Ghana Gold Board Denies US$1.7 Billion Loss Allegations

Minority Leader Alexander Afenyo-Markin demanded transparency regarding a reported GH¢22 billion (US$1.7 billion) loss linked to the Ghana Gold Board's (GoldBod) domestic gold purchasing programme in 2025. Citing an August 2026 report, Afenyo-Markin argued that GoldBod earned transaction fees while the Bank of Ghana bore the financial losses, which he claimed burdens Ghanaian taxpayers.

Chief Executive Officer Sammy Gyamfi rejected these allegations, calling them a "barefaced lie" and a "desperate smear campaign." Gyamfi presented audited financial statements from the Auditor-General of Ghana showing that GoldBod actually recorded an operational surplus of GH¢907 million and an overall profit exceeding GH¢5.4 billion for 2025. He clarified that the US$1.7 billion loss was incurred by the Bank of Ghana, not GoldBod, because the agency acted only as a buying agent and had no role in determining selling prices.

Gyamfi attributed the Bank of Ghana's losses to a policy design intended to generate foreign exchange and support the cedi rather than generate profit. He noted the program helped increase reserves to US$13 billion and reduced inflation to below 5% in 2025. Afenyo-Markin countered that GoldBod cannot claim the program's benefits while disowning its costs, asserting that "the figures are still outstanding." The Minority caucus intends to file a motion in Parliament to compel GoldBod management to account for the funds.