Alfred Pls Allow Me To Deal With Him! Sammy Gyamfi Clashes Kofi Bentil Live On TV And Schools Him...

Added: 2026-05-10

[00:00:08]key point.

[00:00:17]And that is key point.

[00:00:35]The current president, His Excellency, President economy.

[00:01:01]Former President Because those harsh oils I mean That's foreign exchange with exchange rate But in context in context. Small danger.

[00:02:44]after.

[00:02:56]If we were at a worse place, that would be an indictment on government.

[00:03:02]Okay? Government is supposed to manage the affairs of the nation for the greater good of the most people. All right? So some people would go down, some people will go up, but you are supposed to work for the greater good of the most people and you're a manager.

[00:03:17]Now I don't run defense for the previous government when it comes to how they manage the economy. I think it was abysmal. Okay? But all of us here are lawyers.

[00:03:28]We say there are matters of fact and then there are matters of law. In ordinary language, there is what actually happened and then there is the explanation for it. Okay. Um what has happened now is that the economy is better. I don't have those arguments. Question how did it happen?

[00:03:49]The three people say you understand and honestly I have on many occasions said we're in a better place. My only problem with Sam and his colleagues is their tone. Okay. And sometimes the way they politicize these things, they say when the frog dies, you will see it length. All right?

[00:04:16]I'm saying these things because you see when you talk about things like profit and loss, if you are accountant A and I am accountant B, we look at the same set of figures, we will arrive at different profit and loss figures depending on how we approach it. So people say profit is an opinion. If you say you've made 10 cities profit, it's your opinion.

[00:04:37]Somebody will come and read the same set of facts and conclude that you've made two cities profit or you made a loss.

[00:04:44]Okay. Who feels it knows it? The extent of your management or the effect of your management is about how people feel today. My only problem, I've said it so many times, is is what you are doing sustainable?

[00:05:02]You don't sell your house to buy food.

[00:05:05]When you are finished, where will you live? Is it sustainable? And I've made the point that today we are selling gold designed to make losses. Sam has explained it at length. Okay. But I worry, okay? And strategy is strategy.

[00:05:24]There are times you go to war and you know the battles you will lose, but you lose them because it helps you lose battles to win wars. So again when it's said and done imagine this imagine the next M PP government comes into office they will clearly scrutinize all the things that Sami has said they will not be saying what Sami is saying and explaining the facts the way Sam is explaining now so me I think we should tone down the politics when it comes to things like you know economic and energy it's just that maybe it is not possible so we need to appreciate the fact okay that >> if what you are doing is not sustainable we should be careful trading gold designed to make losses. I mean I've heard Sam they are going to move from there. GRAP is coming in and all those other things.

[00:06:09]>> That's what I'm looking for.

[00:06:11]>> Okay. So sustainability.

[00:06:14]>> Okay.

[00:06:15]>> Mhm. Then you have this issue of the gold thing that you know was sold and those things which we've been talking about and you you brought the message that Bandit says he was I said I've been ready since then though I keep looking to take you. No, no, no. It's not about me going. He says I should come and I'm like, "Okay, come explain it to me."

[00:06:37]Because there's nothing to explain.

[00:06:39]Fact. You sold the gold. Fact. You came to meet that gold. Fact. Today we see that that money which everybody said, "Oh, we converted from gold reserves to dollar reserves." That money is in your P&L more or less and essentially is helping to reduce the volume of losses that you make. See, confidence is hard.

[00:07:00]So when you make your decisions, I really don't agree with them. I stated facts. My problem was that after you sold the gold, shortly after we had a higher price of gold. So I'm saying even though you bought it, let's say at 10 cities and you sold it at 15 cities, >> shortly after you sold it, the gold price went to 20 cities and then it dropped back to let's say 12 cities, >> there is what we call nominal profit.

[00:07:23]There's potential profit. I'm saying if you wanted to sell gold, all the analysts were saying is going in a certain direction. If you had waited a bit would have gotten 1 billion more.

[00:07:32]Now you say, "Oh, I made a profit because I sold it for more than I bought it for." That is nominal profit. You could have made a higher potential profit. Okay? And yes, the gold price dropped, but it dropped to a point which is higher still than what you bought it for. And the final thing is that that gold was meant for reserves. You said you sold it because you wanted to rebalance our reserve portfolio, but it ended up in your P&L and it reduced your losses. Question, is that sustainable?

