Ghana GoldBod GH¢22bn Loss Accountability: Minority Demands Answers

• Ghana's parliamentary Minority has renewed calls for accountability over a reported GH¢22 billion loss from the Domestic Gold Purchase Programme (DGPP) in 2025.
• Minority Leader Alexander Afenyo-Markin stated that the International Monetary Fund's August 2026 report cited a US$1.7 billion (GH¢22 billion) loss under the DGPP.
• The Minority questioned GoldBod's GH¢907 million operational surplus, arguing it was negligible compared to the GH¢22 billion state loss from the same program.
• Concerns were also raised about shifting funding responsibilities for the Ghana Alternative Reserves and Assets Programme (GANRAP) and GoldBod's independent fundraising efforts.
• Afenyo-Markin criticized GoldBod CEO Sammy Gyamfi's response, calling his language inappropriate given the public funds at stake.

He insisted that any institution that takes credit for such benefits must also be prepared to account for the associated costs.

The Minority caucus in Ghana's Parliament has intensified its demand for transparency regarding a substantial GH¢22 billion loss, which reportedly occurred in 2025 under the nation's Domestic Gold Purchase Programme (DGPP). This renewed call for accountability was articulated by Minority Leader Alexander Afenyo-Markin in a statement released on Wednesday, August 19, 2026. The parliamentary group's statement directly addressed earlier remarks made by Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), indicating that GoldBod's previous explanations had not refuted the reported financial shortfall.

Instead, the Minority contends that GoldBod's response inadvertently corroborated some of the figures initially raised by the opposition. The significant financial deficit, amounting to approximately US$1.7 billion, was highlighted in the International Monetary Fund's (IMF) August 2026 Sixth Country Report, which specifically detailed losses associated with the DGPP. Afenyo-Markin emphasized that irrespective of which governmental entity ultimately bears responsibility for this loss, the funds in question are public assets and therefore necessitate a thorough and transparent accounting.

Central to the Minority's concerns is the reported GH¢22 billion loss within the Domestic Gold Purchase Programme, a figure that has prompted rigorous Ghana Gold Board financial scrutiny. The parliamentary opposition specifically challenged GoldBod's declaration of an operational surplus of GH¢907 million. According to the GoldBod CEO, the institution managed GH¢133 billion in advances for the DGPP during 2025 and collected an assay fee of 0.258 per cent alongside a service fee of 0.5 per cent.

Minority Leader Afenyo-Markin calculated that these fees alone would have generated approximately GH¢1 billion for GoldBod. He therefore questioned the rationale behind presenting a GH¢907 million operational surplus as a significant achievement, particularly when the very programme that generated these fees was simultaneously linked to a GH¢22 billion loss for the state. Afenyo-Markin further argued that GoldBod cannot selectively claim credit for the positive outcomes of the DGPP, such as a 41 per cent appreciation of the cedi, an increase in Ghana's reserves from US$8.9 billion to US$13 billion, and a reduction in inflation, while simultaneously disassociating itself from the substantial financial losses incurred. He insisted that any institution that takes credit for such benefits must also be prepared to account for the associated costs.

Beyond the immediate financial figures, the Minority also voiced significant concerns regarding the funding structures for the Gold for Reserves and related initiatives. Based on the account provided by Sammy Gyamfi, the GoldBod CEO, the responsibility for the implementation costs of the Ghana Alternative Reserves and Assets Programme (GANRAP) transitioned from the Bank of Ghana to the Ministry of Finance in July 2026. Concurrently, GoldBod itself began efforts to independently raise funds starting in August of the same year.

Afenyo-Markin characterized these shifts as clear evidence that the funding model for these critical programmes remains unsettled. He reiterated the urgent need for a comprehensive accounting of the reported GH¢22 billion loss, underscoring its profound implications for the nation's finances. The Minority Leader also sharply criticized certain remarks attributed to the GoldBod CEO during his Sammy Gyamfi GoldBod response, specifically a reference to a brothel.

Afenyo-Markin deemed such language inappropriate for a public official addressing serious questions about the management of public funds, stating, "Ghanaians asked for figures. They were given insults. The figures are still outstanding." The Minority has pledged to persist in its demands for answers concerning the financial and operational performance of both GoldBod and the Domestic Gold Purchase Programme loss.

Lawyers advising clients on public finance, commodity trading, or regulatory compliance in Ghana should monitor the parliamentary inquiry into GoldBod's GH¢22bn loss. This scrutiny could lead to increased regulatory oversight, policy changes, or potential legal actions related to state-backed economic programs and the management of public funds.

Source: Original reporting via Ghanaian Times.