The Minority in Parliament has renewed its call for accountability over a reported GH¢22 billion loss under the Domestic Gold Purchase Programme (DGPP) in 2025.

The Minority Leader, Alexander Afenyo-Markin, made the call in a statement issued on Wednesday, August 19, 2026, in response to comments by the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi.

The Minority said the GoldBod’s response to its earlier concerns did not disprove the reported loss but instead confirmed some of the figures it had raised.

According to Mr Afenyo-Markin, the International Monetary Fund (IMF) reported a loss of US$1.7 billion, equivalent to about GH¢22 billion, under the DGPP in its August 2026 Sixth Country Report.

He argued that regardless of which government institution bears responsibility for the loss, the money involved was public funds and must be accounted for.

The Minority also questioned GoldBod’s reported operational surplus of GH¢907 million.

It noted that, according to the GoldBod CEO, the institution accounted for about GH¢133 billion in advances under the programme in 2025 and received an assay fee of 0.258 per cent and a service fee of 0.5 per cent.

Mr Afenyo-Markin argued that these fees generated about GH¢1 billion for GoldBod.

He therefore questioned how the institution could describe its GH¢907 million operational surplus as a major achievement when the programme under which the fees were earned reportedly resulted in a GH¢22 billion loss to the state.

The Minority Leader further argued that GoldBod could not claim credit for the benefits of the DGPP while distancing itself from the reported financial losses.

He noted that GoldBod had been associated with claims that the programme contributed to a 41 per cent appreciation of the cedi, an increase in Ghana’s reserves from US$8.9 billion to US$13 billion and a reduction in inflation.

According to him, an institution that takes credit for such outcomes must also be prepared to account for the costs associated with the programme.

The Minority also raised concerns about the funding arrangements for the Gold for Reserves and related programmes.

It said, based on the GoldBod CEO’s account, responsibility for the implementation cost of the Ghana Alternative Reserves and Assets Programme (GANRAP) shifted from the Bank of Ghana to the Ministry of Finance in July 2026, while GoldBod was seeking to raise funds independently from August.

Mr Afenyo-Markin described the changes as evidence that the funding model was yet to be settled.

He therefore called for the reported GH¢22 billion loss to be properly accounted for, insisting that the matter concerned the finances of the Republic.

The Minority Leader also criticised comments attributed to the GoldBod CEO during his response, particularly a reference to a brothel.

He argued that such language was inappropriate for a public official responding to questions about the management of public funds.

“Ghanaians asked for figures. They were given insults. The figures are still outstanding,” Mr Afenyo-Markin stated.

The Minority said it would continue to demand answers on the financial and operational performance of GoldBod and the Domestic Gold Purchase Programme.

By: Jacob Aggrey

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GoldBod Chief Executive Officer, Sammy Gyamfi, has defended the performance of the Ghana Gold Board (GoldBod) following criticism of its operations and management.

Speaking at tthe Government Accountability Series today at the Jubilee House, he said, no where is GoldBod accused for Bank of Ghana’s losses.

He therefore challenged the Minority Leader, Alexander Afenyo-Markin to point to where IMF attributed losses incurred by Bank of Ghana to GoldBod.

“I challenge Afenyo-Markin to point to any page, paragraph, sentence, phrase or punctuation mark in the said referenced report that the IMF accused the GoldBod of having caused the losses reported to have been incurred by the Bank of Ghana,” Sammy Gyamfi strongly stated.

He highlighted the achievements of the board, particularly its role in gold purchases, local refining and efforts to increase value addition in Ghana’s gold industry.

Mr Gyamfi said GoldBod had purchased and refined more than nine metric tonnes of gold in Ghana this year, describing the development as a major change in the country’s approach to gold value addition.

He contrasted the current situation with the previous administration, claiming that during that period, no gold produced in Ghana was refined locally.

“Not a gram of gold produced in Ghana was refined in Ghana. Today, over nine metric tonnes, just this year, of gold we have bought, refined in Ghana. We are changing the value addition story,” he said.

Mr Gyamfi defended the board against criticisms from the Minority that it had made losses, describing some of the comments as reckless and lacking proper research.

He argued that the current Minority leadership should be measured against the standards set by former occupants of the position, including J.H. Mensah, Papa Owusu-Ankomah and Osei Kyei-Mensah-Bonsu.

According to him, the former Minority leaders commanded respect in Parliament because of the depth of their contributions and their ability to engage issues with substance.

Mr Gyamfi referenced Ghana’s gold exports under the previous administration, claiming that about 170 tonnes of gold were exported through formal channels and generated more than $17 billion in one and a half years.

He questioned why those responsible for institutions that recorded significant losses during their tenure were criticising GoldBod’s current operations.

He further dismissed suggestions that he was intimidated by political attacks, noting that politics was a “contact sport” and those involved should be prepared to face criticism.

Mr Gyamfi maintained that he was working in the interest of Ghana and expressed confidence that the board’s record would ultimately speak for itself.

“We are serving Ghana in good conscience, and our record and posterity will speak for us,” he said.

By: Jacob Aggrey