The Minority in Parliament has accused the Ghana Gold Board (GoldBod) of seeking to take credit for economic gains associated with the Domestic Gold Purchase Programme (DGPP) while distancing itself from the financial losses recorded under the initiative.
The Minority said GoldBod’s response to its concerns over the programme failed to reconcile the institution’s public claims about the benefits of the DGPP with its position that it should not be held responsible for the reported losses.
In a statement issued on Wednesday, August 19, 2026, Minority Leader Alexander Afenyo-Markin said GoldBod had prominently associated itself with the positive economic outcomes linked to the programme.
According to the Minority, GoldBod’s Chief Executive Officer, Sammy Gyamfi, had cited the scaling-up of the DGPP as contributing to the 41 per cent appreciation of the cedi, the increase in Ghana’s international reserves from US$8.9 billion to US$13 billion, and the decline in inflation.
The Minority argued that GoldBod could not simultaneously claim credit for those outcomes and describe itself as merely an implementing agent when questions arose about the programme’s financial losses.
“An institution that claims authorship of the benefits cannot describe itself as a passive agent when the costs are counted,” the Minority said.
The caucus said the central issue was not simply which state institution formally carried the loss, but whether the reported US$1.7 billion, equivalent to about GH¢22 billion, loss under the DGPP in 2025 had been properly accounted for.
It maintained that the reported loss constituted a loss to the Republic regardless of which public institution’s balance sheet ultimately reflected it.
The Minority also challenged GoldBod’s position on the financial benefits it received from the programme.
It said the GoldBod CEO had disclosed that the institution accounted for approximately GH¢133 billion in advances during 2025 and received an assay fee of 0.258 per cent and a service fee of 0.5 per cent.
The Minority estimated that the fees amounted to roughly GH¢1 billion, while GoldBod reported an operational surplus of about GH¢907 million.
It questioned how GoldBod could celebrate the operational surplus without fully addressing the relationship between the fees earned by the institution and the much larger loss reported under the programme.
The caucus said the figures presented by GoldBod strengthened rather than weakened the case for greater transparency and accountability.
The Minority further questioned the changing financing arrangements for the programme, saying responsibility for implementation costs had moved from the Bank of Ghana to the Ministry of Finance in July 2026, before GoldBod began seeking independent funding from August.
It described the changes as evidence that the programme’s funding structure remained unsettled.Top of Form
