The Minority in Parliament has renewed its criticism of the Ghana Gold Board (GoldBod), insisting that the reported GH¢22 billion loss under the Domestic Gold Purchase Programme must be fully explained and accounted for.
The Minority’s position was contained in a response signed by its Leader, Alexander Afenyo-Markin, following a statement issued by the Chief Executive of GoldBod, Mr. Sammy Gyamfi on the financial and operational performance of the institution.
According to the Minority, the GoldBod’s response does not adequately address the concerns it raised at a press conference on Wednesday, August 19, 2026.
The caucus said the Chief Executive did not dispute the International Monetary Fund’s reported finding of a US$1.7 billion, equivalent to about GH¢22 billion, loss under the Domestic Gold Purchase Programme in 2025. Instead, it said, the disagreement centred on which institution should bear responsibility for the loss.
The Minority also questioned GoldBod’s financial figures, particularly the relationship between fees earned and the reported operational surplus.
It said GoldBod accounted for about GH¢133 billion in advances in 2025 and earned fees from assay and service charges. However, the caucus argued that the reported operational surplus of GH¢907 million was smaller than the fees generated from the programme that allegedly resulted in the GH¢22 billion loss.
The Minority further criticised what it described as GoldBod’s attempt to take credit for positive economic developments, including the appreciation of the Ghana cedi, increased foreign reserves and lower inflation, while distancing itself from the financial costs associated with the programme.
It also raised concerns about changing funding arrangements for the Ghana Gold Board’s operations, arguing that three different funding arrangements within six months did not represent a settled model.
The Minority concluded that the reported GH¢22 billion loss constitutes a financial loss to the Republic and must be accounted for.
It also criticised the tone of GoldBod’s response, saying Ghanaians had asked for figures and deserved clear answers rather than insults.
