Sammy Gyamfi Refutes Minority's GH¢22 Billion GoldBod Loss Claim, Reports GH¢5.4 Billion Surplus

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has vigorously denied allegations from Minority Leader Alexander Afenyo-Markin regarding a GH₵22 billion ($1.7 billion) loss in 2025. During a Government Accountability event, Gyamfi presented audited financial statements indicating that GoldBod actually recorded an operational surplus of GH₵907 million and an overall surplus exceeding GH₵5.4 billion for the year. The dispute centers on the interpretation of an International Monetary Fund (IMF) report concerning the Domestic Gold Purchase Programme (DGPP). Gyamfi clarified that while the GH₵22 billion loss is a matter of record, it pertains to the Bank of Ghana’s (BoG) financial outcomes from gold sales rather than GoldBod's operations.

Developing the defense, Gyamfi emphasized that GoldBod’s role was limited to acting as a purchasing agent for the central bank and did not involve the subsequent sale or pricing of the gold, which led to the reported losses at the Bank of Ghana. He challenged the Minority Leader to substantiative his claims through formal parliamentary procedures rather than media press conferences, declaring his readiness to appear before any committee to defend the institution's integrity. The CEO further dismissed the allegations as "barefaced lies" and cautioned against misinterpreting technical financial data to score political points. However, NPP figures like Akosua Manu and Mike Ocquaye Jr. have countered this, describing the surplus claim as a "technical sleight of hand" and arguing that the current administration has failed to effectively implement the gold-purchasing concept originally envisioned by the NPP.

The Minority Caucus in Parliament remains unsatisfied with Gyamfi's explanation, demanding full transparency regarding the fees paid to GoldBod and the funding arrangements for the Ghana National Artisanal and Small-Scale Mining Roadmap Programme (GANRAP). Minority Leader Afenyo-Markin argued that the state cannot celebrate positive economic indicators while distancing itself from a loss representing approximately 1.5% of Ghana’s GDP. The opposition has criticized the "inappropriate tone" of Gyamfi’s rebuttal, with support from some observers who believe that personal attacks have overshadowed the necessary scrutiny of public funds. Even within the NDC, figures such as Edwin Nii Lante Vanderpuye have suggested that while the Minority's claims might be politically motivated, the CEO’s communication style was unnecessarily harsh for a public official.

Beyond the immediate financial dispute, the controversy has sparked a broader debate on the management of Ghana’s mineral wealth. Investigative journalist Manasseh Azure Awuni and others have urged both sides to cease personal hostiles and provide Ghanaians with clear, factual figures on how such significant losses were incurred under the DGPP. As the Bank of Ghana grapples with reported negative equity of GH₵93.8 billion, the performance of GoldBod remains a flashpoint for political tension. The next steps are expected to involve potential parliamentary summons as the Minority continues to press for a detailed audit of the relationship between GoldBod’s purchasing fees and the central bank's ultimate trading losses.