Presidential aide Dr. Sammy Ayeh has accused the New Patriotic Party (NPP) of misrepresenting International Monetary Fund (IMF) findings. The NPP's interpretation concerns losses associated with Ghana’s domestic gold purchasing programme. Dr. Ayeh states the NPP is being mischievous in its presentation of the report.
Dr. Ayeh argues the NPP suggests losses were solely caused by GoldBod. He highlighted that the Domestic Gold Purchase Programme began in 2021, before the current government. Questions arose then about discounts, off-takers, and pricing indices. Dr. Ayeh noted the Bank of Ghana used PMMC as a buyer before GoldBod’s involvement. He questioned why earlier losses were not attributed to PMMC.
This dispute fits into Ghana's ongoing economic discussions regarding resource management and public finance. The country has faced scrutiny over its gold sector, a key export earner. Previous data has shown discrepancies in gold export reporting. The IMF's involvement underscores the importance of transparent financial reporting. This is crucial for Ghana's economic stability and international credibility.
“The NPP is being mischievous with the IMF findings,” Dr. Ayeh stated. He made these remarks during an appearance on JoyFM Super Morning Show. He added, “If they had taken time to read the document, they would not make the case they are making.”
The implications of this debate are significant for public trust and political discourse. Decision-makers will need to provide clearer data on gold programme losses. Markets will watch for any impact on Ghana’s gold sector policies. This discussion could influence future resource management strategies and accountability measures.
Dr. Ayeh emphasized that the IMF report does not support a simplistic argument. He said it does not claim GoldBod alone is responsible for the losses. He pointed out the IMF report indicates the Domestic Gold Purchase Programme played a significant role. This programme was announced in 2021 and largely phased out by June 2026. It was instrumental in exporting approximately $10.9 billion worth of artisanal gold in 2025 alone.
While the IMF acknowledged the programme’s rapid expansion contributed to economic stability, it also identified significant losses. Dr. Ayeh referred to information from the Bank of Ghana. An RTI request showed the Bank recorded losses of GHS 5.6 billion in 2024. He questioned linking all these losses to GoldBod. He asked why PMMC, doing a similar job, was not blamed for 2024 losses.
Dr. Ayeh further highlighted an IMF finding. The discrepancy between gold exports reported by Ghana and gold imports reported by the United Arab Emirates exceeded $4 billion. For 2024, the IMF report estimated losses at about $400 million. Approximately one-third of this was related to the Gold-for-Oil programme. He stressed that “Gold-for-Oil was under the NPP.” He argued these losses cannot now be presented as solely originating from GoldBod.
For 2025, Dr. Ayeh said the IMF report estimated losses of approximately $1.7 billion. This followed the significant scaling-up of the Domestic Gold Purchase Programme. He maintained that the IMF report requires a broader understanding. It involves the Bank of Ghana’s role, PMMC’s involvement, and the Gold-for-Oil programme. He concluded that the issue must be considered within the broader history of Ghana’s domestic gold purchasing programme. He urged the public to examine the full IMF findings. He described the NPP’s presentation of figures as politically motivated.