Accra:An intense exchange took place between Abena Osei-Asare, Chairperson of Parliament's Public Accounts Committee (PAC), and Sammy Gyamfi, CEO of the Ghana Gold Board (GoldBod), over a reported $1.7 billion loss tied to the Bank of Ghana's Domestic Gold Purchase Programme.
According to Ghana Web, Sammy Gyamfi had previously criticized Osei-Asare for claiming that the Bank of Ghana had incurred a loss, as suggested by an International Monetary Fund report. Gyamfi argued that these losses should not be attributed to GoldBod, as their audited financial statements indicated a surplus.
The confrontation occurred during a PAC sitting on October 13, 2026, where finance ministry agencies, including GoldBod, were questioned about the 2025 financial audit. Osei-Asare pressed Gyamfi to clarify the $1.7 billion figure, which equates to approximately GHS22 billion, questioning whether it was a loss or a result of accounting practices.
Gyamfi strongly denied any loss, stating that the figure was not present in GoldBod's financials and that the Auditor-General found no such loss. He reported an operational surplus of about GHS900 million and an overall surplus of GHS5.4 billion.
Osei-Asare noted that the Bank of Ghana, which initially funded GoldBod, was absent from the committee as its officials were attending IMF-World Bank meetings. She asserted that the central bank would later explain its involvement, particularly regarding the withdrawal of funding.
Gyamfi reiterated that the $1.7 billion figure was not in GoldBod's records but related to the Bank of Ghana's financials. Deputy Finance Minister Thomas Nyarko Ampem confirmed that the Bank of Ghana would address the committee on this matter, while Osei-Asare expected further clarification from the bank's officials.