The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has challenged the Minority in Parliament to substantiate claims linking GoldBod to a reported GH¢22 billion loss under the Domestic Gold Purchase Programme (DGPP).
This follows comments by the Minority on Tuesday, August 18, 2026, alleging that the reported US$1.7 billion loss recorded by the Bank of Ghana under the DGPP in 2025 amounted to a financial loss to the Republic that required accountability.
Speaking at the Government Accountability Series on Wednesday, August 19, Mr. Gyamfi rejected the claims and pointed to GoldBod’s audited 2025 financial statements, which he said recorded an operational surplus of GH¢907 million and an overall surplus of more than GH¢5.4 billion.
“The Audited Annual Report and Financial Statements of the GoldBod for the year ended December 31, 2025 prepared and published by the Auditor-General completely belies that claim, as it discloses an operational surplus/profit of GHS907 million and an overall surplus/profit of over GHS5.4 billion. This is an incontrovertible fact.”
Mr. Gyamfi said the Auditor-General had access to the relevant records and that GoldBod responded to all queries raised during the audit.
“All documents requested by them were supplied and all queries raised by them in their Management Letter were satisfactorily answered by the Management of the GoldBod. This is why not a single adverse audit finding was made by the Auditor-General in its 2025 audited report on the GoldBod.”
He also challenged Minority Leader Alexander Afenyo-Markin to identify where in the IMF reports GoldBod was blamed for the Bank of Ghana’s reported loss.
“I challenge Afenyo Markin to point to any page, paragraph, sentence or phrase in the under-referenced reports of the IMF, where the GoldBod was accused as the entity responsible for losses incurred by the Bank of Ghana under the DGPP.”
According to Mr. Gyamfi, GoldBod’s role under the programme was limited to buying gold for the Bank of Ghana and did not extend to selling the commodity or determining its selling terms.
“The PMMC/GoldBod had no role in the sale of gold by the BoG under the DGPP. It was not a signatory to off-take agreements under the DGPP in 2025. Neither was it involved in determining selling price or sale terms.”
He further argued that GoldBod’s own trading model could not have caused the reported 2025 losses because the institution only began implementing that model in March 2026.
“Although the GoldBod was established in April 2025, it was not until March 2026 that it commenced to implementation of its trade model envisaged under the Ghana Gold Board Act 2025 (ACT 1140).”
Mr. Gyamfi maintained that the reported losses were linked to the scaling-up of the DGPP and were largely valuation or translation effects.
“The IMF itself has attributed the reported DGPP losses of USD1.7 billion to the ‘scaling up’ of the DGPP and not mismanagement.”
Source: Starrfm.com.gh
