The People’s Alliance for Governance and Accountability (PAGA) has expressed deep concern over a reported US$1.7 billion loss under the Bank of Ghana’s Domestic Gold Purchase Programme in 2025, insisting the shortfall remains a cost to the Ghanaian taxpayer regardless of which state institution’s books record it.
The argued at a press conference that debates over whether the loss sits on the balance sheet of GoldBod, the Bank of Ghana or another entity miss the point.
“Whether it appears in the accounts of GoldBod, the Bank of Ghana or another state institution, it remains a loss to Ghana. The taxpayer will bear the cost,” the group said.
PAGA rejected any attempt by government to claim the programme’s reported benefits—building reserves, supporting the cedi and curbing gold smuggling—while shifting the associated losses.
It called for full public disclosure on several fronts, including the identities and nationalities of the gold off-takers, the discounts granted, the formula used by the Bank of Ghana to apply those discounts, fees paid to GoldBod and other intermediaries, the portion of the loss attributable to foreign-exchange differentials, and the officials who approved the pricing, trading and foreign-exchange arrangements.
The group questioned why a discount was applied at all, noting that GoldBod operates as both a monopoly and a monopsony in the arrangement.
It also demanded details of measures introduced to prevent a recurrence, warning that future losses could be even larger.
PAGA directed its strongest institutional demands at President John Dramani Mahama, stating that his government “cannot preach accountability while state institutions explain away billions of cedis in losses.” I
It called on the Presidency to publish a complete and reconciled account of the programme, state the exact loss and its location in the accounts, disclose off-takers, discounts, fees and beneficiaries, explain the key pricing and trading decisions, release relevant audited financial statements, identify and deal with the officials who approved the transactions, and introduce firm safeguards against further losses.
“The claim that the programme served a good national purpose is no defence for financial indiscipline,” the statement said. “Public money deserves stricter protection. Every dollar lost belongs to Ghanaians.”
The controversy has also taken a personal turn. GoldBod Chief Executive Officer Sammy Gyamfi has publicly described Minority Leader Alexander Afenyo-Markin as an “extortionist,” challenged him to sue, and said he is prepared to defend the allegation with evidence and meet him on a public platform.
PAGA described the allegation as explosive, noting that extortion is a serious criminal offence that cannot be dismissed as ordinary political sparring.
It called on Mr Afenyo-Markin to clear his name immediately by answering whether he ever demanded money or a private benefit from GoldBod or its CEO, held private meetings or communications with Mr Gyamfi, or proposed any form of “compulsory arbitration.”
The group further urged the Minority Caucus to demand answers from its leader and state its position on the allegation, warning that the credibility of parliamentary oversight is at stake.
At the same time, it insisted that Mr Gyamfi must produce the evidence he claims to possess—what was demanded, when and where, by and to whom, and any supporting messages, recordings or witnesses—or withdraw the allegation.
In its final list of demands, PAGA called for the losses to be fully accounted for and prevented from recurring, for a reconciled account to be published by the Ministry of Finance, Bank of Ghana and GoldBod, for responsible officials to be held accountable, for Mr Afenyo-Markin to respond directly, for the Minority Caucus to state its position, for Mr Gyamfi to produce his evidence, and for all relevant records to be made available for examination.
“Ghana cannot fight corruption through insults, threats and competing press conferences,” the statement concluded. “Accountability requires facts, records, evidence and consequences. Nothing must be concealed, and no one must be protected.”
Source: Starrfm.com.gh
