The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, says nowhere in the International Monetary Fund report cited by Minority Leader Alexander Afenyo-Markin is GoldBod accused of causing any losses to the Bank of Ghana, dismissing the claim as unsupported when he took his turn at the government’s Accountability Series on Wednesday, 19 August 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 respond to Mr Afenyo-Markin’s press conference in Parliament on Tuesday, at which the Minority Leader alleged the Domestic Gold Purchase Programme, run through GoldBod, recorded losses exceeding US$1.7 billion, about GH¢22 billion, in 2025, citing IMF Country Report No. 26/213. He said the losses, equivalent to roughly 1.5 per cent of GDP, could not be explained by market conditions alone. “These losses are not bad luck. You don’t trade in gold and make losses,” he said, calling for a review of the programme’s pricing and trading practices.
Mr Gyamfi maintained that GoldBod’s own audited accounts, prepared and published by the Auditor-General, showed an operational surplus of GH¢907 million and an overall surplus of GH¢5.4 billion for the year, with no adverse findings recorded, and challenged Mr Afenyo-Markin to identify anything in the report supporting his loss claim.
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