Minority Leader Alexander Afenyo-Markin has accused the Ghana Gold Board, known as GoldBod, of failing to explain reported losses of US$1.7bn (GHS22bn) under the Domestic Gold Purchase Programme (DGPP) in 2025.
His response followed comments by GoldBod Chief Executive Officer Sammy Gyamfi at the Government Accountability Series on 19 August 2026, where the government addressed concerns raised by the Minority in Parliament about the institution’s financial and operational performance.
Afenyo-Markin said Mr Gyamfi had not denied the existence of the loss, but had instead disputed who should bear responsibility for it.
“The GoldBod’s statement this morning confirms more than it rebuts. First, the loss is admitted. 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 said in a statement posted on Facebook on 19 August.
The Minority had held a press conference on Tuesday, 18 August, to discuss the reported losses and the wider financial and operational record of Ghana Gold Board. The government, acting through GoldBod, issued its response the following day.
After reviewing the full statement, Afenyo-Markin said the figures provided by GoldBod raised further questions about how its reported operational surplus had been calculated.
According to the Minority Leader, Mr Gyamfi said GoldBod had accounted for about GHS133bn in advances during 2025. He also said the institution received an assay fee of 0.258% and a service fee of 0.5%.
Afenyo-Markin calculated that the fees generated from the programme would have been approximately GHS1bn. He contrasted that figure with GoldBod’s reported operational surplus of GHS907m.
The Minority Leader argued that, based on GoldBod’s own figures, the surplus was lower than the fees earned from a programme which, according to the IMF, resulted in a GHS22bn loss to the state.
He said removing the agency fees would leave GoldBod with no meaningful operational surplus, and called on the chief executive to explain that discrepancy.
Afenyo-Markin also challenged GoldBod’s position on the wider economic benefits claimed for the DGPP. He said the institution had taken public credit for the programme’s expansion, which he linked to a 41% appreciation of the cedi, an increase in foreign exchange reserves from US$8.9bn to US$13bn, and a reduction in inflation.
He argued that GoldBod could not claim responsibility for the positive outcomes while presenting itself as only an agent when the financial costs were considered.
The Minority Leader further questioned the changing arrangements for funding the Ghana National Alternative Roadmap and Programme (GANRAP) implementation costs. He said that, according to Mr Gyamfi’s account, responsibility had moved from the Bank of Ghana to the Ministry of Finance in July 2026, before GoldBod began seeking independent funding from August.
Afenyo-Markin said three different funding arrangements in six months did not amount to a settled model. He described the US$1.7bn loss cited in the IMF’s Sixth Country Report, numbered 26/213 and issued in August 2026, as a financial loss to the Republic.
“It must be accounted for!” he said.
The Minority Leader also criticised the tone of Mr Gyamfi’s response, specifically objecting to a reference to a brothel. He said such language was inappropriate in a statement by a public officer responsible for accounting for public funds.
“Ghanaians asked for figures. They were given insults. The figures are outstanding,” Afenyo-Markin said.
