The Minority in Parliament has criticised Ghana Gold Board (GoldBod) Chief Executive Officer Sammy Gyamfi over his response to concerns about the financial performance of the Domestic Gold Purchase Programme (DGPP).
Mr. Gyamfi, in a statement on Wednesday, August 19, rejected claims that GoldBod was responsible for the reported loss, arguing that the International Monetary Fund (IMF) had not said GoldBod caused the Bank of Ghana to record a loss.
He described Minority Leader Alexander Afenyo-Markin’s criticisms of GoldBod as a “desperate smear campaign” and questioned the Minority Leader’s handling of an alleged GH¢8.4 billion loss at the Electricity Company of Ghana (ECG).
The Minority has, however, rejected Mr. Gyamfi’s response, insisting that the substantive questions surrounding the finances of the DGPP remain unanswered.
In a rebuttal on Wednesday, August 19, Mr Afenyo-Markin criticised the GoldBod CEO’s reference to a “brothel”, saying such language had no place in a response from a public official dealing with public funds.
“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.”
The Minority’s concerns follow a press conference held on Tuesday, August 18, at which the Caucus questioned the financial and operational performance of GoldBod and the DGPP.
According to the Minority, GoldBod’s subsequent response did not adequately address the issues raised.
“The GoldBod’s statement this morning confirms more than it rebuts,” the Caucus said.
A key issue raised by the Minority is the reported GH¢22 billion loss associated with the DGPP in 2025, which it linked to the IMF’s Sixth Country Report.
The Caucus said the reported loss amounts to a financial loss to the Republic and must therefore be accounted for.
“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 statement said.
The Minority also questioned GoldBod’s financial calculations, including the treatment of advances and service fees. It said GoldBod accounted for about GH¢5.13 billion in advances in 2025 and received a service fee of 0.5 per cent.
The Caucus further challenged GoldBod’s position on the benefits and costs of the DGPP, arguing that the institution could not claim credit for positive economic indicators while distancing itself from the programme’s financial costs.
“The same statement credits the scaling up of the DGPP with the 41 per cent cedi appreciation, the rise in reserves from US$9.8 billion to US$13 billion, and the fall in inflation, while the GoldBod has been foremost in taking public credit for those outcomes. An institution that claims authorship of the benefits cannot describe itself as a passive agent when the costs are accounted.”
The Minority also raised concerns about the funding arrangements for the Ghana National Alternative Roads Programme (GANRAP), including changes in responsibility for its implementation costs.
It maintained that the financial questions surrounding GoldBod and the DGPP require detailed answers and full disclosure.
The Caucus said the public deserves clarity on the figures and the management of the funds involved, insisting that the debate should focus on accountability rather than personal exchanges.
