Amanze Chinonye
Ghana Gold Board Chief Executive Officer Sammy Gyamfi challenged opposition leader Alexander Afenyo-Markin on Wednesday to summon him before parliament to answer allegations linking the state-owned gold trading company to losses of more than $1.7 billion under the country’s domestic gold purchase programme, Prime Business Africa reports.
Gyamfi said he was ready to appear before parliament’s Public Accounts Committee (PAC) to explain GoldBod’s role in the programme and contest claims that the institution was responsible for the reported losses.
Join our WhatsApp Channel“I’m waiting with bated breath for Afenyo-Markin’s invitation,” Gyamfi said at a press briefing in Accra on Wednesday, adding that the opposition leader could have the committee summon him and that he would appear.
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Gyamfi said he had also contacted newly appointed Majority Leader James Agalga to facilitate his appearance before the committee if the opposition did not initiate the process.
The dispute centres on Ghana’s Domestic Gold Purchase Programme (DGPP), under which the Bank of Ghana purchases domestically produced gold as part of efforts to build foreign exchange reserves.
The International Monetary Fund has said the scaling-up of the programme in 2025 generated losses of more than $1.7 billion, equivalent to about 1.5% of Ghana’s gross domestic product.
The losses have intensified scrutiny of the programme and raised questions about how financial risks are shared between the Bank of Ghana, GoldBod and the wider public sector.
Gyamfi rejected attempts to attribute the reported losses to GoldBod, saying the IMF’s assessment referred to losses associated with the programme and did not identify GoldBod as responsible for them.
He cited GoldBod’s audited financial statements for the year ended Dec. 31, 2025, which he said showed an operational surplus of 907 million Ghana cedis ($65 million) and an overall surplus of about 5.4 billion cedis.
Gyamfi also said the Auditor-General’s report contained no adverse finding against GoldBod and rejected allegations that the institution had breached procurement rules or the Public Financial Management Act.
GoldBod’s role in the programme was primarily that of a buying agent for the Bank of Ghana, under an arrangement inherited from the Precious Minerals Marketing Company through a September 2023 Gold Purchase Agreement, Gyamfi said.
He said GoldBod did not determine the prices at which gold was subsequently sold and was not responsible for approving the programme’s off-take agreements.
Gyamfi also questioned why GoldBod should be held responsible for programme losses when the Bank of Ghana recorded a loss of about $400 million in 2024, before GoldBod was established.
He rejected suggestions that fees paid to GoldBod contributed materially to the reported losses.
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GoldBod received an assay fee of 0.258% and a service fee of 0.5%, together amounting to less than 1% of the 17% loss cited in relation to the programme, he said.
The fees covered services provided by GoldBod, including gold assaying and costs related to logistics, transportation, insurance, security and smelting losses, Gyamfi said.
Afenyo-Markin and the parliamentary opposition have called for greater scrutiny of GoldBod’s role in the programme, arguing that its involvement warrants an explanation of the financial consequences associated with the gold purchases.
The dispute highlights a broader question over whether losses reported under the domestic gold purchase programme should be attributed to GoldBod, the Bank of Ghana or treated as a wider quasi-fiscal cost to the state.
Gyamfi said a parliamentary hearing would provide an appropriate forum for resolving the competing claims and reiterated his readiness to appear before the PAC or any other parliamentary committee.
A hearing could examine GoldBod’s audited accounts, its contractual relationship with the central bank, gold pricing and off-take arrangements, fees paid to the institution and the allocation of financial risks under the programme.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
