The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has rejected claims by Minority Leader Alexander Afenyo-Markin that GoldBod was responsible for losses recorded by the Bank of Ghana (BoG) under the Domestic Gold Purchase Programme.
Speaking at the Government Accountability Series on Wednesday, August 19, 2026, Mr. Gyamfi said the timeline of the programme contradicts the Minority Leader’s claims, noting that the Bank of Ghana recorded losses under the programme before GoldBod was established.
His comments followed a press conference by Afenyo-Markin in Parliament on Tuesday, where the Minority Leader alleged that the Domestic Gold Purchase Programme, operated through GoldBod, recorded losses exceeding US$1.7 billion in 2025.
Mr. Gyamfi questioned how GoldBod could be held responsible for losses recorded in earlier years when the institution did not exist at the time.
“If the GoldBod is to blame for losses incurred by the Bank of Ghana in 2025 because it was paid a legitimate fee for its services, who then caused the losses of the Bank of Ghana in 2022, 2023 and 2024 under the Domestic Gold Purchase Programme?” he asked.
He also challenged the interpretation of the IMF report cited by Mr Afenyo-Markin, saying the document recorded losses from domestic gold sales in 2024, a year before GoldBod was established.
“The under-referenced IMF report says that the BoG incurred a loss of $400 million from gold sales under the domestic gold purchase programme in the year 2024. There was no GoldBod in 2024.”
Mr. Gyamfi therefore rejected attempts to attribute the Bank of Ghana’s losses under the programme to GoldBod, insisting that the institution could not be responsible for losses recorded before its establishment.
He maintained that the operations and financial performance of GoldBod must be distinguished from the accounting losses recorded by the central bank.
