Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board (GoldBod), has publicly challenged Minority Leader Alexander Afenyo-Markin to initiate a parliamentary inquiry into alleged massive losses under the Bank of Ghana’s Domestic Gold Purchase Programme (DGPP). Mr. Gyamfi stated his readiness to appear before Parliament and defend GoldBod against these accusations. He made these remarks during the government’s Accountability Series on Wednesday, August 19, 2026.
Mr. Gyamfi urged the Minority Leader to use parliamentary oversight mechanisms instead of holding press conferences. He insisted that the Public Accounts Committee (PAC) already possesses the authority to summon him to explain GoldBod’s operations. The GoldBod CEO expressed his eagerness for a parliamentary probe, stating he was “waiting with bated breath” for an invitation. He believes such an inquiry would provide a proper platform for evidence presentation and accountability.
This dispute highlights ongoing concerns about public finance management and transparency within Ghana’s gold sector. The Bank of Ghana’s Domestic Gold Purchase Programme, designed to bolster the nation's gold reserves, has faced scrutiny over its financial outcomes. Allegations of substantial losses, including a reported GHS 22 billion by the Minority Leader, have fueled public debate. These claims also follow broader discussions about the Bank of Ghana’s financial performance and its impact on the national economy.
Mr. Gyamfi has consistently maintained that claims linking GoldBod to the reported losses are inaccurate and misleading. He challenged Mr. Afenyo-Markin to produce evidence from any International Monetary Fund (IMF) report directly implicating GoldBod in losses incurred by the Bank of Ghana under the DGPP. The GoldBod CEO emphasized that a parliamentary inquiry offers the appropriate forum to resolve these conflicting claims with factual evidence.
The Chairperson of Parliament’s Public Accounts Committee, Abena Osei-Asare, has also acknowledged the seriousness of reports suggesting GoldBod recorded losses of US$1.7 billion. She stated that these allegations, allegedly cited by the IMF, warrant a thorough investigation. Ms. Osei-Asare stressed the need to establish how such losses occurred and whether public funds were adequately protected. This indicates a growing bipartisan interest in understanding the financial implications of the DGPP.
A parliamentary inquiry could lead to greater clarity regarding the financial health of the Domestic Gold Purchase Programme and GoldBod’s role. It would also test the effectiveness of parliamentary oversight in holding state institutions accountable. Decision-makers and financial markets will closely watch the developments, as the outcome could influence investor confidence and future policy decisions regarding Ghana’s gold resources. The probe will also determine the accuracy of the GHS 22 billion and US$1.7 billion loss figures.
The GoldBod CEO has even reached out to the new Majority Leader, Honourable James Agalga, pleading for an invitation to Parliament if Mr. Afenyo-Markin delays. This proactive stance underscores Mr. Gyamfi’s confidence in GoldBod’s financial records and operational integrity. He believes that a detailed examination will exonerate GoldBod from responsibility for any losses incurred by other institutions involved in the DGPP. The public awaits a definitive resolution to these significant financial allegations.