Accra: Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has defended the institution's role in Ghana's Domestic Gold Purchase Programme (DGPP), asserting that its duties in 2025 were simply a continuation of those carried out by the defunct Precious Minerals Marketing Company (PMMC) as a gold-buying agent for the Bank of Ghana (BoG).
According to Ghana Web, Gyamfi, speaking during his Government Accountability Series on Wednesday, August 19, 2026, emphasized that the arrangement was governed by a Gold Purchase Agreement signed between PMMC and the BoG in September 2023. At that time, he was serving as the National Communications Officer of the opposition National Democratic Congress (NDC).
Gyamfi stated that the agreement clearly outlined the institution's role as limited to purchasing gold for the central bank on agreed terms. He reiterated that GoldBod's role in 2025 was merely a continuation of the responsibilities inherited from the defunct PMMC, and the institution operated strictly within the terms of the 2023 Gold Purchase Agreement.
According to him, PMMC, which later transitioned to GoldBod, fully accounted for all advances received to purchase gold on behalf of the BoG. The total advances amounted to approximately GHS133 billion, and these funds were designated specifically for gold purchases as a buying agent.
Gyamfi further stressed that GoldBod had no involvement in the subsequent sale of the gold purchased under the programme. The institution was neither a signatory to any offtake agreements nor responsible for setting selling prices or other terms related to the sale of the commodity by the BoG.
He referenced an IMF report, which, according to him, indicated that the Bank of Ghana incurred a loss of about US$400 million from gold sales under the Domestic Gold Purchase Programme in 2024. Gyamfi noted that GoldBod did not exist in that year and challenged Majority Leader Alexander Afenyo-Markin to clarify who should be held accountable for the reported loss.