GoldBod did not cause BoG losses – Sammy Gyamfi fires back at Afenyo-Markin

‎‎The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has rejected claims by Minority Leader Alexander Afenyo-Markin that GoldBod caused losses to the Bank of Ghana (BoG) under the Domestic Gold Purchase Programme.
‎
‎Speaking at the government’s Accountability Series on Wednesday, August 19, 2026, Gyamfi said the International Monetary Fund (IMF) report cited by Afenyo-Markin does not accuse GoldBod of causing any losses to the central bank.
‎
‎He argued that the timeline of the programme also contradicts the Minority Leader’s claim, pointing out that the BoG recorded losses under the Domestic Gold Purchase Programme before GoldBod was established.
‎
‎”If the GoldBod is to blame for losses incurred by the Bank of Ghana in 2025 because it was paid a legitimate fee for its services, who then caused the losses of the Bank of Ghana in 2022, 2023 and 2024 under the Domestic Gold Purchase Programme?” he asked.
‎
‎Gyamfi further cited the IMF report, saying, “The under-referenced IMF report says that the BoG incurred a loss of $400 million from gold sales under the domestic gold purchase programme in the year 2024. There was no GoldBod in 2024.”
‎
‎He also questioned the basis for attributing losses recorded on the Bank of Ghana’s books to GoldBod, stressing that the two institutions are separate corporate entities.
‎
‎”Where in the world is one body corporate blamed for accounting losses incurred by another independent, separate and distinct body corporate without any evidentiary basis?” he asked.
‎
‎Gyamfi’s comments follow a press conference held by Mr Afenyo-Markin in Parliament on Tuesday, where the Minority Leader alleged that the Domestic Gold Purchase Programme, operated through GoldBod, recorded losses exceeding US$1.7 billion, equivalent to about GH¢22 billion, in 2025.
‎
‎Afenyo-Markin, citing IMF Country Report No. 26/213, said the losses represented approximately 1.5 per cent of Ghana’s GDP and could not be explained by market conditions alone.
‎
‎In the press conference, the minority said, “And to those who are thinking that the gold board has not incurred any losses because they decided to use Bank of Ghana as its alter ego,” the Minority argued.
‎
‎Explaining the reference to “alter ego”, the Minority said, “When I say alter ego, what I mean is that you use another institution to carry all your burdens on your behalf, so you appear clean, so you can conveniently say that the Auditor-General has gone through your books and you do not have losses, he added.