Point out where in IMF report GoldBod was accused of making $1.7 billion losses — Sammy Gyamfi tells Afenyo-Markin

Ghana Gold Board (GoldBod) Chief Executive Officer Sammy Gyamfi has challenged Minority Leader Alexander Afenyo-Markin to identify where in the International Monetary Fund (IMF) report the institution was accused of making losses.

The Minority Caucus in Parliament, led by its Leader, Osahen Alexander Afenyo-Markin, has referenced a $1.7 billion loss under the Domestic Gold Purchase Programme (DGPP) contained in an IMF report.

However, Sammy Gyamfi explained that the reported $1.7 billion loss rather incurred by the Bank of Ghana (BoG) through gold sales under the DGPP in 2025, stressing that the IMF did not attribute the loss to the GoldBod.

According to the GoldBod CEO, the Auditor-General’s 2025 financial report rather showed that his outfit recorded an operational surplus of GH¢907 million and an overall surplus of more than GH¢5.4 billion.

Addressing the media at the Government Accountability Series on Wednesday, August 19, Sammy Gyamfi said the IMF report had been misrepresented to create the impression that the GoldBod was responsible for the BoG’s losses.

“Nowhere in the under-referenced IMF reports is the GoldBod accused as having caused losses incurred by the Bank of Ghana under the Bank’s DGPP. I challenge Afenyo Markin to point to any page, paragraph, sentence or phrase in the under-referenced reports of the IMF, where the GoldBod was accused as the entity responsible for losses incurred by the Bank of Ghana under the DGPP,” he said.

Sammy Gyamfi further noted that the IMF reported losses of $400 million and $1.7 billion under the DGPP in 2024 and 2025 respectively, with the 2025 loss linked to the scaling-up of the programme.

He said the IMF also indicated that the accounting losses partly reflected valuation effects, while fees paid to the GoldBod were listed as one of the components of the reported loss.

According to Sammy Gyamfi, however, the GoldBod’s role in 2025 was limited to purchasing and aggregating gold for the BoG as a buying agent, and it had no role in the subsequent sale of the gold.

“The IMF states that the reported losses stemmed from the sale of gold by the Bank of Ghana, not the PMMC/GoldBod,” he said.

He argued that the GoldBod could not be held responsible for losses arising from the sale of gold when it was not involved in determining the selling price or the terms of the transactions.