GoldBod Dispute Deepens as Sammy Gyamfi Rejects $1.7bn Loss Claim

A growing dispute over Ghana's Domestic Gold Purchase Programme (DGPP) has placed the Ghana Gold Board (GoldBod) at the centre of a political and economic debate after Minority Leader Alexander Afenyo-Markin demanded answers over a reported US$1.7 billion loss.

GoldBod Chief Executive Officer Sammy Gyamfi, however, has rejected claims that the institution itself recorded the loss, describing the allegation as a “barefaced lie.”

The disagreement centres on how the reported loss under the Bank of Ghana's domestic gold purchase programme should be attributed and who ultimately bears responsibility for the financial cost.

Sammy Gyamfi Rejects GoldBod Loss Claim

Speaking on Wednesday, August 19, Mr Gyamfi challenged the Minority's characterization of the US$1.7 billion figure.

He argued that the reported loss relates to the Bank of Ghana's DGPP, rather than a loss recorded in GoldBod's own financial statements.

According to the GoldBod CEO, the institution's audited 2025 accounts show a very different financial picture, including an operational surplus of about GH¢907 million and an overall surplus of more than GH¢5.4 billion.

GoldBod's published audited financial statements also report total revenue of about GH¢5.55 billion and total expenditure of approximately GH¢109.4 million for 2025.

Mr Gyamfi therefore argued that GoldBod's institutional performance should not be presented as a US$1.7 billion loss.

What the $1.7 Billion Figure Represents

The dispute became more complicated after references to an IMF assessment of the Domestic Gold Purchase Programme.

The IMF has reported that the scaling-up of the DGPP in 2025 resulted in losses of more than US$1.7 billion, equivalent to about 1.5% of Ghana's GDP.

The IMF's recent assessment also distinguishes the programme's financial effects from GoldBod's own corporate financial statements. It has called for the continued implementation of the transfer of the DGPP from the Bank of Ghana to GoldBod.

That distinction is at the heart of the current political argument.

GoldBod's position is that saying the institution “lost” US$1.7 billion is inaccurate. The Minority, meanwhile, argues that the distinction between institutions does not remove the need to account for the public funds involved.

Afenyo-Markin Demands Accountability

Responding to Mr Gyamfi, Minority Leader Alexander Afenyo-Markin maintained that the reported loss remains a matter of public accountability regardless of which state institution carried it on its balance sheet.

He argued that the central issue is not simply whether GoldBod or the Bank of Ghana recorded the loss, but how public funds were used and what caused the financial gap.

Mr Afenyo-Markin also questioned GoldBod's reported operational surplus, arguing that the institution earned fees from the programme while the broader programme incurred substantial losses.

He cited figures indicating that GoldBod accounted for approximately GH¢133 billion in advances during 2025 and received assay and service fees from the programme.

The Minority Leader has called for greater transparency over the transactions, including the costs involved and the arrangements under which gold was purchased and subsequently sold.

GoldBod Points to Economic Benefits

The disagreement comes against the backdrop of GoldBod's expanding role in Ghana's gold industry.

Government officials have credited the domestic gold purchasing programme with helping to increase foreign exchange inflows and strengthen Ghana's external reserves.

Data presented to Parliament in June showed that GoldBod purchased 135.843 tonnes of gold between January 2025 and May 2026, with more than 135 tonnes coming from the artisanal and small-scale mining sector.

The Deputy Finance Minister, Thomas Nyarko Ampem, said GoldBod's 2025 activities contributed to more than US$10 billion in ASM gold exports and were critical to the cedi's appreciation and the increase in Ghana's foreign reserves.

The IMF has also acknowledged the broader macroeconomic improvements in Ghana, including strong GDP growth, declining inflation and significantly improved international reserves.

The Question Now Is Who Bears the Cost

The GoldBod controversy therefore goes beyond a disagreement over a single figure.

At its core is a question about how Ghana accounts for the costs and benefits of the domestic gold purchase programme.

GoldBod's audited accounts show that the institution itself recorded a substantial surplus in 2025. At the same time, the IMF has reported losses exceeding US$1.7 billion under the wider DGPP.

Both figures can exist within different accounting frameworks, but the political dispute is now focused on whether the public deserves a clearer explanation of how the programme generated its reported benefits while also producing significant financial costs.

The IMF's assessment is particularly relevant because it notes the ongoing transfer of the DGPP to GoldBod and the need to permanently discontinue quasi-fiscal activities at the Bank of Ghana.

Parliament May Face Greater Scrutiny

The growing disagreement is likely to intensify calls for parliamentary scrutiny of GoldBod and the DGPP.

Mr Gyamfi has indicated his willingness to appear before Parliament's Public Accounts Committee and has challenged the Minority to substantiate its claims.

For the public, however, the central issue remains straightforward: What caused the reported US$1.7 billion programme loss, which institution ultimately bears it, and how does that loss relate to GoldBod's reported GH¢5.4 billion surplus?

Those questions are likely to remain at the centre of Ghana's economic and political debate as the government continues transferring responsibility for the domestic gold purchase programme to GoldBod.

Global Pulse GH will continue to follow the GoldBod controversy and provide updates as further financial and parliamentary information becomes available.