[00:07:57]If we end up with the same situation next time, would you have 18 tons of gold to sell? Okay. And I appreciate that you are saying you are cooling the economy and whatever it is. Many things cool the economy. And I've made the point the DD that we all hate. Okay.

[00:08:11]Took a lot of pressure out of the economy because millions in terms of debts that government should have paid which this government would have inherited was taken out of the system.

[00:08:21]So that DDP is part of what has made this economy cooler. All right. That gold that you sold has helped make this economy today cooler. Okay? When it was launched, Sam and Coast blasted it for politics. It is politics. But you see, if tomorrow somebody comes and is slamming Sami and doing whatever it is, there are things I would defend him on.

[00:08:44]Okay? But today he for instance is not sounding as magnanimous as he should sound concerning of PMMC. Okay? And when my brother inherited PMMC, nobody respected that institution, okay, but he built it to a point, okay, working with the government of the time, okay, Sami took it over at a point where it was way healthy than when he took it over and Sami and Co had this gold board idea. I read through it.

[00:09:13]It's a brilliant idea. In fact, we have been making the same point that personally I don't see why 100% of our gold is not sold in cities at a certain rate to Ghana government then we will monetize it internationally make the dollars like what they doing. So gold is a great idea. I still maintain that the gold board law is problematic because it is too powerful. It makes that institution way too powerful. They have security powers. They have all kinds of things. When people or when the system starts grinding down, you start having problems, they will crank up their security powers, they will start arresting people. They will start calling people things and that kind of thing. And all of a sudden, you will see gold board turn from just a trading institution to some sort of gestapo arresting people for whatever it is and that kind of thing. There are always kind ways to balance things here and there that kind of. So what I'm saying is this >> Sami should one appreciate that his views are his opinions. Now really what our people feel is what's going on in the economy. Nobody can argue with that. Two, when it comes to what other people also say, he should calm down small. He inherited some good, inherited some bad. What he is doing, what they are doing, there's a lot of good. I've spoken about some and there's also a lot of bad. I sat here and said and he got on air and blasted me. What he's calling small scale gold which they are mopping up which is a good thing. But there are two sides to every coin. You are mopping out small scale gold. Google it today.

[00:10:41]It has been said 60 to 80% of that small scale gold is gam. So I'm saying look I've said elsewhere that we've lost the galam fight and given that we are mopping the gold and at least making some benefit that we were not making from galamce which is mopping it up together for for it. What we should be doing now is for gold board and coal to actually set up reclamation teams go out spend some of the money to reclaim the space and put some things there you know but they have fought me on this issue saying no no no no as if to say the small gold you are buying there's no galami inside or at least is not even majority galamy but the records are there okay so there is another side to everything and when we play too much politics with these things kind of you know comes back to bite me. I think we should have what we call in money a rational elite consensus bipartisan that look this is how we are going to handle our economy going forward this way and that way the way they blasted Dr. Bir and co for the gold thing and by the way the gold for oil gold for reserves and that kind of thing they were not perfect they were not perfect we had things to say about them I mean it was arbitrage trading a couple of things and it wasn't well but the idea was clearly good and that's what they've taken up that's what they've improved that is what governance is about that is what governance is about but Sam slams them as if these were people from hell who came and destroyed the whole country what he inherited if it was a destroyed country he wouldn't be able to do in less than two years what he's able to do okay and I hope that the next government that comes picks up from where Sammy left off okay and moves us into the next level that's how we make development in this country we go forward and then we come back because everybody is slashing everybody all right so see facts are sacred okay economy is better but two they have pumped in billions of dollars worth of gold money to make this economy stable that's what I call Mala economics. When I say mal economics, it's not sophisticated. If you can pump dollars into the economy, the city will stabilize. The people who are 30 tons of gold, if they sold all of it and pumped it into the economy, the city would have stabilized. It's about choices. They've made a choice that this is a better thing to do because the collateral effect on the economy and on people and everything is better. So, we should take the hit for it. It's a choice.

[00:13:02]My point is can you sustain the level of losses we are making and for how long and sometimes you make a decision a difficult decision today and it makes tomorrow better sometimes to you make a an easy decision today you kick the can down the road it makes tomorrow worse like I said DD was difficult still people haven't recovered from it but it's made us better today what they are doing now will it make things better tomorrow or create stress stresses and problems for somebody else to come and solve tomorrow.

