the affected Large Scale Mining Company to the oversea refineries accredited to LBMA say Rand Refinery in South Africa outside Ghana, since Ghana has none. The 20% refined gold is then documented and Paper Gold is issued to BOG to cover the price of the gold in US Dollars. So no physical gold to the BOG by the G4R.

BOG, then pays the affected Large Scale Mining Company in Ghana Cedis equivalent to US Dollars

for the 20 percent refined gold at 0.6 percent discount of the Spot price for the date of export using BOG Reference Rate or the Daily Interbank Forex Weighted Medium Rate and not the Forex Bureau Rate. So, a loss is not expected with this leg rather profit should be expected with the discount of 0.6 percent granted by Ghana Chamber of Mines.

In 2022, due to the IMF’s condition that not more than 80 Million US Dollars should be pumped into the economy by BOG, so in order to meet the demand for Dollars by the petroleum products importers, the Dr Bawumia sold the idea of the Gold for Oil leg of DGPP to BOG.

Although, there is no universal rule stating that gold for national gold reserves must pass through LBMA accredited refineries, most Central Banks prefer or strongly encourage gold from LBMA accredited refineries for maximum international liquidity and trading. God from non-LBMA Refiners lack internationally recognized serial numbers. So besides to motivate the traders to sell their gold to BOG with premium price paid to them there was the need to sell the gold at discount percentage to Off Takers, outside Ghana to meet refinery cost. Implying the seller must give room for profit.

So, since the gold from the Small Scale Mining Sector did not go to LBMA Refineries, so the model in the old framework was opted for G4O leg of the DGPP, which saw exporting the gold at a huge discount, which may also be due to the poor due diligence/Traceability matters. Hence, the G4O leg of the DGPP involved physical gold handling, with Precious Minerals Market Company acting as an Agent of the BOG, as the aggregator (buyer), the assayer, for the weighing and valuing of the gold and handover of same gold to BOG for the export (for barter trade for oil or sale for dollars).

GoldBod
GoldBod was established in 2025 with GoldBod Act 2025 (Act 1140) with the exclusive right role for gold trading in Ghana among others. So GoldBod was made to replace the Precious Minerals Marketing Company (PMMC) in the gold trading business of G4O leg of the DGPP in the Small Scale Mining Sector. .

The History of PMMC which GoldBod took over from indicated it was established in 1989 with Precious Minerals Marketing Company law 1989 PNDC (Law 219). So, Act 1140 which established the GoldBod, among others, granted the GoldBod with the same original jurisdiction of the PMMC in the Small Scale Mining Sector as granted by the PNDC law 219. This was/is with the exclusive right or monopoly for gold trading (buying and exporting) and the assaying and valuing of gold within the Small Scale Mining Sector. .

Interestingly 10 years ago that is in 2015, the PMMC loss her monopoly in gold trading as per PNDC Law 210, so it was restricted or condemned to be a mere National Assay Lab. Hence it could not register small scale gold buying or selling Agents to buy or sell gold on her behalf. This gave birth to numerous gold buying and exporting Companies like Nana Appiah’s Menzbanc (the parent company of Menzgold) and the rise of Ms Joana from mobile sale agent to multimillionaire. Google ‘How my net worth reaches 700 million US Dollars a year by Ms Joana Cudjoe’.

Some of the Ghanaians exporters had foreign financiers/partners in the Small Scale Mining Sector which by law is restricted to citizens of Ghana. Google for ‘Involvement of Chines in Small Scale Mining by Professor Crawford’. Google for Old videos and photos of Amenfi Central PC in galamsey operations pop up. This was during her appearance on Delay Show.

The Exporters were made by the then Government to bring 80% of their gold sales to Ghana and keep 20% outside if required to do so. This was not so due to possible under clearing, and may likelihood of fronting for foreign partners, hence huge payment to the partners for financing the trade, smuggling etc. Note a Plane with 48 Million worth of gold was seized at the Dubai Airport in 2016 due to lack of proper documentation.

