GoldBod CEO Sammy Gyamfi Challenges Minority Leader Over Alleged $1.7bn Loss and Personal 'Extortionist' Claims

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has engaged in a high-stakes public dispute with Minority Leader Alexander Afenyo-Markin over the financial integrity of the Domestic Gold Purchase Programme (DGPP). The conflict centers on claims made by Afenyo-Markin that the program incurred a staggering loss of US$1.7 billion (approximately GH₵22 billion) in 2025, citing reports from the International Monetary Fund (IMF). Gyamfi has vehemently rejected these allegations, asserting that the figure represents necessary operational costs rather than financial loss or theft. He clarified that GoldBod actually recorded an operational surplus of GH₵907 million in 2025, accusing the Minority Leader of misrepresenting IMF data to orchestrate a smear campaign against the institution.

The verbal exchange escalated as Gyamfi labeled Afenyo-Markin an "extortionist," a term he defended by citing undisclosed private dealings between the two men. Daring the Effutu Member of Parliament to take the matter to court, Gyamfi maintained that his remarks were factual and justified by Afenyo-Markin's own public record. This sentiment was echoed by Lamtiig Apanga, Deputy CEO of the Gaming Commission, who suggested that the New Patriotic Party's (NPP) attacks are rooted in frustration over the success of the gold trading program. Conversely, critics like Larry Dogbe of The Herald Newspaper argued that the GH₵22 billion in question could have funded vital infrastructure, urging a move away from partisan rhetoric toward genuine fiscal accountability.

Within the Minority caucus, some dissent has emerged regarding the strategy employed by Afenyo-Markin. Bernard Bediako Baidoo, the Member of Parliament for Akwatia, observed that the Minority Leader appeared to be acting in isolation, questioning the level of support from his NPP colleagues during media discussions on the gold sector. Meanwhile, the National Democratic Congress (NDC) faced its own internal friction when National Chairman aspirant Edwin Nii Lante Vanderpuye criticized Gyamfi's harsh tone. However, the two have since reconciled after Vanderpuye issued a public apology, which Gyamfi accepted while calling for party unity to focus on government accountability.

As the debate continues, economic observers are calling for a more transparent and less politicized management of Ghana's gold reserves. Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers (COPEC), warned the government to learn from the challenges faced by previous initiatives like the Gold-for-Oil program to mitigate risks involving commodity price volatility and foreign exchange. The outcome of this controversy remains pivotal, as it touches upon the broader management of Ghana’s natural resources under the current administration of President John Mahama and the ongoing demand for institutional transparency within the nation's financial sector.