Sammy Gyamfi’s response confirms $1.7bn GoldBod loss – Afenyo-Markin

In a statement issued on Wednesday, August 19, 2026, in response to Mr Gyamfi’s comments at the Government Accountability Series, Mr Afenyo-Markin said the GoldBod CEO had not disputed the International Monetary Fund’s (IMF) finding that the programme recorded the loss.

He argued that the key issue was not which state institution carried the loss on its balance sheet, but the fact that the funds involved were public resources and therefore required accountability.

“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. He disputes only who should be blamed. This is public money, whichever State balance sheet it sits on,” he said.

Mr Afenyo-Markin also challenged GoldBod’s reported operational surplus of GH¢907 million, arguing that the figure should be considered alongside the fees the institution earned from the programme.

He said Mr Gyamfi had disclosed that GoldBod accounted for about GH¢133 billion in advances received in 2025 and was paid an assay fee of 0.258% and a service fee of 0.5%.

“Second, the fee arithmetic is now on the record. The Chief Executive tells us the GoldBod accounted for about GHS133 billion in advances in 2025, and that it was paid an assay fee of 0.258 per cent and a service fee of 0.5 per cent. On those figures, the GoldBod earned in the region of GHS1 billion in fees from this programme that lost the state 22 billion Ghana Cedis. He also tells us the GoldBod posted an operational surplus of GHS907 million. 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.

The Minority Leader further accused GoldBod of taking credit for the economic benefits associated with the DGPP while distancing itself from the reported losses.

He cited the appreciation of the cedi, an increase in Ghana’s foreign exchange reserves and a decline in inflation, arguing that an institution that claims credit for such outcomes cannot simultaneously describe itself as a passive agent when the programme incurs costs.

“Third, he cannot claim the upside and disown the downside. The same statement credits the scaling up of the DGPP with the 41 per cent cedi appreciation, the rise in reserves from US$8.9 billion to US$13 billion, and the fall in inflation, and the GoldBod has been foremost in taking public credit for those outcomes. An institution that claims authorship of the benefits cannot describe itself as a passive agent when the costs are counted,” he said.

Mr Afenyo-Markin also raised concerns about the funding arrangements surrounding the GoldBod’s operations, saying the financing model had changed several times.

“Fourth, the funding position keeps shifting. By the Chief Executive’s own account, responsibility for GANRAP implementation cost moved from the Bank of Ghana to the Ministry of Finance in July 2026, and from August 2026 the GoldBod is seeking to raise funds independently. Three funding arrangements in six months is not a settled model. We view this with curious eyes,” he said.

He maintained that the reported GH¢22 billion loss constituted a financial loss to the Republic and must be accounted for.

“The 22 billion Ghana cedis losses as reported by the IMF Sixth Country report, numbered 26/213 issued in August 2026 amount to a financial loss to the Republic. It must be accounted for!” he said.

The statement also criticised the tone of Mr Gyamfi’s earlier response to the Minority’s concerns.

“Finally, a word on tone. The Chief Executive’s reference to a brothel, does not belong in a statement issued by a Public Officer accounting for public funds. Ghanaians asked for figures. They were given insults. The figures are still outstanding,” Mr Afenyo-Markin said.

The exchange is the latest development in an ongoing dispute over the financial performance of the DGPP. Mr Gyamfi has maintained that GoldBod’s audited 2025 financial statements show an operational surplus of about GH¢907 million and an overall surplus of GH¢5.4 billion, while disputing claims that GoldBod itself incurred the US$1.7 billion loss.

The Minority, however, maintains that the broader financial impact of the programme must be examined, including costs borne by the Bank of Ghana, fees paid to GoldBod and the terms under which gold was purchased and sold.