Sammy Gyamfi refutes Minority Leader's claims on GoldBod losses and Bank of Ghana financing
Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board GoldBod, has responded to claims by Minority Leader Alexander Kwamena Afenyo-Markin regarding GoldBod's operations and alleged losses. Speaking on August 19, 2026, Gyamfi dismissed assertions that GoldBod has been selling gold at a loss, stating that the New Patriotic Party NPP lacks the moral authority to criticize the government on this issue. He highlighted that a previous administration's Domestic Gold Purchase Programme, supervised by the Bank of Ghana, incurred losses exceeding $90 million. Gyamfi also rejected the suggestion that the Bank of Ghana withdrew from financing GoldBod due to operational problems, clarifying that the current GoldBod model, established under the Gold Board Act, is not dependent on central bank financing. He explained that Parliament has authorized GoldBod to raise its own funds from financial markets. Gyamfi further stated that the IMF and the Bank of Ghana are still engaging GoldBod for potential roles as fiscal agents under the new model, though GoldBod prefers to manage its own fundraising. He also denied claims that GoldBod takes credit for gains while disavowing losses from the Domestic Gold Purchase Programme, clarifying that GoldBod's contribution was as a buying agent for the Bank of Ghana and that increased gold purchases are due to GoldBod's measures against smuggling and for improved aggregation.
