By Francis Kobena Tandoh
The Minority Caucus in Parliament on Wednesday rejected Ghana Gold Board (GoldBod) Chief Executive Officer (CEO) Sammy Gyamfi’s response, insisting that his explanation does not resolve questions surrounding the reported US$1.7 billion (about GH¢22 billion) loss under the Domestic Gold Purchase Programme (DGPP).
The disagreement started after Sammy Gyamfi’s response on August 19, 2026, during the Government Accountability Series, where he denied the Minority Caucus’s claim that GoldBod lost US$1.7 billion, pointing out that its 2025 audited accounts showed a profit of GH¢907 million and a total surplus of about GH¢5.4 billion.
He challenged Afenyo-Markin to identify where the International Monetary Fund (IMF) report specifically blamed GoldBod for the loss.
The GoldBod CEO says he is ready to defend operations at his outfit before the country’s legislative body.
But the minority, led by Alexander Afenyo-Markin, in a swift response maintains that the key issue is not whether GoldBod itself recorded an accounting loss but whether public funds were lost through transactions conducted under a programme in which GoldBod was the implementing institution.
In a statement issued and signed by the minority leader, he emphasised that the GoldBod CEO has not disputed the IMF’s reported US$1.7 billion loss but has instead disputed who should bear responsibility for it.
The minority argues that irrespective of whether the loss appears on GoldBod’s or the Bank of Ghana’s balance sheet, it ultimately concerns public funds and therefore requires accountability.
The Caucus says GoldBod cannot take credit for foreign-exchange gains generated through the gold programme while distancing itself from the costs, discounts, fees and exchange-rate losses associated with those transactions.
The Minority also questioned the fees GoldBod received for its role in the programme and argued that these fees must be examined alongside the losses borne by the Bank of Ghana.
The Caucus is therefore demanding transparency regarding the identity of off-takers who allegedly benefited from discounted gold sales and the rationale behind those discounts.
The minority says it intends to pursue the matter through Parliament and has called for GoldBod’s management to appear and account for the transactions. Enditem
Source: Ghana Eye Report
Find the statement issued by the Minority Caucus below;
