Accra:An 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), concerning a reported $1.7 billion loss linked to the Bank of Ghana's Domestic Gold Purchase Programme (DGPP).
According to Ghana Web, Sammy Gyamfi previously criticized Osei-Asare for attributing the loss to GoldBod, as per a report by the International Monetary Fund (IMF). He contended that GoldBod's audited financial statements showed a surplus, not a loss, and challenged the PAC chair to invite him to the committee.
The two met at a PAC session on October 13, 2026, where agencies from the Ministry of Finance, including the Gold Board, were questioned about the 2025 financial year audit report. Abena Osei-Asare sought clarification from Gyamfi on the $1.7 billion figure, approximately GHS22 billion, discussed in relation to GoldBod's financial performance and the gold purchase program.
Gyamfi denied that GoldBod had incurred such a loss, asserting that the figure did not appear in its financial statements. He emphasized that the Auditor-General found no such loss, noting an operational surplus of approximately GHS900 million and an overall surplus of about GHS5.4 billion.
Osei-Asare explained that the Bank of Ghana was also supposed to attend the committee meeting but was unavailable due to the IMF-World Bank meetings. The central bank will have the chance to present its perspective later, especially since it initially funded GoldBod's operations before reportedly withdrawing support.
Gyamfi reiterated that the $1.7 billion figure was absent from GoldBod's accounts, stating it was related to the Bank of Ghana's records. Deputy Finance Minister Thomas Nyarko Ampem confirmed that the Bank of Ghana would address the issue when it appears before the committee. Osei-Asare maintained that the central bank's initial funding of GoldBod was a fact and anticipated further clarification from its officials.