The Minority in Parliament has hit back at the Ghana Gold Board (GoldBod), insisting that the government’s response to concerns over losses under the Domestic Gold Purchase Programme (DGPP) has failed to answer key questions surrounding the reported GH¢22 billion loss.
In a statement issued on Wednesday, August 19, 2026, Minority Leader Alexander Afenyo-Markin said the GoldBod’s response to the Minority’s earlier press conference “confirms more than it rebuts.”
According to the Minority, the Chief Executive Officer of GoldBod, Sammy Gyamfi, did not dispute the International Monetary Fund’s reported finding of a US$1.7 billion (GH¢22 billion) loss under the Domestic Gold Purchase Programme in 2025.
“First, the loss is admitted,” the statement declared, arguing that the dispute is now centred on who should be held responsible for the loss.
The Minority stressed that the funds involved are public resources, regardless of which government institution’s balance sheet they appear on.
The Minority also challenged GoldBod’s explanation of the fees generated from the programme.
It noted that GoldBod reportedly accounted for about GH¢133 billion in advances in 2025 and was paid an assay fee of 0.258 per cent and a service fee of 0.5 per cent.
Based on those figures, the Minority estimates that GoldBod earned approximately GH¢1 billion in fees from the programme.
It further pointed to GoldBod’s reported operational surplus of about GH¢907 million, arguing that the surplus is lower than the fee income generated from a programme that reportedly resulted in a GH¢22 billion loss to the state.
“Strip out the agency fees and there is no operational surplus to speak of,” the Minority stated.
The Minority also accused GoldBod of taking credit for positive economic developments while distancing itself from the costs associated with the programme.
It cited the 41 per cent appreciation of the cedi, the increase in Ghana’s reserves from US$8.9 billion to US$13 billion and the decline in inflation, noting that GoldBod had been prominent in highlighting the benefits of the DGPP.
“An institution that claims authorship of the benefits cannot describe itself as a passive agent when the costs are counted,” the Minority argued.
The statement further raised concerns about the changing funding arrangements for GoldBod.
According to the Minority, responsibility for financing the Ghana National Artisanal and Small-Scale Mining (GNARAP) implementation cost moved from the Bank of Ghana to the Ministry of Finance in July 2026.
It added that, from August 2026, GoldBod had begun seeking funds independently.
The Minority described the development as concerning, stating that “three funding arrangements in six months is not a settled model.”
The Minority maintained that the GH¢22 billion loss cited in the IMF’s Sixth Country Report represents a financial loss to the Republic and must therefore be properly accounted for.
“The 22 billion Ghana cedis losses as reported by the IMF Sixth Country report… amount to a financial loss to the Republic. It must be accounted for!” the statement said.
The Minority’s latest response follows its press conference on Tuesday, August 18, where it raised questions about GoldBod’s financial and operational performance and the reported losses under the Domestic Gold Purchase Programme.
Afenyo-Markin also criticised what he described as inappropriate language used by the GoldBod CEO in responding to the Minority’s concerns.
The Minority Leader said references to a “brothel” had no place in a statement concerning public financial accountability.
“The Chief Executive’s reference to a brothel does not belong in a statement issued by a Public Officer accounting for public funds,” he said.
He added: “Ghanaians asked for figures. They were given insults. The figures are still outstanding.”
The Minority is therefore demanding clearer answers on the reported GH¢22 billion loss, the fees earned under the programme, GoldBod’s operational surplus and the institution’s evolving funding arrangements.
