NPP Blasts Gold Board CEO’s Lavish Lifestyle and Dollar Use, Cites Ethical Breach and Currency Undermining

The New Patriotic Party (NPP) today held a fiery press conference, led by National Organiser Henry Nana Boakye, to address what they described as “palpable ethical bankruptcy” and a “complete betrayal of public trust” by the Chief Executive Officer (CEO) of the newly established Gold Board, Mr. Samuel Gyamfi.

The NPP also raised concerns over alleged extravagant spending and the CEO’s apparent preference for transacting in US dollars, questioning his commitment to stabilizing the Ghanaian Cedi.

Nana Boakye began by referencing President John Dramani Mahama’s well-publicized code of conduct for appointees, setting the stage for their critique of Mr. Gyamfi’s conduct. A key point of contention was the revelation that Mr. Gyamfi, whose institution’s core mandate includes maintaining sufficient reserves to support and stabilize the Cedi, was allegedly observed routinely using US dollars in his daily transactions.

“If Mr. Gyamfi, the CEO, who is responsible for maintaining sufficient reserves to support…to help and to prevent the depreciation of the Cedi, to stabilize the Cedi, possesses dollars in his daily routine…then clearly, we have no confidence in our Cedi,” Nana Boakye declared emphatically. “If you have the head who superintends over this institution rolling out dollars instead of the Cedi, then it means that the person, or the CEO, lacks confidence in the Ghanaian Cedi.”

The NPP National Organiser argued that this alleged preference for dollars by the Gold Board CEO directly undermines the very currency his institution is meant to protect. “If he is unable to stand firm, if he is unable to defend the Cedi, if he is unable to protect the Cedi, and he would rather be displaying lawlessness, then it means he cannot superintend over the same institution seeking to stabilize the Cedi with gold reserves,” he asserted.

In a contrasting point, Nana Boakye highlighted the NPP’s track record in bolstering the nation’s gold reserves. “Under the gold purchasing program of the New Patriotic Party, our gold reserves as a country, which stood at 8.7 tons for the last 40 to 50 years, grew to about 30.53 tons as at the fourth quarter of 2024. This program is one of the major reasons why we are seeing the appreciation of the Cedi.”

The press conference also focused heavily on the “hefty salaries and allowances” allegedly being received by Mr. Gyamfi, questioning the justification for such expenditure if he is seen to be undermining the local currency. Nana Boakye detailed a comprehensive list of benefits allegedly enjoyed by the CEO, including:

An annual gross basic salary of 1.5 million Ghana Cedis, subject to a 15% annual upward review.

A clothing allowance of 15% of his annual salary, payable annually.
Provision for two security officers with an equivalent of 6,000 Ghana Cedis each or a 4,000 Ghana Cedis cash equivalent.
Comprehensive medical cover for himself, spouse, and up to five children.
Provision of two official vehicles with full maintenance and insurance, with the option to purchase them upon contract expiration.
A fuel allocation of 1,500 liters per month for each official vehicle.
30 working days of paid vacation annually, excluding public holidays, with expenses covered up to 10,000 US dollars upon proof, and a per diem of 2,000 US dollars per day for a seven-day familiarization trip.
Business Class travel tickets for official duties and a 2,000 US dollar per diem per day of travel.
An annual performance bonus based on company policy.
An unspecified CEO-related benefit at the prevailing rate plus 20%.
Personal accident and life insurance cover valued at five times his annual salary (approximately 7.5 million Ghana Cedis).
Nana Boakye minced no words in condemning these benefits in light of the allegations against Mr. Gyamfi. “It is palpable and ethical and a complete betrayal of the public trust for Mr. Samiji to receive all these benefits on the back of helping maintain a steady currency, yet fail to have any iota of confidence in the Ghana Cedi to the extent of using United States dollars as its currency of daily use.”

Furthermore, the NPP raised concerns about Mr. Gyamfi’s alleged “patent opulence and ostentation” just 120 days into his tenure. Nana Boakye highlighted the reported acquisition of a 2025 model, $350,000 Range Rover Autobiography. “A question that should engage the minds of raw meaning Ghanaians is how Mr. Gyamfi, within 120 days in government, can afford all these things…And if they are a gift, who are these persons gifting him? And what relationship do they have to his work as CEO?” he questioned.

The NPP also touched on recent allegations of corruption surrounding the Attorney General, drawing a parallel to suggest a pattern of questionable conduct within the current administration.

The strong accusations leveled by the NPP signal a growing political storm around the newly established Gold Board and its leadership, raising serious questions about ethical conduct, financial prudence, and commitment to the national currency. The coming days are likely to see further scrutiny and debate on these serious allegations.

By Kingsley Asiedu