So, between 2016 and 2021, reports by Reuters or International media indicated that over 7Biilion Dollars of worth of gold was exported yearly from the Small Scale Mining Sector to the United Arabs Emirate yearly, whilst 5 Billion US Dollars of Gold was recorded yearly in the Books of Bank of Ghana. So this meant gold smuggled out of Ghana to the United Arabs Emirate yearly was over 2Billion US Dollars.

Thus before GoldBod was established, Small Scale Miners rarely got the true international spot price for their gold. This was so due to local buying agents and informal traders purchased the gold at significant discount price, far below the spot price for the day. Most of the traders applied heavy deductions to account for assaying cost, local taxes, refining margins etc made the payment well below the London Bullion Market Association Spot Price. This motivated smuggling incentive to informal international buyers offering cash closer to real-time market value

Thus one may be right to say, that the alleged smuggled gold could be attributed to the proliferation of Private Gold Buying and Exporting Bullion Companies, mostly financed by foreign partners as well as due to poor policy by the State and poor security system in the Small Scale Mining Sector that led to a lot of foreigners in the Small Scale Mining Sector. But nothing was done to the to remove foreigners in the gold buying and exporting or reduce the huge smuggling of gold to the Middle East as alleged by Reuters.

History tells that it was due to the very severe economic challenges in 2021 that saw Dr Bawumia to think outside the box and caused the introduction of the Domestic Gold Purchase Program. So GoldBod was introduced in 2025, besides to see to the Domestic Gold Purchase Program by centralizing the purchase, assaying, and exporting of gold in Ghana to reduce smuggling or to maximize gains from the gold produced in Ghana. .

Due to the smuggling of gold which pertains in the Small Scale Mining Sector, so, in order to disincentive the smuggling and to keep the gold within formal economy, the GoldBod buying agents historically purchased the gold from the Small Scale Gold Mining Sector at premium rates especially Forex bureau market rate. This pricing mismatch between Small Scale Gold Mining Sector, gold purchased in 2025 and the official accounting led to the heavily discussed accounting valuation losses.

Thus to incentives both the Small Scale Miners and traders with the payment of premium price with spot price of gold for the day and the Forex Bureaus exchange rate for the day, contributed to losses in the balance sheet of the BOG.

This was so, since Rome was not built in a day, the work of the GoldBod in 2025 was restricted to the G4O leg of the DGPP in the Small Scale Mining Sector and used the 2023 Agreement between BOG and PMMC whilst working very hard in the building of systems etc for the full start of her mandate in 2026. So that, when the system is fully in place, it will act independent of BOG for funding in particular but to support BOG to build both Foreign Currency Reserves and National Gold Reserves as mandated by Act 1140. As well as build confidence and support of gold traders to give discount for the say of their gold at least to meet cost of assay which really should be borne by the Seller.

So in 2025 the operations of GoldBod in gold trading business was mainly in the Small Scale Mining Sector within the old framework, as such the BOG operated with the Ghana Chamber of Mines within the old framework as stated above. Thus aside monitoring gold smelting, assaying etc at the Sites of the Large Sale Mining Sector, GoldBod was not much involved in the gold trading in the Large Sale Mining Sector in the G4R program to make huge gains in the DGPP for BOG to reduce the loss with the G4O. It should be noted that no smuggling or under clear report of gold produced by the Large Sale Mining Sector of the Ghana Chamber of Mines.

Hence, History will reveal that the sum of the 1.7 Billion US Dollars as operational lost or cost on the balance sheet on the Books of Bank of Ghana emanated mainly from the G4O leg of the DGPP, covering the Small Scale Mining Sector due to operations of GoldBod was based on the 2023 Agreement between BOG and PMMC with expected losses for public good as endorsed by Dr Bawumia.

