The Chief Executive Officer (CEO) of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has dismissed claims that GoldBod made $1.7 billion in losses in 2025, describing the allegation as a “barefaced lie.”
Speaking at the Government Accountability Series on Wednesday, August 19, 2026, he accused the Minority caucus of “peddling falsehoods” about GoldBod’s finances and challenged Minority Leader Alexander Afenyo-Markin to provide evidence over his claims.
Mr Gyamfi presented GoldBod’s audited 2025 accounts from the Auditor-General, which he said recorded an operational surplus of GH¢907 million and an overall surplus of GH¢5.4 billion for the period under review.
He explained that the GH¢907 million came from operations after about GH¢109 million in expenditure. The GH¢5.4 billion included GH¢4.5 billion in government seed capital credited to GoldBod around December 30, 2025.
“Afenyo-Markin and his followers alleged on several occasions on the floor of Parliament and in the media that the Ghana Gold Board made losses in 2025. This claim is a barefaced lie which has been debunked times without number by GoldBod,” he said.
He said the Auditor-General made “not a single, and I repeat, not a single adverse audit finding” against GoldBod, describing claims that the Auditor-General lacked access as either a “crass lack of understanding of how an external audit is conducted” or a “deliberate determination to undermine yet another independent state institution.”
Mr Gyamfi also faulted the Minority’s use of the IMF Country Report No. 26/213 which said the Bank of Ghana’s Domestic Gold Purchase Programme lost $1.7 billion in 2025, saying the Bretton Wood Institution did not blame GoldBod for it.
“I challenge Afenyo-Markin to point to any page, paragraph, sentence, phrase or punctuation mark in the said referenced report of the IMF where the Gold Board was accused by the IMF as the entity responsible for losses incurred by the Bank of Ghana,” he stated.
He quoted the IMF as saying the loss was “as a result of the scaling up of the Domestic Gold Purchase Programme,” citing fees paid to GoldBod, discounts to off-takers, and exchange rate losses.
He clarified GoldBod’s role in 2025 was only as a buying agent for BoG under a 2023 agreement, a role previously held by PMMC. “PMMC, later GoldBod, fulfilled its obligations in strict accordance with the 2023 Gold Purchase Agreement and fully accounted for all advances it was given in 2025, a total of about GH¢1.33 billion,” he said.
He added that since GoldBod did not set selling prices, it cannot be blamed for losses from gold sales. He also asked who caused the $400 million loss BoG recorded in 2024.
“The IMF report says that the Bank of Ghana incurred a loss of $400 million from gold sales under the Domestic Gold Purchase Programme in the year 2024. Ladies and gentlemen, there was no GoldBod in the year 2024,” he added.
On fees, he said the 0.258 per cent assay fee and 0.5 per cent service fee made up less than 1 per cent of the 17 per cent loss cited by the IMF. “The fees in question are not free money. As the name suggests, they are the standard fees charged to cover the cost of services rendered,” Gyamfi indicated.
He ended by daring Afenyo-Markin to summon him to Parliament to respond to the allegatins. “I’m waiting with bated breath for Afenyo-Markin’s invitation. I don’t know why he’s delaying and holding press conferences when, as Minority Leader, he can get the Public Accounts Committee to summon me tomorrow or today, and I will appear,” he averred.
But Afenyo-Markin, at a press conference on Tuesday, August 18, 2026, insisted GoldBod must account for the losses, saying “you do not get to keep the fees and disown the cost. This is not accounting; that is convenience.”
He warned of “post-regime accountability” and said the Minority will file a motion to compel GoldBod to answer when Parliament resumes.
Full text: Statement by GoldBod CEO, Sammy Gyamfi at Government Accountability Series
