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Ghana Gold Board denies US$1.7 billion loss claims
A political dispute has emerged in Ghana regarding the financial performance of the Domestic Gold Purchase Programme (DGPP). The Minority in Parliament, led by Alexander Afenyo-Markin, is demanding accountability for alleged losses exceeding US$1.7 billion (approximately GH¢22 billion) in 2025. Citing an International Monetary Fund (IMF) report, the Minority argues these losses, which represent about 1.5 percent of Ghana’s GDP, stem from service fees, gold discounts, and foreign exchange discrepancies.
Sammy Gyamfi, CEO of the Ghana Gold Board (GoldBod), has rejected these claims, stating that GoldBod’s audited 2025 financial statements show an operational surplus of GH¢907 million and an overall surplus of GH¢5.4 billion. Gyamfi clarified that a reduction in service fees from 0.75 percent to 0.6 percent was a result of operational efficiency and increased procurement volumes rather than political pressure. He also noted that GoldBod has successfully raised over US$450 million through commercial banks and offtakers to fund operations independently of the Bank of Ghana.
The Minority has filed motions to investigate the Gold-for-Reserves scheme, questioning the transparency of transactions and the identities of gold offtakers. Meanwhile, some analysts suggest that such losses may be necessary transaction costs to secure foreign exchange and reduce gold smuggling.
Entities
Alexander Afenyo-Markin · Auditor-General of Ghana · Bank of Ghana · Ghana Gold Board · International Monetary Fund · Sammy Gyamfi
Claims
What the coverage asserts, and how many sources carry each claim.
- [DISPUTED] GoldBod recorded an operational profit of GHS 907 million and an overall surplus of GHS 5.4 billion for the 2025 period. shinemegh.com · www.gbcghanaonline.com · asaaseradio.com · www.myjoyonline.com
- [● 10 SOURCES] The International Monetary Fund reported that Ghana’s Domestic Gold Purchase Programme incurred losses exceeding US$1.7 billion. capitalnewsonline.com · thechronicle.com.gh · dailyguidenetwork.com · shinemegh.com · www.pulse.com.gh · +1 more
- [● 11 SOURCES] GoldBod CEO Sammy Gyamfi refuted claims of financial losses made by Minority Leader Afenyo Markin. shinemegh.com · www.gbcghanaonline.com · www.pulse.com.gh · ghanaiantimes.com.gh · thevoicenewsmagazine.com
- [● 12 SOURCES] Minority Leader Alexander Afenyo-Markin alleged that GoldBod's reported losses indicate management and policy failures. capitalnewsonline.com · shinemegh.com · www.gbcghanaonline.com · dailyguidenetwork.com · thechronicle.com.gh · +1 more
- [● 8 SOURCES] The GoldBod audited Annual Report and Financial Statements for the year ended 31st December 2025 were prepared by the Auditor-General of Ghana. shinemegh.com · asaaseradio.com
- [○ 1 SOURCE] Pollster Mussa Dankwah suggested that the financial presentation of state entities like GoldBod and ECG may be influenced by government policy to manage public perception.
- [● 3 SOURCES] MP Michael Aidoo questioned who would bear the financial burden of future losses from GoldBod's trading operations. capitalnewsonline.com
- [● 5 SOURCES] The Minority in Parliament has called for a bipartisan inquiry into GoldBod's transactions and gold-related economic programmes. capitalnewsonline.com · www.gbcghanaonline.com · www.mynewsgh.com
- [● 3 SOURCES] The losses are attributed to service fees, discounts on gold sales, and foreign exchange losses. capitalnewsonline.com · dailyguidenetwork.com · www.pulse.com.gh
- [○ 1 SOURCE] GoldBod CEO Sammy Gyamfi clarified that the reduction in service fees from 0.75 percent to 0.6 percent was driven by operational efficiency and increased gold procurement volumes.
- [● 2 SOURCES] GoldBod announced an independent audit of the Domestic Gold Purchase Programme dating back to 2021. thevoicenewsmagazine.com