The US$1.7 billion loss the Bank of Ghana recorded in 2025 came from scaling up the Domestic Gold Purchase Programme (DGPP), not from GoldBod mismanagement as being peddled by the Minority.
That is according to Chief Executive Officer (CEO) of the Ghana Gold Board (GoldBod), Sammy Gyamfi, who says the Minority is misrepresenting the International Monetary Fund’s (IMF) report.
Speaking at the Government Accountability Series on Wednesday, August 19, 2026, Mr Gyamfi said the IMF report the Minority keeps quoting does not name GoldBod as the institution responsible for BoG’s losses.
According to him, the report attributes the $400 million loss in 2024 and the $1.7 billion loss in 2025 to the expansion of the DGPP, adding that GoldBod only appears in the report in relation to fees paid to the Board under the programme.
The Minority, led by Alexander Kwamena Afenyo-Markin, has insisted GoldBod must account for what it calls “structural bleeding” of the national purse.
At a press conference on Tuesday, 18 August 2026, the Effutu MP said BoG absorbed transaction costs that did not show in GoldBod’s audited surplus.”You don’t trade in gold and make losses. No serious institution loses this much money by accident,” Afenyo-Markin said.
The Minority has since filed a motion to compel GoldBod management to appear before Parliament and explain the losses to the public.
Gyamfi rejected that interpretation, saying the opposition has shifted from claiming GoldBod made losses to now claiming GoldBod caused BoG’s losses.
“I challenge Afenyo-Markin to point to any page, paragraph, sentence, phrase, or punctuation mark in the said reference reports of the IMF where the GoldBod was accused by the IMF as the entity responsible for losses incurred by the Bank of Ghana,” he said.
He urged the public and media to ask for the specific portions of the IMF report being cited. “Most of the time, they come in the media and say the IMF has said GoldBod made a loss of $1.7 billion, and nobody questions them to point out which part of the IMF report said that,” he added.
The GoldBod CEO described the claims of making losses as a barefaced lie.
‘This claim is a barefaced lie’ – Sammy Gyamfi dismisses $1.7bn GoldBod loss allegation
