PAGA demands answers on US$1.7 billion gold purchase program loss and addresses extortion allegation

PAGA stated that the debate over which institution's balance sheet carries the loss is a distraction, as the financial burden ultimately falls on Ghanaian taxpayers. The group questioned the identity of gold off-takers, discounts granted, fees paid to GoldBod and intermediaries, and the pricing and foreign-exchange arrangements. PAGA also sought an explanation for alleged gold sales at a discount and how much of the loss resulted from foreign-exchange differentials, demanding identification of officials who approved these arrangements.

They argued that strengthening the cedi and building reserves do not justify financial indiscipline, weak controls, or secretive transactions. PAGA urged President John Dramani Mahama to prevent such losses from recurring and demanded a complete account of the program, publication of audited financial statements, disclosure of off-takers, discounts, fees, beneficiaries, and identification of officials responsible for avoidable losses. Additionally, PAGA addressed an extortion allegation made by GoldBod Chief Executive Officer, Sammy Gyamfi, against Minority Leader in Parliament, Alexander Afenyo-Markin.

Gyamfi publicly called Afenyo-Markin an "extortionist." PAGA described the allegation