US$1.7bn DGPP Loss Is Admitted, GH₵22bn Must Be Accounted For — Minority Fires Back At GoldBod CEO
The Minority Caucus in Parliament says the Chief Executive of the Ghana Gold Board, Sammy Gyamfi, has not disputed the IMF’s finding that the Domestic Gold Purchase Programme (DGPP) recorded a loss of US$1.7 billion — equivalent to GH₵22 billion — in 2025.
In a statement dated Wednesday, 19th August 2026, and signed by Minority Leader Osahen Alexander Kwamena Afenyo-Markin, the Caucus said it was responding to the GoldBod CEO’s press conference on the financial and operational performance of the Board.
According to the Minority, the GoldBod statement confirms more than it rebuts.
“First, the loss is admitted. The Chief Executive does not dispute the IMF’s finding that there is a loss of US$1.7 billion (22 billion Ghana cedis) under the Domestic Gold Purchase Programme in 2025. He disputes only who should be blamed. This is public money, whichever State balance sheet it sits on,” the statement said.
“Second, the fee arithmetic is now on the record. The Chief Executive tells us the GoldBod accounted for about GHS133 billion in advances in 2025, and that it was paid an assay fee of 0.258 per cent and a service fee of 0.5 per cent. On those figures, the GoldBod earned in the region of GHS1 billion in fees from this programme.
“He also tells us the GoldBod posted an operational surplus of GHS907 million. The plain implication of his own numbers is that the operational surplus he is celebrating is smaller than the fee income he collected from a programme that lost the state 22 billion Ghana Cedis. Strip out the agency fees and there is no operational surplus to speak of. That is the point he did not address.”
Thirdly, the Minority said the GoldBod CEO cannot claim the upside and disown the downside, noting that the same statement credits the scaling up of the DGPP with the 41 per cent cedi appreciation, the rise in reserves from US$8.9 billion to US$13 billion, and the fall in inflation, yet fails to take public credit for costs incurred.
“An institution that claims authorship of the benefits cannot describe itself as a passive agent when the costs are counted,” it added.
Fourth, the Caucus raised concerns over what it described as the shifting funding position of GoldBod, pointing to the CEO’s own account that responsibility for GANRAP implementation cost moved from the Bank of Ghana to the Ministry of Finance in July 2026, and from August 2026 GoldBod is seeking to raise funds independently.
“Three funding arrangements in six months is not a settled model. We view this with curious eyes,” the statement noted.
The Minority maintained that the GH₵22 billion Ghana cedis losses as reported by the IMF Sixth Country report, numbered 26/213 issued in August 2026, amount to a financial loss to the Republic and must be accounted for.
It also criticized the language used by the GoldBod CEO at his press conference.
“Finally, a word on tone. The Chief Executive’s reference to a brothel does not belong in a statement issued by a Public Officer accounting for public funds. Ghanaians asked for figures. They were given insults. The figures are still outstanding,” the statement added.
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