Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has challenged Minority Leader Alexander Afenyo-Markin to produce evidence from the International Monetary Fund (IMF) report linking GoldBod to the $1.7 billion loss recorded by the Bank of Ghana (BoG) under the Domestic Gold Purchase Programme (DGPP) in 2025.
Speaking at a press briefing in Accra on Wednesday, August 19, 2026, as part of the Government Accountability Series, Mr Gyamfi rejected claims that GoldBod was responsible for the losses, describing the allegation as a “barefaced lie”.
He said the IMF report cited by the Minority did not accuse GoldBod of causing the losses and challenged Mr Afenyo-Markin to produce any section of the document supporting the claim.
“I challenge Afenyo-Markin to point to any page, paragraph, sentence, phrase or punctuation mark in the said referenced report of the IMF where the Gold Board was accused by the IMF as the entity responsible for losses incurred by the Bank of Ghana,” he said.
According to Mr Gyamfi, the IMF attributed the $1.7 billion loss to the scaling up of the Domestic Gold Purchase Programme and factors including exchange-rate differences, discounts on gold sold to off-takers, and service and assay fees.
He said GoldBod’s involvement in the programme was limited to its role as a buying and aggregation agent for the Bank of Ghana.
Under the Gold Purchase Agreement signed in September 2023, he explained, the institution was not responsible for selling the gold, determining selling prices or signing off-take agreements.
“PMMC, later GoldBod, fulfilled its obligations in strict accordance with the 2023 Gold Purchase Agreement and fully accounted for all advances it was given in 2025, a total of about GH¢1.33 billion,” he stated.
Mr Gyamfi further questioned how GoldBod could be held responsible for losses recorded under the programme when the Bank of Ghana itself recorded a $400 million loss from the programme in 2024, a year before GoldBod was established.
“If we are to accept this argument that losses under the Domestic Gold Purchase Programme are attributable to buying agents, then is Afenyo-Markin saying that buying agents in 2024 caused the loss of $400 million?” he asked.
GoldBod records surplus
The GoldBod CEO also rejected claims that the institution itself recorded losses in 2025, presenting its audited Annual Report and Financial Statements for the year ended December 31, 2025.
He said the accounts, prepared and published by the Auditor-General, showed an operational surplus of GH¢907 million and an overall surplus of GH¢5.4 billion.
He explained that the operational surplus represented revenue from GoldBod’s own operations after expenditure, while the overall surplus included the GH¢4.5 billion revolving seed capital provided by government as equity for the newly established institution.
Mr Gyamfi also pointed to the absence of adverse findings in the Auditor-General’s report.
“Not a single, and I repeat, not a single adverse audit finding was made by the Auditor-General in his 2025 Auditor’s Report on the Gold Board,” he said.
He accused the Minority Leader of repeatedly presenting what he described as false claims about GoldBod and urged him to use parliamentary mechanisms to seek answers.
“I’m waiting with bated breath for Afenyo-Markin’s invitation,” Mr Gyamfi said, adding that he was prepared to appear before the Public Accounts Committee to answer questions on GoldBod’s operations and finances.
