A fresh dispute over the financial performance of Ghana’s Domestic Gold Purchase Programme is set to intensify in Parliament, with Minority Leader Alexander Afenyo-Markin insisting on accountability over an alleged US$1.7 billion loss, while Ghana Gold Board (GoldBod) CEO Sammy Gyamfi rejects the claim.
Mr Afenyo-Markin disclosed that the issue would remain a major priority for the Minority as Parliament reconvenes on Monday, August 24, following a meeting with NPP Flagbearer Dr Mahamudu Bawumia.
According to the Minority Leader, Dr Bawumia expressed confidence in his leadership and encouraged the Minority Caucus to continue pursuing answers over the reported loss associated with GoldBod and the Bank of Ghana (BoG) under the Domestic Gold Purchase Programme.
Mr Afenyo-Markin said the alleged loss, which he described as equivalent to about 1.5% of Ghana’s Gross Domestic Product (GDP), was referenced in an August 2026 International Monetary Fund (IMF) report.
He said Dr Bawumia also urged the Minority not to be distracted from the matter and to use parliamentary procedures to demand accountability from the government.
Mr Afenyo-Markin said the Minority would pursue the matter in what he described as the national interest.
“This is a national task the Minority intends to prosecute to the fullest extent of our ability, with the very best of intentions, and minded always by the interests of the Ghanaian people,” he stated.
He added that the alleged loss remained firmly on the Minority’s agenda as Parliament resumed.
GoldBod disputes alleged loss
GoldBod, however, has strongly rejected the claim that it recorded losses from its gold trading operations in 2025.
Mr Gyamfi, speaking at the government’s Accountability Series on Wednesday, August 19, said the institution’s audited financial statements showed a completely different picture.
“We have not made any losses as claimed by the Minority Leader,” he said.
According to him, the Auditor-General’s 2025 report recorded no adverse finding against GoldBod.
He said GoldBod’s audited annual report for the year ended December 2025 showed an operational surplus of GH¢907 million and an overall surplus of GH¢5.4 billion.
Mr Gyamfi therefore challenged Mr Afenyo-Markin to produce evidence from the report supporting the alleged loss.
“I challenge Afenyo-Markin to point to any page, paragraph, sentence, phrase or punctuation mark in the said referenced report to prove the loss by GoldBod,” he said.
Dispute centres on transaction costs
The disagreement largely revolves around how the costs associated with the Domestic Gold Purchase Programme are accounted for.
Mr Afenyo-Markin has argued that GoldBod’s reported surplus does not capture the full cost of the programme because some transaction-related expenses were allegedly absorbed by the Bank of Ghana.
He made the claim during a press conference in Parliament on August 18, when he alleged that the programme incurred losses exceeding US$1.7 billion, or about GH¢22 billion, in 2025.
He described the reported losses as a serious drain on public finances and argued that they could not simply be attributed to normal market conditions.
Mr Afenyo-Markin has also indicated plans to use Parliament to compel GoldBod’s management to provide explanations over the figures.
GoldBod, on the other hand, maintains that its audited accounts accurately reflect its financial position and that the institution did not record the losses being attributed to it.
The conflicting positions have therefore raised questions about whether the disputed costs should be attributed to GoldBod, the Bank of Ghana or the wider Domestic Gold Purchase Programme.
The matter is expected to receive further attention as Parliament begins its emergency sitting.