The DGPP as stated is the brainchild is the Dr Bawumia and in 2023, the GoldBod with Mr Sammy as CEO implemented the Agreement of the G4O leg of the DGPP, so any gains of the DGPP should be credited to both personalities.

So if any blame game, then Dr Bawumia and Mr Sammy Gyamfi should share it at varying degrees. Dr Bawumia for the concept/ Agreement of 2023 (between BOG and PMMC) which certainly prone to incur costs/losses for the public good of economic stabilization and supporting the Cedis to ease hardship and generate more jobs.

The magnitude of the cost/loss was/is contingent on the scale of implementation. So, Mr Sammy Gyamfi may be blamed in the blame gain for the scaling up with the implementation of the G4O leg of the DGPP in the Agreement of 2023 for Gold for Dollar (G4D) which may due to good security system including the premium payments using Forex Bureaus rates and not Interbank rate, with GoldBod publishing the daily gold price for her Agents etc as part of transparency and accountability.

It is therefore very wrong to say that the DGPP with two legs as a whole made a loss of 1.7 Billion US Dollars as operational lost or cost on the balance sheet of BOG. The loss should be attributed to the G4O leg of DGPP within the Small Scale Mining Sector, which was the main area GoldBod operated in 2025. Thus zero or not much loss was incurred from the G4R Leg of the DGPP with between BOG and Ghana Chamber of Mines.

So, juxtaposing the Mission of GoldBod with the mission of G4D in 2025 as executed with the 2023 Agreement between BOG and PMMC with G4O model in 2024, tells that both incurred loss/cost as to the Balance Sheet of the BOG, since both really operated with the G4O Leg of the DGPP, as in the agreement of 2023 that was reached between the BOG and PMMC.

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So, the huge loss of 1.7 Billion Dollars stemmed from among others, the scaling up of the G4O leg of DGPP of PMMC, the area of operations of GoldBod in 2025, with a mission of Gold for Dollar (G4D) which surely led to very high total cost in the discount which BOG gave to Off takers, since more gold was provided by GoldBod for the export by BOG. Note the payment of premium using the parallel high rate of Forex Bureaus in order to reduce smuggling contributed to the massive record of the gold export by BOG. So Mr Sammy Gyamfi should be credited for the massive gold export from the G4O leg of the DGPP in 2025.

Consequently, the differences between the performances of the PMMC in 2024 with the 2023 Agreement between PMMC and BOG and that GoldBod with the same of the G4O leg of DGPP as in same 2023 Agreement, include the type and number of Aggregators, the Scaling up of the program and the payment of premium price using the parallel high rate of Forex Bureaus, in order to reduce smuggling and to support or incentivize the Licensed Small Scale Miner.

Another variance, is the innovation by the CEO of GoldBod to generate massive internal revenue through licensing system and the laudable spread of its tentacle into the Large Scale Mining Sector that saw the payment of gold samples fee of 90 US Dollars per sample from each gold bar and 850 US Dollars for visits to sites of Large Scale Mining Companies to monitor smelting, assaying and boxing of bullion for export in 2025, among good things for Ghana. Mr Sammy Gyamfi should therefore be credited with this good work. So from the above, History will tell that part of the surplus or profit of GoldBod in 2025, came from the fees from the Large Scale Mining Sector as well.

So, with the vehicle of G4O leg of the DGPP, and through the very good works of the GoldBod under the leadership of Mr Sammy Gyamfi, contributed to the massive economic gains to Ghana within one year with the associated operational loss/cost of the 1.7 Billion US Dollars in the books of BOG for public good.

So, credit Mr Sammy Gyamfi who as CEO of GoldBod, was the executor of the previous G4O leg of the DGPP of PMMC as in the 2023 Agreement but turned the G4O to G4D leg of DGPP, which led to increasing the National Forex Reserve from 8 Billion US Dollars in 2024 to about 11 Billion US Dollars in in 2025.

