The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has rejected claims that the International Monetary Fund (IMF) blamed GoldBod for the US$1.7 billion loss recorded by the Bank of Ghana (BoG) under the Domestic Gold Purchase Programme (DGPP) in 2025.
This follows claims by the Minority in Parliament that GoldBod should account for losses associated with the programme, with Minority Leader Alexander Afenyo-Markin linking the reported US$1.7 billion loss to the operations of GoldBod.
Speaking at the Government Accountability Series on Wednesday, August 19, 2026, Mr. Gyamfi said the Minority had misrepresented the IMF’s findings.
He challenged Afenyo-Markin to identify any part of the IMF reports that directly attributed the loss to GoldBod.
“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, the IMF’s reference to GoldBod in relation to the reported losses concerned fees paid to the institution under the programme and did not amount to a finding that GoldBod caused the loss.
“The IMF also stated that these ‘accounting losses partly reflect valuation effects’. In particularizing what the IMF considers to be the components of this loss, the IMF listed three (3) things, which included fees paid to the GoldBod under the DGPP. This is the true context within which the name of the GoldBod featured relative to losses under the DGPP in the under-referenced IMF reports.”
He said GoldBod’s role under the DGPP was limited to purchasing and aggregating gold for the Bank of Ghana, and that it had no involvement in the subsequent sale of the commodity.
“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.”
Mr. Gyamfi also pointed to the US$400 million loss recorded by the Bank of Ghana under the DGPP in 2024, when GoldBod had not yet been established.
“In any case, the under-referenced IMF reports state that the BoG incurred a loss of $400 million from gold sales under the DGPP in the year 2024. Ladies and gentlemen, there was no GoldBod in the year 2024. Who then caused that loss?”
The GoldBod CEO maintained that the IMF’s finding was about losses recorded by the Bank of Ghana under the DGPP and not a finding that GoldBod itself had incurred or caused the loss.
The controversy follows a Minority press conference on Tuesday, August 18, where the Caucus demanded accountability over the reported US$1.7 billion loss, which it said amounted to about GH¢22 billion.
Mr. Gyamfi has since challenged the Minority to distinguish between a loss recorded on the Bank of Ghana’s balance sheet and a loss incurred by GoldBod, insisting that the IMF should not be cited as having made a finding it did not make.
Source: Starrfm.com.gh
