Ghana Parliament: Sammy Gyamfi Faces Grilling Over GoldBod Losses

• Sammy Gyamfi, CEO of GoldBod, has accepted Parliament's summons to address allegations of massive losses through gold trading operations.
• A parliamentary motion to establish an inquiry into GoldBod's alleged losses was rejected on March 27, 2026, meaning the inquiry will not proceed.
• Gyamfi would have been expected to provide detailed explanations for GoldBod's financial dealings and address concerns about compliance with regulatory requirements.

Gyamfi declared his readiness to appear before Parliament and answer questions regarding allegations that GoldBod incurred significant losses through its gold trading activities.

Sammy Gyamfi, CEO of the Ghana Gold Board (GoldBod), has issued a bold challenge to Majority Leader Alexander Afenyo-Markin. In a recent statement, Gyamfi declared his readiness to appear before Parliament and answer questions regarding allegations that GoldBod incurred significant losses through its gold trading activities. The move comes as Afenyo-Markin had summoned Gyamfi to Parliament to address the concerns surrounding the institution's financial dealings.

Gyamfi's willingness to face Parliament is seen as a bold step, given the gravity of the allegations against GoldBod. The institution has been accused of incurring massive losses through its gold trading operations, sparking concerns about its financial management and transparency.

The summons issued by Afenyo-Markin to Gyamfi was part of a broader parliamentary effort to inquire into the GoldBod scandal. However, Parliament voted to reject a motion by the Minority caucus to establish an ad hoc committee to investigate alleged losses at the Ghana Gold Board (GoldBod) on March 27, 2026. As the CEO of GoldBod, Gyamfi would have been expected to provide detailed explanations for the institution's financial dealings and to address concerns about its compliance with regulatory requirements.

The parliamentary hearing, which did not proceed, was likely to have had significant implications for the gold trading industry in Ghana. Lawyers advising clients in this sector should be aware of the potential risks and liabilities associated with such inquiries, including reputational damage and compliance exposures.

The GoldBod scandal has far-reaching consequences for the gold trading industry in Ghana. The proposed parliamentary inquiry into the institution's alleged losses was a critical step towards ensuring transparency and accountability in the sector. Gyamfi's willingness to face Parliament demonstrated his commitment to addressing the concerns surrounding GoldBod's financial dealings.

However, the outcome of the parliamentary vote to reject the inquiry means that the proposed investigation will not proceed. This has implications for the industry as a whole. Lawyers advising clients in the gold trading sector should be prepared to advise their clients on potential compliance exposures and reputational damage resulting from such allegations, even without a formal parliamentary inquiry.

Lawyers advising clients in the gold trading industry should watch for potential compliance exposures and reputational damage as a result of this parliamentary inquiry.

Source: Original reporting via GoldBod 'losses': I'm ready to face Parliament – Sammy Gyamfi