Sammy Gyamfi's reference to a brothel unbecoming of a public officer, we condemn it — Minority
The New Patriotic Party (NPP) Minority in Parliament has criticised Ghana Gold Board (GoldBod) Chief Executive Officer Sammy Gyamfi for what it describes as an inadequate response to the reported GH¢22 billion loss associated with the Domestic Gold Purchase Programme (DGPP) in 2025.
The Minority said Mr Gyamfi had failed to adequately address the substance of concerns raised over the International Monetary Fund (IMF) report, which put the loss under the programme at US$1.7 billion.
In a statement signed by Minority Leader Alexander Afenyo-Markin and issued to the Ghana News Agency, the Caucus argued that the issue was not which state institution carried the loss, but the fact that public funds were involved.
“GoldBod's response to an IMF finding confirms that public funds were lost under the programme in 2025,” the statement said.
The Minority maintained that Mr Gyamfi had not disputed the IMF’s reported figure of US$1.7 billion, equivalent to about GH¢22 billion, and therefore insisted that the financial implications of the programme must be accounted for.
“That is public money, whichever state balance sheet it sits on. This is the point he did not address, and it is the point he must now address,” it stated.
The Caucus also challenged GoldBod’s reported GH¢907 million operational surplus, arguing that the figure should be assessed alongside the fees the institution received from the programme.
It claimed GoldBod received about GH¢833 billion in advances during 2025 and earned roughly GH¢1 billion in fees, raising questions about the extent to which the reported surplus reflected the overall financial outcome of the programme.
“Strip out the agency fees, and there is no operational surplus to speak of. That is the point he did not address,” the Minority stated.
The lawmakers further accused GoldBod of taking credit for economic gains linked to the gold purchasing programme while distancing itself from the reported losses.
They pointed to the reported 41 per cent appreciation of the cedi and the increase in Ghana’s foreign exchange reserves from US$8.9 billion to US$13 billion, arguing that GoldBod could not claim credit for the benefits of the programme while disassociating itself from its financial costs.
The Minority also raised concerns about changes in the financing arrangements for the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).
According to the Caucus, responsibility for implementing GANRAP shifted from GoldBod to the Ministry of Finance, while GoldBod is now seeking to secure independent financing.
It described the changing arrangements as evidence of an unsettled financing model and called for greater transparency over how the programme is funded.
The Minority also took issue with Mr Gyamfi’s choice of words in responding to its criticism, particularly his reference to a “brothel”.
“We condemn the CEO's reference to a ‘brothel’ in an official statement as unbecoming of a public officer. Ghanaians asked for figures. They were given insults. The figures are still outstanding,” the statement said.
The latest dispute follows Mr Gyamfi’s rejection of suggestions that the IMF had attributed the US$1.7 billion loss directly to GoldBod.
The GoldBod CEO has maintained that the IMF report referred to losses recorded by the Bank of Ghana (BoG) under the DGPP and did not establish that GoldBod itself incurred the loss.
The IMF report cited in the dispute indicates that the BoG recorded US$1.7 billion in losses under the programme in 2025.
The DGPP was introduced to support Ghana’s gold reserve accumulation, strengthen foreign exchange reserves and help stabilise the cedi through the purchase of locally produced gold.