The Minority in Parliament has maintained that the Ghana Gold Board (GoldBod) must account for an alleged GH¢22 billion loss under the Domestic Gold Purchase Programme (DGPP) in 2025.
The Minority said the response by GoldBod Chief Executive Officer, Sammy Gyamfi, to concerns raised over the programme failed to adequately address the financial implications of the reported loss.
In a statement issued on Wednesday, August 19, and signed by Minority Leader Alexander Afenyo-Markin, the Caucus said the GoldBod CEO had not disputed the International Monetary Fund’s reported finding of a US$1.7 billion loss under the programme.
“The GoldBod’s statement this morning confirms more than it rebuts,” the Minority said.
According to the Caucus, the matter involves public funds regardless of which state institution’s balance sheet carries the financial impact.
The Minority also questioned the justification for GoldBod’s reported operational surplus of GH¢907 million.
It said Mr Gyamfi had disclosed that GoldBod accounted for about GH¢133 billion in advances under the programme in 2025 and received an assay fee of 0.258 per cent and a service fee of 0.5 per cent.
The Caucus argued that the fees generated from the programme were significantly higher than the reported operational surplus, suggesting that the surplus would not exist if the agency fees were excluded.
“Strip out the agency fees and there is no operational surplus to speak of,” the Minority stated.
The Caucus further challenged GoldBod’s position on the benefits and costs associated with the Domestic Gold Purchase Programme.
It said the GoldBod had publicly linked the expansion of the programme to developments including the appreciation of the cedi, an increase in Ghana’s foreign exchange reserves and a decline in inflation.
The Minority argued that an institution that takes credit for the positive outcomes of the programme should also accept responsibility for its financial implications.
The Caucus also raised concerns about changes in the financing arrangements for the Ghana Accelerated National Reserves Accumulation Programme (GANRAP).
According to the Minority, responsibility for the programme’s implementation cost was moved from the Bank of Ghana to the Ministry of Finance in July 2026, while GoldBod began seeking independent funding from August.
It described the changes as evidence of an unsettled financing structure and called for greater clarity on how the programme is being funded.
The Minority said the reported GH¢22 billion loss cited in the IMF’s August 2026 Sixth Country Report must be properly accounted for.
“The GH¢22 billion 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!” the statement said.
The Caucus also criticised the tone of remarks attributed to the GoldBod CEO during his response to the Minority’s earlier concerns, particularly a reference to a brothel.
It said such language was inappropriate in discussions concerning public funds and accountability.
“Ghanaians asked for figures. They were given insults. The figures are still outstanding,” the Minority said.
Read the statement below:
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