The Minority in Parliament has maintained that the Ghana Gold Board (GoldBod) must account for a reported GH¢22 billion loss incurred under the Domestic Gold Purchase Programme (DGPP) in 2025.
In a statement issued on Wednesday, August 19, 2026, Minority Leader Alexander Afenyo-Markin said GoldBod Chief Executive Officer Sammy Gyamfi’s response to the Minority’s concerns had not disputed the reported US$1.7 billion loss, but rather questioned who should be held responsible for it. (
According to Mr Afenyo-Markin, the reported loss, contained in an International Monetary Fund (IMF) report, involves public funds and therefore requires full accountability regardless of which state institution’s balance sheet carries it.
He further questioned GoldBod’s reported GH¢907 million operational surplus, arguing that the figure should be considered alongside fees earned from the programme.
Mr Afenyo-Markin said GoldBod accounted for approximately 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, he argued that GoldBod earned about GH¢1 billion in fees from a programme associated with the reported GH¢22 billion loss.
The Minority Leader also challenged GoldBod’s position that it was merely an implementing agency, arguing that the institution had taken credit for positive economic outcomes associated with the programme, including the appreciation of the cedi, increased foreign exchange reserves and declining inflation.
He therefore insisted that GoldBod could not claim responsibility for the programme’s benefits while distancing itself from the associated costs and losses.
Mr Afenyo-Markin also raised concerns over what he described as changing funding arrangements for the Gold-for-Reserves and other related programmes, saying responsibility for implementation costs had shifted between the Bank of Ghana, the Ministry of Finance and GoldBod within a short period.
He maintained that the reported GH¢22 billion loss represents a financial loss to the Republic and must be properly accounted for.
The Minority Leader also criticised Mr Gyamfi’s reference to a “brothel” during his response to the Minority’s allegations, describing the remark as inappropriate for a public officer responding to questions concerning public funds.
“Ghanaians asked for figures. They were given insults. The figures are still outstanding,” Mr Afenyo-Markin said.
The latest development follows a growing dispute between the Minority and GoldBod over the financial performance of the Domestic Gold Purchase Programme. Mr Gyamfi has rejected the characterisation of GoldBod as having suffered the reported loss and has challenged the Minority to invite him before Parliament to provide evidence and answer questions on the programme.
By: Bernard Mensah
Discussion about this post