“We won’t take moral lessons from the brothel” Sammy Gyamfi slams Afenyo-Markin

Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has dismissed criticism from Minority Leader Alexander Afenyo-Markin over reported losses linked to Ghana’s domestic gold purchasing operations, questioning the basis of the Minority’s attacks on the institution.

Mr Gyamfi argued that the criticism was misplaced, particularly given losses recorded under a previous gold purchasing initiative implemented during the Akufo-Addo administration.

Speaking at an Accountability Series on Wednesday, August 19, 2026, he rejected claims that GoldBod was responsible for losses associated with the Bank of Ghana’s Domestic Gold Purchase Programme.

According to him, GoldBod did not participate in the sale of the gold or negotiate and execute the offtake agreements, and therefore had no authority over the discounts applied to the transactions.

He explained that discounts were a normal component of gold trading and should not automatically be interpreted as losses unless they were found to be excessive or inconsistent with prevailing industry standards.

Mr Gyamfi further disclosed that the offtake discount applied by the Bank of Ghana declined from 2.2 per cent in 2024 to 1.2 per cent in 2025, which he described as evidence of improved management of the programme.

Turning his attention to the Minority's criticism, the GoldBod CEO questioned the basis for the opposition's attempt to lecture the institution on gold trading, pointing to losses recorded under an earlier gold purchase programme.

“Today they want to give us lectures on gold trading. Ladies and gentlemen, I have news for them. We will not take moral lessons from the brothel,” he said.

Mr Gyamfi also disputed claims that the Bank of Ghana had withdrawn its financing support for GoldBod.

He maintained that several claims being made about GoldBod's operations were misleading and insisted that the institution's activities should be assessed based on the facts surrounding its mandate and transactions.