The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has challenged Minority Leader Alexander Afenyo-Markin to produce evidence. This evidence must come from an International Monetary Fund (IMF) report. It should directly implicate GoldBod in losses incurred by the Bank of Ghana (BoG) under the Domestic Gold Purchase Programme (DGPP).
The Minority Caucus maintains GoldBod must account for what it calls a "structural bleeding" of the national purse. Mr. Afenyo-Markin stated that GoldBod's audited accounts might show a surplus. However, he argued that significant transaction costs were absorbed by the Bank of Ghana. These costs were not reflected in GoldBod's own financial records. He questioned the commercial logic of trading gold and making such substantial losses.
This dispute highlights ongoing concerns about public finance management and accountability in Ghana. The Bank of Ghana reported losses of GHS 60.8 billion in 2023. This figure included significant revaluation losses. The Domestic Gold Purchase Programme, launched in 2021, aimed to boost Ghana's foreign exchange reserves. It sought to stabilize the cedi and reduce reliance on external borrowing. The program has become a focal point for political debate regarding its financial impact.
Mr. Gyamfi, speaking at the Government Accountability Series, firmly rejected claims that the IMF blamed GoldBod. He challenged Mr. Afenyo-Markin to identify any specific section of an IMF report supporting this assertion. "I challenge Afenyo-Markin to point to any page, paragraph, sentence, phrase, or punctuation mark in the said reference reports of the IMF where the GoldBod was accused by the IMF as the entity responsible for losses incurred by the Bank of Ghana," Mr. Gyamfi stated.
The implications of this challenge are significant for public trust and economic policy. If the Minority cannot provide direct IMF attribution, their claims may lose credibility. This could also influence future parliamentary oversight of state-owned enterprises. The debate underscores the need for clear, verifiable data in public discourse. It also highlights the importance of accurate interpretation of international financial reports.
Mr. Gyamfi clarified that the IMF report indicated the Bank of Ghana incurred losses through gold sales. These losses were under the Domestic Gold Purchase Programme. He cited IMF figures of approximately $400 million (GHS 6.1 billion) in 2024 and $1.7 billion (GHS 25.5 billion) in 2025. He attributed the 2025 figure to the scaling up of the program. He stressed that this finding should not be interpreted as GoldBod's incompetence or mismanagement. The losses were a result of program expansion and valuation effects, not GoldBod's direct fault.
The GoldBod CEO further explained the IMF noted that accounting losses partly reflected valuation effects. The report identified several components of these losses. These included fees paid to GoldBod under the Domestic Gold Purchase Programme. However, Mr. Gyamfi argued that including GoldBod-related fees among loss components does not mean the IMF blamed GoldBod for the overall losses. He accused political opponents of misrepresenting the IMF report. He urged them to cite specific passages to allow public assessment. This ongoing debate affects investor confidence and the perception of Ghana's financial stability. It also impacts the credibility of key state institutions.