[00:13:35]>> So is it sustainability question is the first question that you ask how sustainable is this going forward?

[00:13:41]Number one, um my senior brother Kofi Benel is right that profit is considered by many as an opinion. But when we say profit is an opinion, it does not mean that you can pick the audited financial statements of a central bank and just conjure any figure and say in my opinion they made a loss of 45 billion then another person says in my opinion they made a loss of 34 billion. That is not what we mean when we say profit is an opinion because in expressing that opinion accountants use internationally accepted principles and law to do the audit to express that opinion. So if you are expressing a counter opinion then you need to tell us that that auditor in this case KPMG one of the biggest you know and the most credible audits and accounting firms in the world got it wrong and this is why per the rules the figure should have been this but simply adding OCI laws to P&L laws and saying that you are deducting gains from go sales from it to get 45 is not an opinion that is voodoo mathematics Mhm.

[00:14:51]Because you expect them to add losses they make on gold deals to their P&L which they have done 9 billion. But when they sold gold and make gains, you are saying don't add. You have deducted it.

[00:15:02]You've deducted it based on what accounting rule. So when you say um profit is an opinion, it doesn't mean that you can wake up from your bed and say somebody made profit or loss of 100 billion and you don't have any rules, any law, any basis for it. That's number one. Number two, when your friends print over 44.5 billion cities for the central and you criticize them >> and a central government come and must mop up that excess liquidity to bring inflation from 23.8% to 3.4% 4% which saw a reduction or in food prices by 32% according to Agra in 2025 and >> when the dollar in the retail market moves from 16 cities to 11 cities in bank 14.75 to 10.45 four, five, please.

[00:16:01]Number three, he says that um yes, the economy is better. Thank you for acknowledging that the economy is better. But he says that how did we achieve it and is that sustainable? Oh yes, that is sustainable. Why? Because the loss you're talking about number one revaluation loss 5.4 billion. Why?

[00:16:19]Because the CD for 3 years 2022 depreciation of 30%, 2023 depreciation of 27%, 2024 depreciation of 19. So 3 years cumulative depreciation of 77%.

[00:16:33]Then in 2025 we correct that by appreciation of 41%. And that gives you revaluation loss on your P&L of 5.4. In 2026, we won't have that revaluation loss because the city in 2025 will not appreciate by 41%. The correction has already taken place from 14.75% to 10.45% and now it's 11. So the appreciation will not be 41% again and therefore the bank of Ghana will not suffer the same revaluation loss it suffered in 2025 in 2026. Again it is sustainable because the excess liquidity has been mopped and sterilization cost the interest they paid in getting that liquidity from the market 16.7 billion.

[00:17:13]They have brought inflation down from 23.8% to 3.4%. They will not do any mopping up aggressively like they did in 2025 in 2026. So the sterilization cost for 2026 to not be 16 billion. So that is sustainable. Is it s gold deals is sustainable? Because now gold board has settled down. We've told Bank of Ghana you are not the main institution which is supposed to trade gold. support us and let us do the trading not under domestic good purchase program which according to Kofi Benal was designed to make losses >> by his friends to make losses designed by them.

[00:17:50]>> Now we are implementing GR wrap which is designed to reduce those losses from 16 to 7.25% then to 5% then to 3% until we eliminate it. So that is a reset. So sustainability you have your answer there. Then he talks about sale of gold.

[00:18:06]You see, Senior, you know, I I like you so much.

[00:18:09]>> I don't think so.

[00:18:10]>> But h Oh, please. I I then I'm telling you I love you so much, but on this matter of good sale, I've watched you over and again on this platform, you totally getting it wrong, and I want to explain it to you. Okay.

[00:18:22]>> Mhm.

[00:18:23]>> First of all, your claim that the gold that was sold was accumulated by the NP government is not wholly true.

[00:18:29]>> Did you mean 30,000?

[00:18:30]>> Yeah. Yeah. Now, listen to me. Listen to me. And the impression that is created as though >> John Mama and the NDC and Governor Sama they didn't do anything about good reserve accumulation. They just came met gold and they sold it is not true.

[00:18:42]>> By the year 2021 Ghana already had eight tons of gold in our reserves afraid. Two of us let's make it a dialogue. True that eight tons was not bought by the MP. Two of us on then in their 8 years by the time they were leaving they increased it to 30 from 8 to 30 which was the record.