So while Dr Bawumia should be credited for the 2023 Agreement between BOG and PMMC which made it possible for the CEO of GoldBod to implement successfully in 2025 with the G4O leg of the DGPP, Mr Sammy Gyamfi should be credited for the addition of 3 Billion US Dollars within one year of the operations of GoldBod.

Note, the massive economic gains made through the DGPP as a whole, made Mr Sammy Gyamfi, an ardent critic of Dr Bawumia, voluntarily and openly credited Dr Bawumia for the DGPP as a whole. Google for ‘Mr Sammy Gyamfi credits Dr Bawumia for the DGPP as a well–intentioned policy’, and Google for ‘President Mahama, speaks of the massive economic gains as magic”. Both stories tell the gains emanated from the Agreement made in 2025, which operation was scaled up with the payment price premium that reduced smuggling of gold from the Small Scale Mining Sector.

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Need for Parliamentary Probe
The call for parliamentary probe should be seen as good thing to help the GoldBod achieve maximum gains with its mandate. But the accusation against Lawyer Mr Sammy Gyamfi for alleged wrong doing is very wrong, since there is no documentary evidence. Since, this is the state of affairs in the political party politics in Ghana, and with Mr Sammy Gyamfi once a critic of the previous regime, who employed a very strong the propaganda machinery, as the National Communication Director of the NDC, he should just laugh at the accusations as retaliatory acts as Accountability avenger from the NPP.

So Mr Sammy Gyamfi should have treated the accusations as the normal party-political retaliation in Ghana’s body politics since 1993. Thus Sammy should have seen it as the hazards with the associated risks with the works of politicians or State Officials. He should have noted that the Minority Leader is not an Investigator /Judge to give a bail to a suspect and his mouth is not a gun, but it was only indulged in loose political talk, which is the political arena’s disease which the Reset Agenda among others has come to address among others with Mindset Revolution including fear of God to reduce corruption hence to ensure good governance.

It needs to be emphasized that though the loss is not in the Books of GoldBod but logically, since GoldBod did operate under the G4O leg of the DGPP in 2025, as in the Agreement signed between PMMC and BOG which was endorsed by Dr Bawumia in 2023 with the expected losses, as such the PMMC/GoldBod cannot be absolved from the Loss of 1.7 Billion US Dollars incurred mainly from the G4O leg of the DGPP especially with the payment of premium by using spot prices with payment using the Forex Bureau rates. He needs to stress that another contributing factor was the discount for Off–takers of the gold as offered by BOG to accept the gold.

So, the question that needs to be answer, why the Small Scale Miner as the owner of the gold was not required to pay for at least the assay fees for his product.

So, Mr Sammy Gyamfi, should note that since the operational loss or public good cost of 1.7 Billion US Dollars came from the G4O leg of the DGPP, GoldBod through the CEO, certainly has a duty to explain matters related to the G4O leg of the DGPP as in the 2023 Agreement, the challenges or the issues/things with its operation in 2025. As well as how GoldBod is now working hard to address some its problems with the G4O leg of the DGPP, which he is to renovate / upgrade in 2026 to GANARP.

Hence Mr Sammy Gyamfi, as the brief CEO PMMC in 2025/Now CEO GoldBod, has a lot to explain or big questions to give answers. Among other issues, he needs to let the people through Parliament to note that electric power at not the less than 1000 Centigrade is used in Refineries for fire assay as such the high power consumption leads to high cost on assaying, smelting etc in the gold industry..

He should use this golden chance to say that though too much power is normally used but the Overseas Gold refineries say Rand Refinery in South Africa to smelt and assay the gold, but the assaying and smelting fees are lower than that in Ghana as charged or borne by Ghana’s Refineries and GoldBod. The fees of GoldBod were approved by Parliament. So investigation by Parliament may call for cheaper power for GoldBod’s Assay Lab and the related Local Gold Refineries, like what was/is given to VALCO.. Also the high cost of chemicals, crucibles for the assaying and smelting, may need lower so taxes of these items.

