BY Daniel Bampoe
The governing National Democratic Congress (NDC) has mounted a strong defence of the leadership of the Bank of Ghana (BoG) and GoldBod, pushing back against growing public criticism over reports of a $214 million loss linked to gold purchase operations.
The party insists that the controversy has been exaggerated and politically motivated, insisting that the policies in question have delivered tangible economic benefits, particularly in stabilising the cedi.
Speaking at activities marking the anniversary of the December 31 Revolution, NDC National Chairman Johnson Asiedu Nketiah rejected calls for the resignation of the Governor of the Bank of Ghana, Dr. Johnson Asiama, and the Chief Executive Officer of GoldBod, Sammy Gyamfi.
According to him, the uproar surrounding the reported losses misunderstands the broader economic strategy behind the Gold-for-Reserves initiative and ignores the gains recorded under the current administration.
Asiedu Nketiah questioned why critics were quick to demand resignations when, in his view, the central objective of stabilising the local currency had been largely achieved.
He argued that the primary responsibility of the central bank is to protect the value of the cedi, and on that score, the current leadership had delivered results that previous administrations failed to achieve.
He contrasted the present economic conditions with those under the previous New Patriotic Party (NPP) administration, accusing it of failing to stabilise the currency despite repeated promises.
According to him, while the NPP spoke extensively about “arresting the dollar,” it was under the current administration that decisive measures were taken to strengthen the cedi and restore confidence in the economy.
Addressing the reported $214 million loss linked to gold transactions, Asiedu Nketiah maintained that the figure has been misunderstood and deliberately misrepresented.
He argued that the figure does not represent money stolen or misappropriated but reflects costs incurred in pursuing a broader economic strategy aimed at stabilising fuel prices, managing foreign exchange pressures, and restoring confidence in the local currency.
In his view, the benefits of the policy—such as relative currency stability and improved market confidence—far outweigh the reported losses.
He stressed that governance must be judged by outcomes rather than isolated figures taken out of context.
The NDC Chairman further defended Sammy Gyamfi, describing him as a committed public servant executing a difficult national assignment.
He dismissed calls for Sammy Gyamfi’s removal as premature and politically motivated, insisting that no evidence of wrongdoing had been established.
Nevertheless, Asiedu Nketiah stated that the party would not shield anyone found culpable of wrongdoing.
He emphasised that the NDC remains committed to accountability and transparency and would support any legitimate investigative process aimed at establishing the facts.
“We are not afraid of investigations,” he said. “If anyone has misused public resources, they should be held accountable. But until such evidence is produced, we cannot condemn people who are working to stabilise the economy.”
He concluded by reaffirming the government’s confidence in the leadership of the Bank of Ghana and GoldBod, stressing that the administration’s focus remains on economic recovery, currency stability, and long-term national growth.
According to him, the current debate should not distract from the broader objective of rebuilding confidence in the economy and delivering tangible benefits to citizens.
