Sammy Gyamfi admitted $1.7bn GoldBod loss but blames other institutions – Afenyo-Markin
Minority Leader Alexander Afenyo-Markin has challenged the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, to account for the reported US$1.7 billion, equivalent to about GH¢22 billion, loss recorded under the Domestic Gold Purchase Programme (DGPP) in 2025.
In a statement issued on Wednesday, August 19, 2026, in response to Mr Gyamfi’s remarks at the Government Accountability Series, Mr Afenyo-Markin said the GoldBod CEO had not disputed the International Monetary Fund’s (IMF) reported loss but had instead challenged which institution should bear responsibility for it.
He argued that the identity of the institution carrying the loss on its balance sheet was secondary because the funds involved were public resources.
“First, the loss is admitted. The Chief Executive does not dispute the IMF’s finding that there is a loss of US$1.7 billion (22 billion Ghana cedis) under the Domestic Gold Purchase Programme in 2025. He disputes only who should be blamed. This is public money, whichever State balance sheet it sits on,” he said.
Afenyo-Markin Questions GoldBod’s Surplus
The Minority Leader also questioned GoldBod’s reported operational surplus of GH¢907 million, arguing that the figure should be assessed alongside the fees the institution received for its role in the gold purchase programme.
He said Mr Gyamfi had disclosed that GoldBod accounted for approximately GH¢133 billion in advances received during 2025 and earned an assay fee of 0.258 per cent and a service fee of 0.5 per cent.
“Second, the fee arithmetic is now on the record. The Chief Executive tells us the GoldBod accounted for about GHS133 billion in advances in 2025, and that it was paid an assay fee of 0.258 per cent and a service fee of 0.5 per cent. On those figures, the GoldBod earned in the region of GHS1 billion in fees from this programme that lost the state 22 billion Ghana Cedis,” he said.
Mr Afenyo-Markin argued that the reported operational surplus was therefore smaller than the fee income GoldBod received from the programme.
‘Cannot Claim the Upside and Disown the Downside’
The Minority Leader further accused GoldBod of taking credit for economic gains associated with the DGPP while distancing itself from the financial losses attributed to the programme.
He cited the appreciation of the cedi, the increase in Ghana’s foreign exchange reserves and the decline in inflation as developments that GoldBod had associated with the expansion of the programme.
“Third, he cannot claim the upside and disown the downside,” Mr Afenyo-Markin said.
He argued that an institution that claims credit for the economic benefits of the programme could not simultaneously present itself as merely a passive participant when its financial costs were being assessed.
Mr Afenyo-Markin also raised questions about the financing arrangements for GoldBod, claiming that responsibility for some programme-related costs had shifted between the Bank of Ghana and the Ministry of Finance, while GoldBod was now seeking independent financing.
“Three funding arrangements in six months is not a settled model. We view this with curious eyes,” he said.
Calls for Accountability
Mr Afenyo-Markin maintained that the reported GH¢22 billion loss constituted a financial loss to the Republic and therefore required a full explanation.
“The 22 billion Ghana cedis losses as reported by the IMF Sixth Country report, numbered 26/213 issued in August 2026 amount to a financial loss to the Republic. It must be accounted for!” he stated.
He also criticised the tone of Mr Gyamfi’s earlier response to the Minority’s concerns, particularly his reference to a brothel.
“Finally, a word on tone. The Chief Executive’s reference to a brothel, does not belong in a statement issued by a Public Officer accounting for public funds. Ghanaians asked for figures. They were given insults. The figures are still outstanding,” he said.
The latest exchange adds to an ongoing political dispute over the financial performance of the DGPP and the role of GoldBod.
Mr Gyamfi has maintained that GoldBod’s audited 2025 financial statements show an operational surplus of about GH¢907 million and an overall surplus of GH¢5.4 billion. He has also rejected claims that GoldBod itself incurred the US$1.7 billion loss reported in relation to the programme.
The Minority, however, insists that the financial impact of the DGPP must be assessed more broadly, including costs borne by the Bank of Ghana, fees paid to GoldBod and the pricing and trading arrangements under which the gold was purchased and sold.