The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, stated that the International Monetary Fund report referenced by Minority Leader Alexander Afenyo-Markin does not accuse GoldBod of causing any losses to the Bank of Ghana. He dismissed this claim as unfounded during his presentation at the government’s Accountability Series on Wednesday, August 19, 2026.
“The new narrative by the Minority Leader that GoldBod is to blame for losses under the Domestic Gold Purchase Programme is bereft of facts,” Mr Gyamfi said. “It is important for us not to attribute the IMF to what they have not said. They have not said that the GoldBod is the one that caused the Bank of Ghana to lose 1.7 billion dollars.” Mr Gyamfi argued the timeline undercuts the Minority Leader’s claim, noting the Bank of Ghana recorded losses under the same programme in years before GoldBod existed.
“If the GoldBod is to blame for losses incurred by the Bank of Ghana in 2025 because it was paid a legitimate fee for its services, who then caused the losses of the Bank of Ghana in 2022, 2023 and 2024 under the Domestic Gold Purchase Programme?” he asked. “The under-referenced IMF report says that the BoG incurred a loss of $400 million from gold sales under the domestic gold purchase programme in the year 2024. There was no GoldBod in 2024.”
He also questioned the basis for holding GoldBod liable for losses on the Bank of Ghana’s books. “Where in the world is one body corporate blamed for accounting losses incurred by another independent, separate and distinct body corporate without any evidentiary basis?” he asked.
Mr. Gyamfi’s remarks addressed the press conference held by Mr. Afenyo-Markin in Parliament on Tuesday. During that conference, the Minority Leader alleged that the Domestic Gold Purchase Programme, operated through GoldBod, suffered losses exceeding US$1.7 billion (approximately GH¢22 billion) in 2025, citing IMF Country Report No. 26/213. He stated that these losses, which represent about 1.5 percent of GDP, could not be solely attributed to market conditions.
“These losses are not just bad luck. You don’t trade in gold and incur losses,” he said, urging a review of the programme’s pricing and trading practices. Mr. Gyamfi, however, maintained that GoldBod’s audited accounts, prepared and published by the Auditor-General, demonstrated an operational surplus of GH¢907 million and an overall surplus of GH¢5.4 billion for the year, with no adverse findings recorded. He challenged Mr. Afenyo-Markin to point out anything in the report that would support his claim of losses.
Source: Evans Effah
