We’re waiting for PAC to invite us over losses made by another institution – Sammy Gyamfi

‎‎The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has challenged the Parliamentary Accounts Committee (PAC) to invite the institution to explain claims that it is responsible for losses recorded by the Bank of Ghana (BoG) under the Domestic Gold Purchase Programme.
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‎Speaking during the government’s Accountability Series on Wednesday, August 19, Mr Gyamfi said he was eagerly awaiting an invitation from Parliament to address the allegations.
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‎“We are waiting for PAC to invite us to explain how GoldBod is to blame for losses made by another institution,” he said.
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‎However, Gyamfi has rejected the allegation that GoldBod caused the losses, arguing that the timeline contained in the IMF report does not support the claim.
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‎He pointed out that the Bank of Ghana recorded losses under the Domestic Gold Purchase Programme in previous years when GoldBod did not exist.
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‎“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.
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‎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.”
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‎He also questioned the basis for attributing the central bank’s accounting losses to GoldBod, stressing that the two institutions are separate corporate entities.
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‎“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.
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‎His comments follow allegations by Minority Leader Alexander Afenyo-Markin that the Domestic Gold Purchase Programme recorded losses exceeding US$1.7 billion, equivalent to about GH¢22 billion, in 2025.
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‎Afenyo-Markin, citing an International Monetary Fund (IMF) report, argued that the reported losses, representing about 1.5 per cent of Ghana’s GDP, could not be attributed solely to market conditions and called for a review of the programme’s pricing and trading practices.