The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has challenged the basis for linking the institution to 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 was responding to claims by Minority Leader Alexander Afenyo-Markin that the programme, operated through GoldBod, recorded losses exceeding US$1.7 billion in 2025.
Mr. Afenyo-Markin made the allegation at a press conference in Parliament on Tuesday, citing an International Monetary Fund (IMF) report which, according to him, showed that the losses could not be explained by market conditions alone.
However, Mr. Gyamfi disputed the basis for attributing the Bank of Ghana’s losses to GoldBod, stressing that the two institutions are separate corporate entities.
He questioned why accounting losses recorded by the central bank should automatically be attributed to GoldBod without evidence establishing a direct link.
“Where in the world is one body corporate blamed for accounting losses incurred by another independent, separate and distinct body corporate without any evidentiary basis?” he asked.
Mr. Gyamfi also rejected the interpretation of the IMF report cited by the Minority Leader, insisting that the document did not state that GoldBod caused the Bank of Ghana to incur losses.
He maintained that the financial performance and accounting records of the two institutions must be assessed separately before responsibility for any losses can be established.
