The Centre for Democratic Movement (CDM) has accused the Chief Executive Officer of GoldBod, Sammy Gyamfi, of issuing contradictory and misleading public statements over reported losses linked to the Gold-for-Reserves and gold trading programmes.

In a statement released on the controversy, CDM said Mr. Gyamfi initially denied any knowledge of losses, dismissed the International Monetary Fund’s (IMF) assessment, and claimed GoldBod had not recorded losses. 

However, the group noted that the same official later admitted that GoldBod had incurred losses amounting to GHS3.3 billion.

“These statements are mutually exclusive,” CDM said, adding that “an institution cannot, in the same breath, claim to have recorded no losses and then acknowledge multi-billion-cedi losses.” 

According to the group, this is not a semantic issue but one of truth and accountability.

CDM described the shifting explanations as deeply troubling, warning that inconsistent public communication from the head of a strategic state institution undermines public trust. 

“This is a matter of integrity in public office,” the statement stressed.

The group urged Ghanaians to view the controversy not as a routine policy disagreement but as a serious governance issue involving transparency and responsibility in the management of national resources.