Akosua Manu, an advisor to NPP flagbearer Dr. Mahamudu Bawumia, has strongly rejected GoldBod CEO Sammy Gyamfi’s denial of financial losses. Manu asserts that the Domestic Gold Purchase Programme (DGPP) incurred over US$1.7 billion in losses by 2025. This figure represents 1.5% of Ghana’s Gross Domestic Product (GDP).
Manu described Gyamfi’s challenge to identify losses in GoldBod’s accounts as a “technical sleight of hand.” She argued this tactic aims to divert attention from significant financial losses linked to the DGPP. The losses, though recorded on the Bank of Ghana’s balance sheet, stemmed directly from GoldBod’s operational role in the programme. The Bank of Ghana provided the financial backing for gold purchases during this period.
This dispute highlights ongoing concerns about public finance management and accountability in Ghana. The Domestic Gold Purchase Programme was designed to boost Ghana’s gold reserves and stabilize the cedi. However, the reported losses raise questions about its effectiveness and financial oversight. Such substantial losses could impact the government’s fiscal position and its ability to fund other critical development projects. This situation also adds to the broader narrative of economic challenges Ghana has faced, including high inflation and debt levels, which the International Monetary Fund (IMF) has been working with the government to address.
Akosua Manu specifically referenced the IMF Ghana Country Report, citing paragraphs 13 and 14. These sections, she stated, document the losses of more than US$1.7 billion by 2025. She also pointed to the report’s mention of service and assay fees paid to GoldBod as contributing factors to these losses. Manu stated, “Claiming victory because the loss sits on the Central Bank’s balance sheet while the operations were run under GoldBod is textbook gaslighting.”
The implications of these alleged losses are significant for Ghana’s economy and public trust. If confirmed, the US$1.7 billion loss represents a substantial burden on Ghanaian taxpayers. It could also affect the Bank of Ghana’s financial health and its capacity to perform its monetary policy functions effectively. Decision-makers will likely face increased pressure to provide transparency and accountability regarding the DGPP’s financial performance. Markets will watch closely for any further details or official responses that could impact investor confidence in state-backed enterprises and financial management.
Manu further explained that the DGPP was scheduled for full transfer to GoldBod from July 1, 2026. This transfer means GoldBod would then directly bear the financial outcomes of the programme. She concluded her statement emphatically, asserting, “FACTS OVER SPINNING. That lie should be rejected!” This public disagreement underscores the need for clear financial reporting and oversight in state-involved economic initiatives. The public expects clarity on how such large sums of money are managed and accounted for. The ongoing debate will likely influence future policy decisions regarding commodity-backed programmes and central bank interventions.
The controversy also reflects the political landscape, with an advisor to a major political flagbearer making direct accusations. This suggests the issue will remain a key point of discussion in public discourse. The financial health of state-linked entities like GoldBod is crucial for Ghana’s economic stability. Any perceived mismanagement or lack of transparency can erode confidence. The government and relevant institutions must address these claims with comprehensive data and clear explanations to maintain credibility. The outcome of this debate could set precedents for how financial accountability is enforced in Ghana’s public sector.