[00:18:59]>> In 8 years what did they add? 22 tons, right? 22 tons.

[00:19:02]>> 30.5 tons.

[00:19:04]>> Yes. So they added 22 tons. A follow me.

[00:19:06]>> Yes.

[00:19:07]>> We came and in one year we added 10 tons in one year.

[00:19:11]>> In 8 years you added 22 tons. In one year we added 10 tons and we moved it from 30 tons to 40 tons.

[00:19:18]>> Mhm.

[00:19:19]>> And then we sold 22 out of it and it is left with 18. So it is not correct to say NP came to accumulate reserves and somebody came to sell it because we also accumulated 10 tons in only one year and we came to meet NP also came to meet eight tons.

[00:19:34]>> Yeah.

[00:19:35]>> So get it right. Number two, why was the go sold? It is simple risk management because when we we talk about foreign reserves and we say Ghana as of December 2025 had reserves of 13.8 billion. It is not all dollars. It is gold and it is dollars. Okay. Why is do we hold some of the reserves in gold and dollars?

[00:19:58]Diversification.

[00:20:00]>> But the basic rule is that for middle inome countries averely the share of your reserves in gold >> averely 20%.

[00:20:10]>> The share of your reserves in dollars cash is what 80%. Because why? Because don't say because your reserve usually is giving you only 3 months of import cover. So when there is an emergency and you have to fall on those reserves, you need reserve that is very liquid which is dollars. The gold you have to go and sell before you convert it into dollars.

[00:20:30]And that is why for a middle income country that has your reserves can only go three, four, five months. You can't keep 40% and over in gold. Second volatility of gold. Gold was about $5,500.

[00:20:44]In one day this year, March, President Trump confirmed that he was going to appoint Kevin Walsh >> as the new chairman of the F Federal Reserve.

[00:20:54]>> In one day, because of confidence in Kevin Walsh, the dollar went up in strength, the dollar index went up and gold dropped in one day 15%.

[00:21:04]>> That should tell you the volatility of gold. So, if you hold more of your reserves in gold and the price is going up, you're happy gold is going up. But one day gold will drop bum and your reserves totally wiped up. So by October November 2025 because gold had gone up from 2700 in 2023 to 4,300 in 2020 uh 2024 to 2025.

[00:21:32]The share of gold in our reserve portfolio had increased from about 20% to over 42%.

[00:21:39]Then the bank said no this is risky. Do you know that the IMF, and I'm saying this for the first time on public record, you can check with the IMF country director. The IMF wants one of the institutions that advised the central bank to reduce its gold holdings.

[00:21:55]>> The IMF, >> yes, because they wanted us to reduce the risk.

[00:21:59]>> IMF, >> you can't hold 40% of your reserves in gold.

[00:22:04]>> So, what did we do? Sell 22 tons of your gold holdings and don't spend the money.

[00:22:10]use the money to invest in in an instrument and get interest on it. So if I have gold and I convert the gold into dollars and I invest that dollars gold I have gold of 22 tons I convert it into dollars >> gold was going up hold no you are wrong I will show you gold was not going up I will show you I trade good so I will show you hold on so that is risk management number two in go trading we don't say that because gold is going up if I have good we don't sell that is wrong I trade good so I'm your younger brother let me explain that to you no let me tell you why >> because Because gold gold is a proven saving asset and the presumption is that it will always rise.

[00:22:51]>> And so if you want to follow the fact that gold will rise, you will never sell good. You will worship gold like bosom >> because at any even if gold rises to $10,000 an ounce, it will rise again. So why sell it at 10,000? Somebody will say why sell it at 10,000? It would have gone to 15,000. So why sell it at 10,000? When it gets to 15,000, somebody would say God would have risen. It would have gone up. So why sell it at 15,000?

[00:23:15]No, >> in trading good, you buy low and when the price goes high and you get a certain gain, you you sell to realize the gain and THEN YOU BUY AT THAT PRICE that you sold again. So if I bought gold at $3,000, are you listening to me?