So the people as the owner of the Gold as provided at Clause 6 of Article 257, need to know what the GoldBod as established by Parliament as a Statutory Body in the Mining Sector did in 2025 and what must be done to change the narrative, hence, the investigation is necessary for the attention of Parliament and to gain public confidence and support.

It should also be noted that besides the economic gains, it is also about ensuring proven integrity, consistency, hence maintenance of political principles in the governance system in line with the First Principle of War or Business Success Principle as Selection and Maintenance of Aim, herein in Policy. Note the NPP or the NDC do not maintain the same stand when in Government and in Opposition, so, the issues of policy inconsistency need to be addressed. ‘

The investigation may reveal either the need for improving Ghana’s democracy or Ghana’s democracy is improving with the need for ensuring of or inculcating new citizens of Ghana, as dreamt by President Nkrumah for Patriotic, Honest, Diligent and Disciplined Person, as a new citizen of Ghana, and whose integrity, knowledge (well-informed about national issues) and his humbleness are his or her greatness.

So, the investigation may reveal Mr Sammy Gyamfi, as a new Citizen of Ghana, with his good work in fighting for the soul of the economy and fascinated with the massive economic gains, made him to exhibit a rare honesty, for openly crediting his ardent critic, namely Dr Bawumia for the DGPP and this is contributing to part of the hullabaloo for him to once again credit Dr Bawumia in Parliament for it to be well documented. Since the mandate of GoldBod is clear, to operate in the Small Scale Mining Sector, hence within the G4O leg of the DGPP and which was designed to incur losses in Cedis in the Books of BOG.

Thus the debate and investigation by Parliament is to bring sunshine or transparency and accountability, as well as complimentary (praising) with the implementation of the DGPP of Dr Bawumia. Thus to some extent, it is about political branding ahead of the 2028 elections.

Hence, it would make you to appreciate the good works of Dr Bawumia, as the Brainchild of the DGPP for NPP, the very good works of Lawyer Mr Sammy Gyamfi Esq, as the CEO of PMMC, then as CEO of GoldBod in 2025 for the NDC, hence, as the operational executor of the DGPP of Dr Bawumia, whose work by scaling up the DGPP of Dr Bawumia, led to the cost or loss up to 1.7 Billion US Dollars in 2025, in the balance sheet or Books of the BOG.

The debate will also reveal, the further very good works of Mr Sammy Gyamfi, now or “effectively” as the CEO of GoldBod, effective March 2026, as the reformer of the PMMC/DGPP for a new model without funding from BOG and BOG not to be responsible for the export operations but maintain the G4R with the Ghana Chamber of Mines.

It will show how GoldBod is working hard for LBMA certification for the local gold Refinery; hence her CEO has roped in the Ghana Chamber of Mines to support Ghana with gold that is acceptable for European Market or LBMA’s Refineries

Thus it will show how he is upgrading the Dr Bawumia’s DGPP to President Mahama’s GANARP and the execution of same effective March 2026. Hence, the appropriateness of the topic, the Battle for the Billions for this submission by retired Major Mohammed Bogobiri, a Student of Risk Management.

So, the debate will also reveal the good works of Lawyer Mr Afyenyo-Markins Esq, as the leader of the Minority Group, hence the Opposition side in Parliament for Ghana. Some People failed to understand the role or the real work of Parliament as part of the democratic system of Checks and Balances (hence in line with the principle of Separation of Powers) is to scrutinize the works or policies of the Executive Arm of Government and not to be in bed with the Executive Arm of Government.

Probity, Transparency and Accountability are the principles or dogma of the 1992 Constitution, in Ghana, so history will tell that it is the Minority Group in Parliament since the inception of the Fourth Republic that demo as the representatives or the voice of the people in Parliament by ensuring the maintenance of the dogma of the Constitution. Since the Majority sees no evil, hence in bed with the Executive, thus creating the possibility of the Executive to extent its tentacles into Parliament by overreaching who should be a Majority Leader or to change the composition of the Majority Leaderships.

