Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board (GoldBod), has challenged the Minority Leader, Alexander Afenyo-Markin, to initiate a parliamentary inquiry into claims of GHS 22 billion in gold sales losses. Gyamfi insists that GoldBod is not responsible for these losses, which are reportedly linked to the Bank of Ghana’s Domestic Gold Purchase Programme (DGPP).
Gyamfi urged Afenyo-Markin to use Parliament’s oversight processes to invite him for clarification. He stated that the Public Accounts Committee (PAC) already possesses the authority to summon him. This would allow for a thorough examination of the allegations, moving beyond press conference discussions. Gyamfi emphasized his readiness to appear before the committee without delay.
This dispute arises amidst broader concerns about public finance management and accountability in Ghana. The alleged GHS 22 billion loss figure, equivalent to approximately $1.7 billion, has featured prominently in discussions surrounding an International Monetary Fund (IMF) report. Ghana’s economic stability relies heavily on transparent management of state assets and revenues, particularly from key sectors like gold mining. The country has been working to stabilize its economy, including through an IMF programme, making such financial discrepancies critical.
Mr. Gyamfi stated, “I’m waiting with bated breath for Afenyo-Markin’s invitation. I don’t know why he’s delaying and holding press conferences when, as Minority Leader, he can get the Public Accounts Committee to summon me tomorrow or today, and I will appear.” He also reached out to the new Majority Leader, James Agalga, requesting an invitation if Afenyo-Markin delays. Gyamfi believes a parliamentary inquiry would provide an opportunity for all parties to present evidence and determine responsibility.
The implications of this challenge are significant for public trust and financial accountability. A parliamentary probe could clarify the true extent and origin of the reported losses, potentially impacting the Bank of Ghana’s financial health and the government’s fiscal position. Decision-makers and financial markets will closely watch how Parliament responds to Gyamfi’s call. The outcome could influence investor confidence and future policy decisions regarding Ghana’s gold sector and central bank operations.
Gyamfi maintains that the $1.7 billion loss reported by the IMF is connected to the DGPP’s operations, not GoldBod. He noted that GoldBod was established later to streamline the programme’s functions. Ghana reportedly recorded losses of about $400 million from gold sales under the DGPP in 2024. These losses are projected to rise to more than $1.7 billion in 2025 due to a significant expansion of the programme. The IMF linked the 2025 losses to factors such as service fees, discounts, and foreign-exchange valuation.
The GoldBod CEO argued that public commentary often inaccurately attributes the $1.7 billion loss directly to GoldBod. He challenged critics to identify the specific section of the IMF report that makes such an attribution. Gyamfi highlighted the importance of fact-checking these claims to ensure accurate public discourse. He emphasized that the IMF report points to the DGPP as the source of these losses, not GoldBod.
Gyamfi also referenced a government cost-sharing arrangement from late 2025 involving the transfer of bonds with a par value of $5 billion. This transaction, completed in March 2026, breached the Bank of Ghana’s claims ceiling on the government. An IMF report also mentioned a July 2026 Memorandum of Understanding (MoU) between the Bank of Ghana, GoldBod, and the government. This MoU formalized the transfer of DGPP activities from the central bank to GoldBod, aiming to eliminate related quasi-fiscal risks to the Bank of Ghana. The IMF indicated that DGPP losses, combined with high open market operations costs and exchange-rate valuation losses, worsened the Bank of Ghana’s negative equity position to 6.7 percent of GDP.