Accra: Deputy Chief Executive Officer of the Gaming Commission, Lamtiig Apanga, has addressed the controversy surrounding the GHS22 billion linked to Ghana's Domestic Gold Purchase Programme, clarifying that it represents the cost of acquiring gold from local producers rather than a financial loss.
According to Ghana Web, Apanga highlighted the necessity for the Ghana Gold Board (GoldBod) to offer competitive prices for gold to deter miners from selling through unofficial channels or smuggling the commodity out of the country. He emphasized that this expenditure is essentially the operational cost required by the Bank of Ghana to procure gold from the market.
Apanga's remarks were in response to allegations made by Minority Leader Alexander Afenyo-Markin, who claimed that the state incurred a loss of about GHS22 billion, equivalent to $1.7 billion, through the gold purchasing operations in 2025. In defense, GoldBod Chief Executive Officer Sammy Gyamfi dismissed these claims, accusing the Minority of attempting to portray GoldBod as responsible for financial losses to the state.
During an appearance on Channel One TV, Gyamfi further accused the NPP of utilizing the controversy to target him and undermine the government's gold purchasing programme. He stated that the allegations against GoldBod are unfounded and fail to account for the necessity of competitive pricing in retaining gold within formal trade channels.
Apanga reiterated the importance of GoldBod's strategy to compete with international buyers, stressing that failing to offer market-competitive prices could lead to increased smuggling. He also suggested that the criticism from the NPP is fueled by dissatisfaction with the programme's success and recent economic improvements, including the stabilization of the cedi.
Despite the defenses, the Minority continues to express concerns based on the financial figures reported and insists on accountability in the operations of the Domestic Gold Purchase Programme.