Ghana's parliamentary Minority has asserted that the Ghana Gold Board (GoldBod) effectively admitted to a GHS 22 billion loss within its Domestic Gold Purchase Programme (DGPP). This significant financial deficit was reportedly identified by the International Monetary Fund (IMF). The Minority's position stems from a recent statement by GoldBod's Chief Executive Officer, Sammy Gyamfi.
Mr. Gyamfi, according to the Minority, did not dispute the IMF's finding of a US$1.7 billion loss, equivalent to approximately GHS 22 billion, under the programme in 2025. Instead, his response focused on who should bear responsibility for the loss. Minority Leader Alexander Afenyo-Markin highlighted that the CEO's argument centered on blame rather than challenging the reported financial figure. The Minority maintains that regardless of which state institution's balance sheet holds the loss, these are public resources requiring full accountability.
This alleged GHS 22 billion loss represents a substantial blow to Ghana's public finances, potentially impacting the government's fiscal consolidation efforts. The Domestic Gold Purchase Programme was initiated to boost the Bank of Ghana's foreign exchange reserves and stabilize the cedi. However, a loss of this magnitude could undermine confidence in such state-led economic interventions. Ghana has been working closely with the IMF on an Extended Credit Facility, making financial transparency and accountability crucial for continued support and economic stability. The reported deficit could complicate future negotiations and public trust in economic management.
Minority Leader Alexander Afenyo-Markin stated, “The Chief Executive does not dispute the IMF’s finding that there is a loss of US$1.7 billion (22 billion Ghana cedis) under the Domestic Gold Purchase Programme in 2025. He disputes only who should be blamed.” Mr. Afenyo-Markin further emphasized, “This is public money, whichever State balance sheet it sits on.” The Minority also questioned GoldBod's reported operational surplus, noting that its GHS 907 million surplus was smaller than the GHS 1 billion in fees it collected from the programme in 2025.
The implications of this alleged GHS 22 billion loss are far-reaching for Ghana's economy and political landscape. Investors and international partners will closely monitor the government's response and any accountability measures taken. The public will expect a clear explanation of how such a significant deficit occurred within a programme designed to strengthen the economy. This situation could lead to increased scrutiny of state-owned enterprises and their financial management practices, potentially prompting reforms to prevent similar losses in the future. The call for proper explanation of the DGPP's financial implications will likely intensify.