The Minority in Parliament has maintained that the Ghana Gold Board (GoldBod) has effectively admitted to a GH¢22 billion loss recorded under the Domestic Gold Purchase Programme (DGPP) in 2025.
The Minority’s position follows a response by GoldBod Chief Executive Officer, Sammy Gyamfi, at the Government Accountability Series on Wednesday, August 19, 2026, after the Caucus raised concerns over the programme’s financial and operational performance.
In a statement issued on Wednesday, Minority Leader Alexander Afenyo-Markin said the GoldBod CEO did not dispute the International Monetary Fund’s reported finding of a US$1.7 billion, equivalent to about GH¢22 billion, loss under the programme.
According to Mr Afenyo-Markin, the CEO’s response focused on who should bear responsibility for the loss rather than disputing the reported figure itself.
“The Chief Executive does not dispute the IMF’s finding that there is a loss of US$1.7 billion (22 billion Ghana cedis) under the Domestic Gold Purchase Programme in 2025. He disputes only who should be blamed,” the Minority Leader said.
READ: GoldBod cannot claim economic gains and disown costs of Domestic Gold Purchase Programme – Minority
He argued that regardless of which state institution’s balance sheet carries the loss, the funds involved are public resources and therefore require accountability.
“This is public money, whichever State balance sheet it sits on,” he stated.
The Minority also challenged GoldBod’s reported operational surplus, citing figures provided by the CEO.
Mr Afenyo-Markin said GoldBod accounted for approximately GH¢133 billion in advances under the programme 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 said GoldBod earned approximately GH¢1 billion in fees from the programme, while the CEO also reported an operational surplus of GH¢907 million.
The Minority argued that the operational surplus was therefore smaller than the fee income generated from the programme.
“The plain implication of his own numbers is that the operational surplus he is celebrating is smaller than the fee income he collected from a programme that lost the state 22 billion Ghana Cedis,” Mr Afenyo-Markin said.
He added that, in the Minority’s assessment, excluding the agency fees would leave GoldBod with no operational surplus to speak of.
The Minority further questioned GoldBod’s position on the broader economic benefits associated with the programme.
Mr Afenyo-Markin said GoldBod had taken public credit for outcomes including the 41 per cent appreciation of the cedi, an increase in reserves from US$8.9 billion to US$13 billion, and a decline in inflation.
He argued that an institution that claims credit for the programme’s benefits should also accept responsibility for its associated costs.
The Minority said the reported GH¢22 billion loss, contained in the IMF’s Sixth Country Report, number 26/213, issued in August 2026, represents a financial loss to the Republic and must be accounted for.
The Caucus has therefore maintained its call for the financial implications of the Domestic Gold Purchase Programme to be properly explained.
Below is a copy of the statement:
Source: Starrfm.com.gh
