Minority Demands Answers Over Reported GH¢22 Billion GoldBod Loss

Accra, August 19, 2026 — The Minority in Parliament has renewed its demand for accountability over a reported GH¢22 billion loss associated with the Domestic Gold Purchase Programme (DGPP), insisting that the Ghana Gold Board (GoldBod) cannot claim credit for the programme’s economic benefits while distancing itself from its reported financial costs.

According to the Minority, the reported loss of US$1.7 billion, equivalent to about GH¢22 billion, is contained in the International Monetary Fund’s Sixth Country Report, No. 26/213, issued in August 2026. 

The Minority Leader, Alexander Afenyo-Markin, said GoldBod’s Chief Executive Officer, Sammy Gyamfi, had not disputed the reported figure but had instead challenged the question of which institution should be held responsible for the loss.

The Minority argues that regardless of which state institution’s balance sheet carries the loss, the money involved remains public funds and therefore requires proper accountability. 

Minority questions GoldBod’s reported surplus

The Caucus has also questioned GoldBod’s reported GH¢907 million operational surplus.

According to figures cited by the Minority, GoldBod accounted for approximately GH¢133 billion in advances under the DGPP in 2025 and received an assay fee of 0.258 per cent and a service fee of 0.5 per cent.

The Minority estimates that these fees generated approximately GH¢1 billion for GoldBod.

It therefore argues that the reported GH¢907 million operational surplus was smaller than the fees earned from a programme which, according to the IMF finding cited by the Caucus, recorded a much larger loss.

Dispute over economic gains

The Minority has further challenged GoldBod’s position on the economic gains associated with the Domestic Gold Purchase Programme.

It noted that GoldBod has taken public credit for developments including a reported 41 per cent appreciation of the cedi, an increase in Ghana’s reserves from US$8.9 billion to US$13 billion, and a decline in inflation.

The Caucus argues that an institution that takes credit for the programme’s benefits should also be prepared to account for the associated costs. 

Questions over funding of GANRAP

The Minority has also raised concerns about changing funding arrangements for the Ghana Accelerated National Reserves Accumulation Programme (GANRAP).

According to the Caucus, responsibility for implementation costs moved from the Bank of Ghana to the Ministry of Finance in July 2026, while GoldBod began seeking to raise funds independently from August.

The Minority described this as “three funding arrangements in six months” and questioned whether Ghana has established a clear and sustainable funding model for the programme. 

GoldBod responds

The controversy follows comments by GoldBod CEO Sammy Gyamfi during the Government Accountability Series on Wednesday, August 19.

While the Minority says the CEO did not dispute the reported US$1.7 billion loss, GoldBod has challenged the interpretation and attribution of the figure.

The disagreement has consequently shifted from whether the reported figure exists to which institution should account for it and how the financial impact should be understood.

The Minority insists that the matter involves public funds and therefore requires full transparency.