Accra: Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has strongly responded to allegations made by Minority Leader in Parliament, Alexander Kwamena Afenyo-Markin, regarding GoldBod's purported financial losses in gold trading. Gyamfi, addressing the Government Accountability Series on August 19, 2026, refuted claims that the institution has been selling gold at a loss, countering that the New Patriotic Party (NPP) lacks the moral authority to critique government losses in the sector.
According to Ghana Web, Gyamfi dismissed the accusations and refocused attention on the previous administration's track record, particularly the Domestic Gold Purchase Programme, which, he noted, was overseen by the Bank of Ghana and resulted in losses exceeding $90 million. "Today, they want to give us lectures on gold trading. Ladies and gentlemen, I have news for them. We will not take moral lessons from the brothel," Gyamfi asserted.
Gyamfi criticized the NPP for their role in past financial losses under similar programmes, pointing out that another state entity, MIFF, also suffered significant losses during their administration. He further refuted Afenyo-Markin's implication that the Bank of Ghana had ceased financing GoldBod due to operational issues.
He clarified that the Bank of Ghana's withdrawal was a decision by the NPP government to implement a separate Domestic Gold Purchase Program, distinct from GoldBod's model. Gyamfi emphasized that the GoldBod framework, established under the Gold Board Act, does not rely on central bank funding, and that Parliament empowered GoldBod to independently raise funds from financial markets.
Gyamfi argued that the termination of the Bank of Ghana's involvement in the previous programme does not imply any misconduct by GoldBod. He also revealed that the IMF and the Bank of Ghana continue to engage with GoldBod regarding a potential role as fiscal agents under the new model.
Sammy Gyamfi also addressed the assertion that GoldBod was claiming credit for successes while avoiding responsibility for failures under the Domestic Gold Purchase Programme. He clarified that GoldBod has not taken credit for any gains but highlighted their efforts as a buying agent for the Bank of Ghana and their role in increasing gold purchases through improved aggregation and anti-smuggling measures.