[00:23:30]>> And the price goes to $4,000, I won't say that because it can go to $5,000, I won't sell it at $4,000. I will sell it at $4,000. realize the gain of $1,000 between $3 to $4,000 per ounce and I will buy gold again at $4,000 so that when the price goes to $5,000 I still benefit again. So we buy gold continuously every day. You don't say that gold would have gone higher. So why did you have to sell but it could have also come lower and in fact let me tell you this in 2025 gold went up 65%. By November, the market was predicting that that surge, that bullish run was going to be corrected, was going to be reversed and that prediction was apt. The reason why the reversal didn't happen in January, February, March because we woke up one day and Donald Trump went and arrested Maduro of Venezuela. Donald Trump declared that he wanted Greenland and that tension was what drove gold up in.

[00:24:32]And later on when Iran war came and oil prices were going up and the dollar was strengthening, gold collapsed. So don't say that there wasn't grounds for the Bank of Ghana to sell again. They said we've sold the goat to some people and we are going behind to buy it. Please for the record the gold was sold to City Bank of America. City Bank, you know them, you are well exposed, well troubled. City Bank, WE SOLD IT TO B. WE SOLD IT TO BIS the bank the bank of international settlements in Switzerland bank of international settlements.

[00:25:05]Listen to me. Listen to me very well.

[00:25:07]And when we sold the go the dollars we got he says that we didn't add it to reserve we added it to profit and loss.

[00:25:13]Oh you you've deviated because when we sold the gold the proceeds went back to reserves and invested. The gain is worth is 9 bill 9.5 billion which is in profit and loss. You you understand? So I bought gold at 3,000. I sold at $4,000.

[00:25:30]The gain I made, which is $1,000, will be in my P&L. But the 3,000 that I used to buy the gold, which I have now sold, is in my reserves and invested. In fact, including the game or invested.

[00:25:43]>> You understand? Then they say that um we are buying it back. The gold we sold is gone. City Bank B, nobody's buying it back.

[00:25:51]>> But what are we doing? We are still buying gold from large scale mining companies under GRAP. Look, if the gold was in the reserve and we're woriing it like an idol, we would have still bought gold at 47 today, two of us. Would we tell large scale mining companies that we have gold in our reserve? So, we are canceling our gold reserve accumulation program. We won't buy gold again. Even if gold goes to $20,000 an ounce, we will still buy gold because we are a gold producer and we are deliberately using gold to build reserves. So at every time you buy gold and the gold we are buying is not from those who we sold the gold to. We are buying it from small scale miners which we convert it into into dollars and we are buying it from large scale miners which we put in our reserves. So number one you are wrong.

[00:26:37]We didn't come to meet M P accumulated good reserves that we did nothing we didn't add anything and we sold PPP came to meet 8 tons in 8 years they added only 22 tons. We in only one year added 10 tons.

[00:26:50]>> And you sold how many tons? We saw 22 tons and you said how much you want?

[00:26:54]>> 22 tons and that 22 tons.

[00:26:56]>> So you don't even know the first time.

[00:26:58]Listen to me. Listen to me. The first time hold it. You have left too.

[00:27:04]>> Hold on. Hold on. The first time the bank of Ghana sold his gold part of his gold reserve was December 2022. Were you in this gandry?

[00:27:13]>> They sold their goal to get liquidity because they didn't even have money to spend. December 2022, the Bank of Ghana was broke. It went into its reserve and sold gold for $140 million. You didn't even know into gold.

[00:27:28]Listen to this. Listen to listen to this. So, it is a conversion of your reserve from gold into dollars >> and then investing the dollars. Then you didn't sell it to inferior company. You sold it to City Bank of America and the bank of international settlements and the money you got is invested and you are still buying gold at every price. So the if gold should go to 10,000 we will not lose because we are still buying gold and we will get that appreciation.

[00:28:01]Nobody buys gold and worships it like an idol because gold is presumed to always go up.

[00:28:08]>> Then you will never sell any gold you buy. So let's understand the destin you you you came and met gold and you've sold it. Look, if we want if we are interested in keeping gold in our vault as and and woriing it as an idol.

[00:28:21]>> Nobody has said that to >> we I alone without the bank of Ghana in 2 months March April I didn't ship good.

[00:28:28]Do you know the gold I had in my B? 15 tons of gold just two months. But the central bank says we want this good rather in dollars because for a middle income country liquidity what is most liquid is dollars gold is secondary also because of the volatility >> you understand so people are just I'll come to Credit simple terms.

[00:29:38]Stay tuned for more updates.