$1.7billion Gold Loss: GoldBod Cannot Pocket Fees and Disown Losses – Minority Leader

It is obvious the rented tongues deployed to insult Minority Leader Osahen Alexander Afenyo-Markin have not distracted his focus as he has again accused the Ghana Gold Board (GoldBod) of attempting to take credit for the economic benefits of the Domestic Gold Purchase Programme (DGPP) while running for cover from a reported US$1.7 billion loss that he says constitutes a “loss to the Republic.”

In a statement responding to GoldBod CEO Sammy Gyamfi’s defence at the Government Accountability Series on Wednesday, Osahen Afenyo-Markin argued that the institution’s own figures confirm more than they rebut.

“The loss is admitted,” the Minority Leader stated. “The Chief Executive does not dispute the IMF’s finding that there is a loss of US$1.7 billion (22 billion Ghana cedis) under the Domestic Gold Purchase Programme in 2025. He disputes only who should be blamed. This is public money; whichever State balance sheet it sits on.”

The IMF Country Report No. 26/213, issued in August 2026, confirms that the state incurred losses of US$1.7 billion in 2025 – about 1.5 per cent of GDP – under the DGPP.

The Math Doesn’t Add Up

Afenyo-Markin went straight for the numbers, pointing to disclosures made by Sammy Gyamfi himself that GoldBod handled about GH¢133 billion in advances in 2025, earning an assay fee of 0.258 per cent and a service fee of 0.5 per cent.

Simple arithmetic, Afenyo-Markin argued, shows GoldBod pocketed approximately GH¢1 billion in fees from the programme. Compare that to GoldBod’s reported operational surplus of GH¢907 million, and a rather inconvenient picture emerges.

“Strip out the agency fees and there is no operational surplus to speak of,” Afenyo-Markin said, his voice firm. “The operational surplus he is celebrating is smaller than the fee income he collected from a programme that lost the state 22 billion Ghana Cedis.”

‘Upside and Downside’ Argument

The Minority Leader challenged what he described as a contradiction in GoldBod’s position. While the institution has been associated with claims that the DGPP contributed to a 41 per cent appreciation of the cedi, an increase in reserves from US$8.9 billion to US$13 billion, and a fall in inflation, it now describes itself as a passive agent when costs are counted.

“An institution that claims authorship of the benefits cannot describe itself as a passive agent when the costs are counted,” Osahen Afenyo-Markin said.

Three Funding Models in Six Months?

The Minority Leader also raised eyebrows at GoldBod’s shifting funding arrangements. According to Sammy Gyamfi’s own account, responsibility for GANRAP implementation costs moved from the Bank of Ghana to the Ministry of Finance in July 2026. Then, from August 2026, GoldBod began seeking to raise funds independently.

“Three funding arrangements in six months is not a settled model,” Afenyo-Markin observed. “You cannot build a credible institution on shifting sands.”

“We Are Only Agents”

But Gyamfi, known for his combative style, was not about to take the punches lying down. Speaking at the same accountability series, he flatly rejected any suggestion that GoldBod bore responsibility for the losses.

The IMF report, he insisted, did not accuse GoldBod of causing the loss. The institution’s role, he argued, was strictly limited to purchasing gold as an agent for the Bank of Ghana.

He also threw a curveball that the Bank of Ghana recorded a US$400 million loss under the DGPP in 2024 – a full year before GoldBod even existed. “Who then caused that loss?” Sammy Gyamfi challenged.

The GoldBod Chief Executive further pointed to GoldBod’s audited financial statements for 2025, which showed an operational surplus of GH¢907 million and an overall surplus of GH¢5.4 billion, with no adverse findings from the Auditor-General.

“Figures, Not Insults”

Osahen Afenyo-Markin concluded by demanding full parliamentary oversight, including the publication of all contracts, audit reports, and transaction-level records.

“The 22 billion Ghana cedis losses as reported by the IMF Sixth Country report amount to a financial loss to the Republic. It must be accounted for!” he thundered.

He also took a swipe at Sammy Gyamfi’s insulting tone during the accountability series, particularly references to a “brothel” – language he described as unbecoming of a public officer.

“Ghanaians asked for figures. They were given insults. The figures are still outstanding,” Afenyo-Markin said.

What Next?

With Parliament’s Public Accounts Committee and Finance Committee both eyeing the matter, and a special audit of the DGPP ongoing, the battle lines are drawn. The Minority has signaled it will not let the matter rest.

For now, Afenyo-Markin’s message to GoldBod is clear: You took the fees, you own the loss.