Ghana's Domestic Gold Purchase Programme (DGPP) recorded a US$1.7 billion loss in 2025, sparking a political dispute over accountability. This figure, equivalent to GHS 22 billion, represents approximately 1.5 per cent of Ghana's Gross Domestic Product (GDP).
The Minority in Parliament, led by Alexander Afenyo-Markin, insists the state must account for this significant financial deficit. The Minority's claim stems from an International Monetary Fund (IMF) assessment of the DGPP. However, Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board (GoldBod), maintains the loss cannot be attributed to his institution.
This controversy unfolds against a backdrop of Ghana's ongoing efforts to stabilise its economy and build foreign exchange reserves. The DGPP, initiated in 2021, aims to boost the Bank of Ghana's gold holdings and support the local currency. The reported loss raises questions about the programme's efficiency and its true cost to the national economy, especially as Ghana navigates its economic recovery.
Minority Leader Alexander Afenyo-Markin stated, "The loss is admitted. Public accountability must follow." He accused Mr Gyamfi of using "crude insults, selective quotations and an accounting diversion." Mr Afenyo-Markin argued that Mr Gyamfi had not disputed the reported loss itself, but rather challenged GoldBod's responsibility for it.
The implications of this dispute are far-reaching for public finance and market confidence. Decision-makers will need to address the transparency of large-scale government programmes. The Bank of Ghana's financial health and its ability to manage such initiatives will be closely watched by investors and international partners.
Mr Gyamfi vigorously defended GoldBod, asserting that its audited 2025 financial statements showed an operational surplus of GHS 907 million. He further claimed an overall surplus exceeding GHS 5.4 billion for the institution. He challenged the Minority to identify where the IMF directly accused GoldBod of causing the US$1.7 billion loss.
Mr Gyamfi argued that the DGPP is a policy programme that began before his administration. He insisted that any losses were incurred by the Bank of Ghana, not GoldBod. He also highlighted the programme's benefits, including foreign-exchange generation and reserve accumulation.
The Minority, however, shifted its focus to GoldBod's role in contributing to the Bank of Ghana's losses. Mr Afenyo-Markin questioned the GHS 5.4 billion overall surplus cited by Mr Gyamfi. He pointed out that about 84 per cent of this amount, specifically GHS 4.5477 billion, came from government grants. The Minority argued these were grants, not operational revenue or equity.
GoldBod's fee income has become a central point of contention. The Minority stated GoldBod received GHS 337.43 million in assay fees and GHS 558.14 million in Bank of Ghana service charges. These fees total GHS 895.57 million, which the Minority argues were costs to the DGPP, even if they were revenues for GoldBod. The Minority cited GoldBod's handling of GHS 133 billion in advances in 2025, generating significant fees.
The IMF's assessment provides a more detailed picture. It noted the DGPP facilitated about US$10.9 billion in artisanal gold exports in 2025. This helped rebuild reserves and ease foreign-exchange pressures. However, the report also linked the programme's rapid expansion to the US$1.7 billion losses. The IMF identified service and assay fees, discounts on gold sales, and exchange-rate losses as key cost components.
The Minority argues this IMF assessment establishes GoldBod's financial connection to the loss. They are now demanding a comprehensive examination of the programme. This includes the Gold Purchase Agreement, transaction records, assay invoices, and off-taker contracts. Mr Afenyo-Markin also called for the Auditor-General's management letter and the findings of a special audit to be made public. This ongoing debate underscores the need for greater transparency in public financial management.