GoldBod cannot claim DGPP gains and distance itself from losses – Afenyo-Markin

Minority Leader Alexander Afenyo-Markin has challenged the Ghana Gold Board (GoldBod) to explain why it continues to take credit for the economic gains associated with the Domestic Gold Purchase Programme (DGPP) while distancing itself from the programme’s reported financial losses.

His comments form part of a rebuttal to GoldBod Chief Executive Officer Sammy Gyamfi’s response to concerns raised by the Minority over the programme’s financial performance.

Afenyo-Markin, in a statement argued that GoldBod had itself linked the scaling-up of the DGPP to improvements in key economic indicators, including the appreciation of the cedi, increased foreign reserves and lower inflation.

“Third, he cannot claim the upside and disown the downside. The same statement credits the scaling up of the DGPP with the 41 per cent cedi appreciation, the rise in reserves from US$9.8 billion to US$13 billion, and the fall in inflation, while the GoldBod has been foremost in taking public credit for those outcomes. An institution that claims authorship of the benefits cannot describe itself as a passive agent when the costs are accounted.”

The Minority Leader also raised questions about the changing funding arrangements for the Ghana National Alternative Roads Programme (GANRAP).

According to him, the GoldBod CEO’s own account suggests that responsibility for GANRAP implementation costs shifted from the Bank of Ghana to the Ministry of Finance in July 2026, with GoldBod expected to take over funding responsibilities from August.

“Fourth, the funding position keeps shifting. By the Chief Executive’s own account, responsibility for GANRAP implementation cost moved from the Bank of Ghana to the Ministry of Finance in July 2026, and from August 2026 the GoldBod is seeking to raise funds independently. Three funding arrangements in six months is not a settled model. We view this with curious eyes.”

Afenyo-Markin maintained that the Minority’s concerns had not been adequately addressed by GoldBod’s response.

He reiterated the Minority’s position that the reported GH¢22 billion loss under the DGPP constituted a financial loss to the Republic and required accountability.

“The 22 billion Ghana Cedis losses as reported by the IMF Sixth Country report, numbered 26/213 issued in August 2026 amount to a financial loss to the Republic. It must be accounted for!”

The Minority Leader also took issue with the tone of Sammy Gyamfi’s response, particularly his reference to a “brothel”.

He argued that such language was inappropriate in a public statement dealing with the management and accountability of public funds.

“Finally, a word on tone. The Chief Executive’s reference to a brothel, does not belong in a statement issued by a Public Officer accounting for public funds. Ghanaians asked for figures. They were given insults. The figures are still outstanding.”