The Minority in Parliament has fired back at the Chief Executive of the Ghana Gold Board (GoldBod), Sammy Gyamfi, insisting that his response to their allegations on the Domestic Gold Purchase Programme (DGPP) “confirms more than it rebuts.”
In a statement issued Wednesday, August 19 and signed by the Minority Leader, Alexander Kwamena Afenyo-Markin, the Caucus said the GoldBod’s Chief Executive had effectively admitted to the core of their allegations while disputing only who should bear responsibility.
The statement followed a press conference held by the Minority on Tuesday, August 18, on the financial and operational performance of the GoldBod, after which government, through the CEO, responded on Wednesday at the Government Accountability Series.
According to the Minority, the Chief Executive did not dispute the International Monetary Fund’s finding of a $1.7 billion (GH¢22 billion) loss under the DGPP in 2025.
“He disputes only who should be blamed. This is public money, whichever State balance sheet it sits on,” the statement read.
The Caucus said the Chief Executive’s own figures undercut his defence.
“He disclosed that the GoldBod handled about GH¢133 billion in advances in 2025, charging an assay fee of 0.258 per cent and a service fee of 0.5 per cent, translating into roughly GH¢1 billion in fees.”
Against an operational surplus of GH¢907 million that the GoldBod has touted, the Minority argued the surplus is in fact smaller than the fee income collected.
“Strip out the agency fees and there is no operational surplus to speak of. That is the point he did not address, and it is the point he must now address,” the statement said.
The Minority also accused the GoldBod of claiming credit for positive economic outcomes — including the 41 per cent Cedi appreciation, a rise in reserves from $8.9 billion to $13 billion, and falling inflation — while distancing itself from the losses.
“An institution that claims authorship of the benefits cannot describe itself as a passive agent when the costs are counted,” the statement noted.
The Caucus flagged what it described as instability in the GoldBod’s funding structure, noting that responsibility for GANRAP implementation costs moved from the Bank of Ghana to the Ministry of Finance in July 2026, with the GoldBod now seeking to raise funds independently from August 2026.
“Three funding arrangements in six months is not a settled model. We view this with curious eyes,” the statement said.
The Minority referenced the IMF’s Sixth Country Report, numbered 26/213 and issued in August 2026, as the basis for the GH¢22 billion loss figure, insisting it “amounts to a financial loss to the Republic. It must be accounted for!”
The Caucus also criticised the tone of the Chief Executive’s earlier remarks, taking exception to a reported reference to a brothel.
“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,” the statement said.