This Saturday on Newsfile, we are taking you beyond the headlines, to the heart of two controversies shaping Ghana’s economic and environmental future: the Internatonal Monetary Fund (IMF) alarm over hundreds of millions lost in a gold-for-reserves scheme, and a bitter national debate over whether the fight against illegal mining under President Mahama is turning the tide or letting the menace deepen.

The IMF's most recent fifth review of Ghana’s Extended Credit Facility (ECF) programme has raised red flags about the Gold-for-Reserves (G4R) programme, noting US$214 million in cumulative losses through end-September 2025 linked to transactions involving artisanal and small-scale mining (ASM) gold and off-taker fees under the scheme.

According to the IMF, these losses, mostly from trading shortfalls and GoldBod off-takers’ fees, pose “significant downside risks” to the Bank of Ghana’s balance sheet if left unchecked.

Senior lawmakers and analysts are already demanding accountability. The Minority Caucus in Parliament is calling for a bipartisan inquiry into the reported losses, urging scrutiny of how Ghana’s gold reserves programme is structured and whether it exposes the public purse to undue financial risk.

GoldBod’s Chief Executive, Sammy Gyamfi, and Bank of Ghana officials have pushed back, saying claims of losses are speculative and premature until external audits are complete, and emphasising the programme’s role in expanding Ghana’s reserves.

This Saturday, Newsfile asks: Are these losses a structural flaw in a well-intentioned programme, or a symptom of deeper governance and pricing problems in how we buy and manage gold? And what does it mean for Ghana’s economic stability in 2026?

As the IMF eyes gold programme risks, environmentalists and critics argue that Ghana’s illegal mining crisis (galamsey), remains a profound national threat, with mixed signs under President Mahama’s leadership.

The President has repeatedly pledged to “never give up the fight” against illegal mining, announcing pilot land-reclamation projects and emphasizing alternative livelihoods to reduce dependence on unlawful activities.

Yet critics, including civil-society coalitions and environmental groups, contend progress is too slow and consequences too severe. They call for stronger action, including ecocide laws, land reclamation mandates, and far tougher penalties for illegal miners.

Data shows that forest lands, water bodies, and agricultural systems continue to suffer widespread damage, raising questions about enforcement depth and political will.

Meanwhile, NAIMOS and security taskforces have conducted targeted raids on notorious galamsey sites, arresting armed operators and disrupting illegal activities, yet the broader crisis persists with calls for more decisive national action.

The central question now is stark: after nearly a year of heightened rhetoric and enforcement directives, is Ghana actually winning the fight against galamsey, or has the menace simply adapted and worsened under our watch? What must change in 2026 to move from rhetoric to results?

Samson Lardy Anyenini brings you Newsfile this Saturday at 9 a.m. on JoyNews, Joy 99.7 FM, and MyJoyOnline, where we don’t just report the headlines, we break them down, challenge them, and explain what they mean for your money, your land, and your future.

Newsfile airs live on the JoyNews channel on digital satellite channels 421 on DSTV and 144 on GoTV, and streams on JoyNews’ Facebook or YouTube channels on Saturdays from 9 am to noon.

Viewers can also follow the discussion by tuning in to Joy 99.7 FM or Luv 99.5 FM on the radio or stream the discussion live on either Google or Apple Podcasts.

Newsfile is your most authoritative news analysis programme.