Good Governance
So, the investigation will reveal Ghana is getting maturing with good governance by demanding transparency and accountability the requirement of the Reset Agenda for or with Mindset Revolution to change the narrative.

So let me use this chance to say well done to the 88 Members of Parliament from the Majority Group from the stable of the NPP. in the 8^th Parliament in the Regime of President Nana Addo, who stood for Democracy when they mustered testicular fortitude and demanded the resignation of Mr Ken Ofori Atta, as the Minister of Finance, in the regime of President Nana Addo, this is very rare in Africa, so they made a very good history that Parliament must stand up against bad policies or autocracy or overreach of the Executive Arm of Government.

So let me also use this chance to commend the Right Honorable Speaker of Parliament, Mr Alban Bagbin for making history by countering the overreach of the Executive Arm of Government, through the Office of the President, with the openly attempt to appoint or to reshuffle the Majority Leader of Parliament. So as required at Hosea 4.6 for people not to be destroyed, so the citizens should look for wisdom about national issues and investigation or the review of a policy may help one improve it.

So, Mr Sammy Gyamfi to use this golden chance to call for the Review of the Small Scale Mining Sector by Parliament as called by Dr Tony Aubyn Google for ‘Review the laws on Small Scale Mining by Dr Tony Aubyn’ Dr Tony Aubyn and retired Major Mohammed Bogobiri called for the Review of the laws of the Small Scale Mining to introduce Medium Scale Mining Sector.

An introduction of Medium Scale Mining for The Licensed Small Scale Mining Tycoons like Ms Joana Cudjoe (a responsible and legal miner), besides to protect the environment through responsible and legal mining may meet the standards of the Ghana Chamber of Mines. Ghana Chamber of Mines do comply with both local and International Standards (matters of due diligence and the associated traceability. Due to not complying with both local and International Standards, a Licensed Small Scale Mining Tycoons/ miners or Companies cannot be member of the Ghana Chamber of Mines.

Good works of CEO GoldBod
Made the GoldBod to come out with daily gold prices and the use of the premium exchange rate of Forex Bureau to pay for the gold and this reduced smuggling, this resulted massive record of gold transactions. .

But due to this sate of affairs, it is feared that the possibility of gold from outside Ghana into the system for premium price in Cedis was/is possible and later on change for dollars and send out Ghana. Likewise the possibility of more damages to the environment due to likely increase in illegal Small Scale Mining by the Chinese and their Ghanaian accomplices. Hence Bank of Ghana is required to pump more dollars to sustain the appreciation of Cedis. Hence, a need for BOG and National Security System to study these possible two risks.

Thanks to God, due to the very good works of Mr Sammy Gyamfi, the Small Scale Miners have agreed to sell their gold to GoldBod at 2 % discount. Through the work of GoldBod under the leadership of Mr Sammy Gyamfi, the Operators in the trading of gold in Ghana are required to pay reasonable price for operating licenses. He should rope in Diamond Dealers, hence the reason retired Major Mohammed Bogobiri recommended in 2022 for Minerals Board.

Large Scale Mining Companies are required by the GoldBod to pay 850 US Dollars per weekly visits of the Officials of GoldBod during inspection and monitoring of smelting, assaying, weighing, boxing of bullion and exporting of same. Large Scale Mining Companies are also required to pay 90 US Dollars for each sample of their gold bars to GoldBod.

