The Minority in Parliament has rejected the Ghana Gold Board’s response to its concerns over the financial performance of the Domestic Gold Purchase Programme (DGPP), insisting that the reported GH¢22 billion loss remains a financial liability that must be accounted for.
In a statement issued on Wednesday, August 19, 2026, Minority Leader Alexander Afenyo-Markin said the response by GoldBod Chief Executive Officer Sammy Gyamfi had failed to address the core issues raised by the Minority over the programme’s reported losses.
According to the Minority, the GoldBod CEO did not dispute the International Monetary Fund’s reported finding of a US$1.7 billion (GH¢22 billion) loss under the DGPP in 2025, but instead sought to contest responsibility for the loss.
“The GoldBod’s statement this morning confirms more than it rebuts,” the Minority said.
The caucus argued that regardless of which state institution’s balance sheet carries the loss, the funds involved are public resources and therefore require accountability.
The Minority also challenged GoldBod’s explanation of the fees it received under the programme.
It said the GoldBod CEO had disclosed that the institution accounted for about GH¢133 billion in advances in 2025 and received an assay fee of 0.258 per cent and a service fee of 0.5 per cent.
Based on those figures, the Minority estimated that GoldBod earned approximately GH¢1 billion in fees from the programme.
It further noted that GoldBod reported an operational surplus of about GH¢907 million.
The Minority argued that the figures raised questions about the composition of the reported surplus, particularly because the operational surplus was lower than the fees earned from a programme which, according to the IMF, recorded a GH¢22 billion loss.
“The plain implication of his own numbers is that the operational surplus he is celebrating is smaller than the fee income he collected from a programme that lost the state 22 billion Ghana Cedis,” the statement said.
The caucus said GoldBod had not adequately addressed that concern.
The Minority also accused GoldBod of attempting to claim the benefits associated with the DGPP while distancing itself from the financial consequences of the programme.
It pointed to GoldBod’s assertion that the scaling-up of the DGPP contributed to the 41 per cent appreciation of the cedi, an increase in Ghana’s reserves from US$8.9 billion to US$13 billion, and the decline in inflation.
According to the Minority, an institution that publicly takes credit for such economic outcomes cannot simultaneously portray itself as merely an agent when losses associated with the programme are being discussed.
“An institution that claims authorship of the benefits cannot describe itself as a passive agent when the costs are counted,” it said.
The Minority further raised concerns over what it described as shifting arrangements for financing the Gold-for-Reserves Programme (GANRAP).
It said, based on the GoldBod CEO’s account, responsibility for the programme’s implementation costs moved from the Bank of Ghana to the Ministry of Finance in July 2026, while GoldBod was seeking to raise funds independently from August.
The caucus questioned whether the changes represented a settled and sustainable financing structure.
“Three funding arrangements in six months is not a settled model. We view this with curious eyes,” the statement said.
The Minority maintained that the GH¢22 billion loss cited in the IMF’s August 2026 Sixth Country Report, numbered 26/213, constitutes a financial loss to the Republic and therefore cannot be left unexplained.
“The 22 billion Ghana cedis losses as reported by the IMF Sixth Country Report, numbered 26/213 issued in August 2026 amount to a financial loss to the Republic. It must be accounted for!” the statement said.
The caucus also criticised the tone of the GoldBod CEO’s response, particularly his reported reference to a “brothel” during his engagement.
The Minority said such language was inappropriate for a public official responding to questions concerning the management of public funds.
“Ghanaians asked for figures. They were given insults. The figures are still outstanding,” it said.
