Minority Leader Alexander Afenyo-Markin has claimed that Ghana Gold Board (GoldBod) Chief Executive Officer Sammy Gyamfi has admitted that the Domestic Gold Purchase Programme recorded a GH¢22 billion loss in 2025.
The claim follows Sammy Gyamfi’s response at the Government Accountability Series on Wednesday, August 19, 2026.
During the event, Sammy Gyamfi rejected claims that GoldBod was responsible for losses recorded by the Bank of Ghana (BoG).
However, Afenyo-Markin and the Minority in Parliament say the GoldBod CEO did not dispute the existence of the reported loss.
According to the Minority, the International Monetary Fund (IMF) reported a US$1.7 billion loss under the Domestic Gold Purchase Programme. The amount is equivalent to about GH¢22 billion.
“The GoldBod’s statement this morning confirms more than it rebuts,” the Minority stated in its response to the government’s presentation.
The Minority added: “First, the loss is admitted. The Chief Executive does not dispute the IMF’s finding that there is a loss of USS1.7 billion (22 billion Ghana cedis) under the Domestic Gold Purchase Programme in 2025. He disputes only who should be blamed.”
The Minority says the key issue is now accountability.
It argues that it does not matter which state institution records the loss on its books because the money ultimately belongs to the state.
“This is public money, whichever State balance sheet it sits on,” the Minority said.
The Minority has also questioned the fees GoldBod received under the Domestic Gold Purchase Programme.
It said Sammy Gyamfi disclosed that GoldBod accounted for about GH¢133 billion in advances in 2025.
GoldBod also received an assay fee of 0.258 per cent and a service fee of 0.5 per cent, according to the Minority.
The Minority says the figures raise questions about the fees GoldBod earned from the programme.
It also questioned GoldBod’s reported operational surplus of GH¢907 million.
“The plain implication of his own numbers is that the operational surplus he is celebrating is smaller than the fee income he collected from a programme that lost the state 22 billion Ghana Cedis,” the Minority stated.
The Minority further challenged GoldBod’s position on the benefits of the Domestic Gold Purchase Programme.
It said GoldBod has taken credit for a 41 per cent appreciation of the cedi. It also cited the increase in Ghana’s reserves from US$8.9 billion to US$13 billion.
The Minority also mentioned the decline in inflation as another development linked to the programme.
However, it argues that GoldBod cannot claim credit for the programme’s benefits while distancing itself from its reported financial costs.
“An institution that claims authorship of the benefits cannot describe itself as a passive agent when the costs are counted,” the Minority said.
The Minority has also raised concerns about the funding arrangements for the Gold for Reserves Programme (GANRAP).
According to the Minority, Sammy Gyamfi’s account shows that responsibility for GANRAP implementation costs moved from the Bank of Ghana to the Ministry of Finance in July 2026.
From August 2026, GoldBod began seeking funds independently, the Minority added.
“Three funding arrangements in six months is not a settled model. We view this with curious eyes,” it said.
The Minority maintains that the reported GH¢22 billion loss represents a financial loss to the Republic.
It said the figure was contained in the IMF’s Sixth Country Report, number 26/213, issued in August 2026.
“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!” the Minority stated.
The Minority also criticised Sammy Gyamfi’s response to the controversy.
It took particular exception to his reference to a brothel while addressing the allegations.
According to the Minority, such language has no place in a discussion about public funds.
“Ghanaians asked for figures. They were given insults. The figures are still, outstanding,” the Minority concluded.
The latest exchange between Afenyo-Markin and Sammy Gyamfi has deepened the dispute over the Domestic Gold Purchase Programme.
While Sammy Gyamfi disputes GoldBod’s responsibility for the reported loss, Afenyo-Markin and the Minority insist that the GH¢22 billion loss must be explained and accounted for.