These payments and the assay and services fees paid by BOG for the gold from the Small Scale Mining Sector contributed to the Ghc 900 Million surpluses or profit of GoldBod. Sammy has also increased the 20% of the G4R gold from the Ghana Chamber of Mines to 30% at the 0.6% discount Some Mining Companies like Preastea Sankofa Gold, TWM Gold Mine Obuasi etc have agreed to sell 20% at discount to GoldBod

He is working had to ensure traceability of the gold from the Small Scale Mining Sector to make Ghana gain more from her gold from the Small Scale Mining Sector by selling/exporting at the spot price on the date of export.. So he is working very hard with Rand Refinery to help Ghana obtain a LBMA’s Refinery in Ghana using a percentage of the gold from the Large Scale Mining Companies to be sent physically to the GoldBod for assaying etc under the monitoring/supervision of Rand Refinery of South Africa

So as advised by CEO of the Bulk Oil Marketing Association, Mr Duncan Amoah, Lawyer Mr Sammy Gyamfi, should rather see the debate, and the invitation to Parliament as God Sent for the people to appreciate the difficulties the GoldBod went through and yet was able to make profit though that is not the objective of GoldBod.

Hence the suspicion of the NPP might have stemmed from the use of the Very high Forex Bureau Exchange Rate by the G4O leg of the DGPP under the PMMC/GoldBod in 2025. Note the NDC when in opposition did not counter the G4R leg of the DGPP between the Ghana Chamber of Mines and BOG since it was within a mining law.

The Battle for the Billions
The Investigation as required by the Minority Group hence the NPP, may demo that NPP and the NDC besides protecting the public purse, they are fighting for the soul of the economy but with different model. Hence, the matter is going to frame Dr Bawumia and Mr Sammy Gyamfi as competing or rival gold superheroes, due to the policy innovation, the associated Agreement, implementation of the policy with the structural impacts driving the narrative in the political power struggle.

So the matter can be described as a clash of Ideological Titans. Since the members of the Minority Group in Parliament led, by their smart leader and the NPP, as a whole are working hard to use this golden opportunity to show that both figures are not to be regarded as just politicians, but ideological titans wielding distinct strategies for saving or stabilizing the Cedis and building National Gold Reserves . Thus making political stakes for the matter to be a political battle to be framed as a high legacy war between the NDC and NPP. The positions of the NPP and NDC are going to be viewed as follows:

1. Dr Bawumia as strategic architect:

Dr Bawumia among others, as strategic architect with the visionary blueprint by conceiving the DGPP, building national reserves through the G4R to save the Cedis and to secure macroeconomic stability effective 17 June 2021. Then he introduced the G4O in 2022 and thus pushed for innovative commodity backed strategies to directly counter currency depreciations and rising fuel costs. Dr Bawumia as the digital messiah with a longtime brand as economic titan, who uses technological systems and fiscal policies to structurally reform the marketplace.

2. Mr Sammy Gyamfi as the operational executor and reformer

The NDC are going to ride on Mr Sammy Gyamfi performance at GoldBod, as the operational executor and reformer of the G4O by institutionalized it into the GoldBod, with himself transitioning from a Critic of Dr Bawumia to Corporate Commander of the GoldBod, who in 2025, scaled up Dr Bawumia’s DGPP, as a temporary Central Bank crisis response and worked hard and converted the G4O into a fully structured, alternative sustainable state program.

But for reasons best known to himself, he ironically credited Dr Bawumia for the DGPP and defended the GoldBod operations, with the DGPP model with expected loss but achieved historic massive economic gains with Cedis appreciation, National Dollar Reserves up from 8 Billion US Dollars in 2024 to about 11 Billion US Dollars in2025 with GoldBod making surplus gains (profit) . This made President Mahama, who as a man of high integrity to confess that the historic Cedis appreciation was a magic. Google ‘President Mahama statement on the historic Cedis appreciation as a magic’.

So, the battle started with Hon Mr Afyenyo-Markin’s position on the 1.7 Billion US Dollars operational loss, linked to the gold program, leading to the politics of a the loss of1.7 Billion US Dollars versus Investments or Gains Narrative by the NPP and NDC respectively.

This is making the Dr Bawumia’s allies seeing the figures as fiscal leakage, whilst Gyamfi allies frame the deficit as intentional, calculated State investments or cost and national economic stabilization cost for public good.

