The People’s Alliance for Governance and Accountability (PAGA) has expressed deep concern over a reported US$1.7 billion loss in the Bank of Ghana’s Domestic Gold Purchase Programme. This significant shortfall, equivalent to approximately GHS 23.8 billion, represents a direct cost to Ghanaian taxpayers.
PAGA argues that debates about where this loss appears on balance sheets miss the crucial point. Whether attributed to GoldBod, the Bank of Ghana, or another state entity, the financial burden ultimately falls on the nation. The group rejects any government attempt to claim programme benefits while shifting its associated losses.
This reported loss fits into a broader narrative of public finance scrutiny in Ghana. The country has faced economic challenges, including high inflation and currency depreciation, making prudent management of state resources critical. Previous instances of financial irregularities in state-backed programmes have often led to public outcry and demands for accountability. The Bank of Ghana’s efforts to build reserves and support the cedi through such initiatives are vital, but transparency remains paramount.
“Whether it appears in the accounts of GoldBod, the Bank of Ghana or another state institution, it remains a loss to Ghana. The taxpayer will bear the cost,” PAGA stated at a press conference. This statement underscores the group’s insistence on a clear understanding of the financial implications for ordinary citizens.
The implications of this reported loss are far-reaching. Decision-makers must now provide a comprehensive explanation to restore public trust. Markets will closely watch how the government and the Bank of Ghana address these transparency demands. This situation could influence investor confidence and future public sector programme designs.
PAGA has called for immediate and full public disclosure on several critical fronts. The group demands to know the identities and nationalities of all gold off-takers involved in the programme. They also seek clarity on any discounts granted, including the specific formula used by the Bank of Ghana to apply these reductions. Furthermore, PAGA wants details on fees paid to GoldBod and other intermediaries.
The advocacy group questioned the necessity of applying any discount at all. PAGA highlighted that GoldBod operates as both a monopoly and a monopsony within the current arrangement. This unique market position should theoretically allow for more favourable terms for the state. PAGA also demands information on measures introduced to prevent future losses, warning that without such safeguards, subsequent shortfalls could be even larger.
PAGA directed its strongest institutional demands at President John Dramani Mahama. The group stated that his government “cannot preach accountability while state institutions explain away billions of cedis in losses.” They urged the Presidency to publish a complete and reconciled account of the programme. This account must state the exact loss and its location within the financial records. It should also disclose off-takers, discounts, fees, and beneficiaries. PAGA further requested an explanation of key pricing and trading decisions. They also called for the release of relevant audited financial statements and the identification and handling of officials who approved the transactions. Firm safeguards against further losses are also a key demand.
“The claim that the programme served a good national purpose is no defence for financial indiscipline,” PAGA’s statement asserted. “Public money deserves stricter protection. Every dollar lost belongs to Ghanaians.” This highlights the group’s firm stance against any justification for financial mismanagement.
The controversy has also taken a personal turn, adding another layer of complexity. GoldBod Chief Executive Officer Sammy Gyamfi publicly accused Minority Leader Alexander Afenyo-Markin of being an “extortionist.” Mr. Gyamfi challenged Mr. Afenyo-Markin to sue him, stating he is prepared to defend the allegation with evidence. He also offered to meet him on a public platform to discuss the matter.
PAGA described this allegation as explosive, noting that extortion is a serious criminal offence. They stressed that such a claim cannot be dismissed as ordinary political sparring. The group called on Mr. Afenyo-Markin to clear his name immediately. He must answer whether he ever demanded money or private benefits from GoldBod or its CEO. PAGA also asked if he held private meetings or communications with Mr. Gyamfi. They further questioned if he proposed any form of “compulsory arbitration.”
The group urged the Minority Caucus to demand answers from its leader and state its position on the allegation. PAGA warned that the credibility of parliamentary oversight is at stake. At the same time, PAGA insisted that Mr. Gyamfi must produce the evidence he claims to possess. This evidence should detail what was demanded, when and where, by and to whom, along with any supporting messages, recordings, or witnesses. If he cannot provide this, PAGA demands he withdraw the allegation.
In its final list of demands, PAGA called for the losses to be fully accounted for and prevented from recurring. They requested a reconciled account published by the Ministry of Finance, Bank of Ghana, and GoldBod. Responsible officials must be held accountable. Mr. Afenyo-Markin must respond directly, and the Minority Caucus must state its position. Mr. Gyamfi must produce his evidence, and all relevant records must be made available for examination. “Ghana cannot fight corruption through insults, threats and competing press conferences,” the statement concluded. “Accountability requires facts, records, evidence and consequences. Nothing must be concealed, and no one must be protected.”