Accra: The New Patriotic Party Minority Caucus in Parliament has leveled accusations against Mr. Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), alleging that he downplayed a reported GHS22 billion loss under the Domestic Gold Purchase Programme (DGPP).
According to Ghana News Agency, a statement signed by Mr. Alexander Kwamena Afenyo-Markin, the Minority Leader, asserts that GoldBod's response to an International Monetary Fund (IMF) finding acknowledges that public funds were lost under the program in 2025. The statement emphasizes that the Chief Executive of GoldBod did not contest the IMF's finding that Ghana lost US$1.7 billion (GHS22 billion) under the DGPP in 2025. "That is public money, whichever state balance sheet it sits on. This is the point he did not address, and it is the point he must now address," the statement read.
The statement further challenged GoldBod's claim of a GHS907 million surplus, adding that while GoldBod allegedly collected about GHS833 billion in advances in 2025 and earned GHS1 billion in fees, the reported surplus does not account for the GHS22 billion loss. "Strip out the agency fees, and there is no operational surplus to speak of. That is the point he did not address," the statement stated.
The Minority Caucus accused GoldBod of taking credit for positive developments, such as a 41 percent appreciation of the cedi and an increase in reserves from US$8.9 billion to US$13 billion, while disowning the DGPP losses and shifting funding responsibility. It noted that responsibility for the Ghana Accelerated National Reserve Accumulation Policy (GANRAP) implementation moved from GoldBod to the Ministry of Finance, yet GoldBod is now seeking independent funding.
The statement also condemned the CEO's use of inappropriate language in an official statement, stating, "We condemn the CEO's reference to a 'brothel' in an official statement as unbecoming of a public officer. Ghanaians asked for figures. They were given insults. The figures are still outstanding."
This response from the Minority follows Mr. Gyamfi's rejection of claims that the IMF attributed the losses directly to GoldBod. He insisted that the report did not accuse the institution of causing the Bank of Ghana's (BoG) losses. An IMF report claims that the BoG allegedly recorded US$1.7 billion in losses under the Domestic Gold Purchase Programme in 2025. The DGPP was introduced to help stabilize the cedi and build gold reserves by purchasing gold with cedis locally.