The Minority in Parliament has hit back at Ghana Gold Board (GoldBod) Chief Executive Officer Sammy Gyamfi, arguing that his defence of the institution has confirmed rather than rebutted concerns over losses associated with the Domestic Gold Purchase Programme (DGPP).

🇬🇭 Here's What Happened

In a statement dated Wednesday, August 19, 2026, Minority Leader Alexander Afenyo-Markin said Mr Gyamfi did not dispute the International Monetary Fund’s reported US$1.7 billion loss under the programme in 2025, but only challenged responsibility for the loss.

“First, the loss is admitted. 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,” Mr Afenyo-Markin stated.

He argued that regardless of which state institution ultimately carried the loss, the matter involved public funds and therefore required an explanation.

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“This is public money, whichever State balance sheet it sits on,” he said.

Mr Afenyo-Markin also challenged Mr Gyamfi’s claim that GoldBod recorded an operational surplus of GH¢907 million in 2025.

According to the Minority Leader, Mr Gyamfi disclosed that GoldBod accounted for about GH¢133 billion in advances under the DGPP and received an assay fee of 0.258 per cent and a service fee of 0.5 per cent.

Based on those figures, he estimated that GoldBod earned approximately GH¢1 billion in fees from the programme.

He therefore argued that the agency fees were higher than the GH¢907 million operational surplus being highlighted by the GoldBod CEO.

“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,” he said.

📰 Source: Joy Online Ghana