Thus the NPP wants the people especially the voters to note Dr Bawumia as the one who intellectualized or conceptualized the DGPP, with the two legs of G4R and G4O, which operation was covered with an agreement in 2023 between BOG and PMMC and was what in 2025 was operated with, under the Gold for Oil deal under the PMMC which was converted to Gold for Dollar (G4D) under the GoldBod.

As such, for Dr Bawumia to be framed as an economic wizard who fought for the soul of the economy and thus saved the collapsed of the Economic/ National Foreign reserves, to let the public know that the economic would have completely crumbled without his blueprints.

Hence, the NPP wants to seize or share the massive gains made in 2025 with the DGPP especially the leg of G4O, as designed by Dr Bawumia with expected losses. So Hon Mr Ayariga, the outgone Majority Leader/Incoming Minister of Local Government, was right with his last statement as the Majority Leader.

So, Dr Bawumia’s ardent followers especially Mr Afyenyo-Markins and the Minority Group want Dr Bawumia through Mr Afyenyo-Markins to assume the role of Mr Sammy Gyamfi, as an advocate for Transparency and Accountability, when as the National Communication Director of the NDC.

Thus, Dr Bawumia, as an Accountability Avenger, by supporting the call for the investigation to protect the public purse or funds. This may be so due to the G4O leg of the DGPP’s Policy implementation blame game since 2021, but now with the irony of Mr Sammy Gyamfi, a critic of Dr Bawumia, now praising Dr Bawumia for the DGPP as whole. Google for Lawyer Mr Sammy Gyamfi credits Dr Bawumia for the DGPP as a well–intentioned policy’, Mr Sammy Gyamfi did so while heavily criticizing the original execution of the DGPP under the previous regime.

Conclusion
Economic Experts such as Professor Peter Bokpin have cautioned that the celebrated gains are overly dependent on volatile global gold prices and could disappear rapidly if market shocks occur. So, beyond the personalities, is that the saving of the Cedis needs a move away past the rhetoric or propaganda since beneath the political theater lays the need for genuine fiscal discipline, fixing structural issues of the economic fundamentals, including heavy import dependency, low manufacturing output, and high borrowing/high debt servicing.

Hence need for a serious modernization and transformation of the Agricultural Sector, value addition of local products with good markets and government support with import substitution. The real necessity within the Mining Sector especially the Small Scale Mining Sector is the need for structural gold traceability and due diligence to ensure responsible and legal mining.

Thus a need for formalization and regularization of the small Scale Mining Sector by reviewing the Laws on Small Scale Mining as recommended by Dr Tony Aubyn. This will require the addition of Medium Scale Mining Sector for Ghanaian Mining tycoons in the Small Mining Sector like Ms Joana Cudjoe, Chairman Wontumi etc to navigate into the Medium Scale Mining Sector and operate under both local and international standards and thus ensure a reduction of the damages to the environment and traceability of the gold from the Medium Scale Mining Sector for it to be seen as clean gold.

A review of the laws as suggested is to restrict Small Scale Mining to Community mining for only interested communities. Hence it is an absurdity on the part of the previous regime or Government with the attempt to introduce Small Scale Mining at Atroni near Bibiani against the interests of the farmers and people of the area.

The solution therefore needs a non-partisan production-driven economic shift to build multibillion-dollar economy. Thus Ghana’s recovery and massive economic development and inclusive growth depend on besides the modernization and transformation of the Agricultural Sector, the combination of the dual legacy of both Dr Bawumia’s policy blueprint and Mr Gyamfi’s good works in the Gold Mining Sector. With the attempt to institutionalize GoldBod, with the execution of President Mahama’s GANARP, to demo that, in economics, cooperation often supersedes political rivalry, especially when Sika mpe dede in Twi (to with money does not wants noise) as postulated by Former President Nana Addo.