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Ghana Gold Board faces probe over reported $1.7bn gold programme losses
Ghana's political landscape is facing intense scrutiny following reports of significant financial losses linked to the Bank of Ghana’s Domestic Gold Purchase Programme (DGPP). An International Monetary Fund (IMF) report identified losses of approximately GH¢22 billion, equivalent to roughly $1.7 billion or 1.5% of Ghana's GDP, resulting from the programme's operations in 2025.
The Minority Caucus in Parliament has formally requested a parliamentary inquiry into the Ghana Gold Board (GoldBod) to investigate these discrepancies. This push for accountability has led to a heated confrontation between Minority Leader Alexander Afenyo-Markin and GoldBod CEO Sammy Gyamfi. While Gyamfi has characterized the Minority's actions as extortion and defended the institution's financial standing, Afenyo-Markin has signaled a preference for focusing on parliamentary oversight rather than engaging in personal disputes, though he previously threatened legal action for defamation.
GoldBod has issued several denials regarding its financial status, specifically rejecting claims by MP Dr. Gideon Boako that the institution owes the Bank of Ghana a GH¢1 billion overdraft. The board maintains it has never taken loans or debt instruments from the central bank. Meanwhile, economists have offered varying perspectives; some suggest the losses were an anticipated consequence of the programme's design to incentivize local miners, while others argue that the true drivers of Ghana's fiscal stability were domestic bondholders and pensioners rather than gold trading operations.
Entities
Alexander Afenyo-Markin · Bank of Ghana · Edwin Nii Lantey Vanderpuye · Ghana Gold Board · International Monetary Fund · Mahamudu Bawumia · National Democratic Congress · Sammy Gyamfi
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 5 SOURCES] GoldBod CEO Sammy Gyamfi described Minority Leader Alexander Afenyo-Markin as an ‘extortionist’. thepressradio.com
- [DISPUTED] An IMF report identified losses of over US$1.7 billion associated with the Bank of Ghana’s Domestic Gold Purchase Programme in 2025. nukunya.com · rainbowradioonline.com
- [● 3 SOURCES] The Minority Caucus has requested a parliamentary inquiry into the Ghana Gold Board’s operations. rainbowradioonline.com · nukunya.com
- [● 8 SOURCES] Minority Leader Alexander Afenyo-Markin intends to pursue legal action over defamatory statements made against him. nukunya.com · ashantireport.com · ghananewss.com · thepressradio.com · www.mynewsgh.com
- [● 3 SOURCES] Sammy Gyamfi stated that GoldBod acted only as a buying agent and was not responsible for gold sales or pricing. nukunya.com
- [DISPUTED] The Minority claims that GoldBod has incurred losses of approximately $1.7 billion. theghanareport.com · ashantireport.com · nukunya.com · oyerepafmonline.com · www.pulse.com.gh
- [● 2 SOURCES] GoldBod CEO Sammy Gyamfi maintains that the institution has recorded profits rather than losses. theghanareport.com
- [○ 1 SOURCE] COPEC CEO Duncan Amoah warned that the government must avoid repeating the financial and governance mistakes of the former Gold-for-Oil programme. norvanreports.com
- [○ 1 SOURCE] Economist Dr. Adu Owusu Sarkodie stated that losses under the Domestic Gold Purchasing Programme were anticipated due to its design to incentivize miners. thehighstreetjournal.com
- [● 6 SOURCES] The IMF estimated that the Bank of Ghana incurred losses of approximately GH¢22 billion under the Domestic Gold Purchasing Programme. thehighstreetjournal.com · thevaultznews.com · asaaseradio.com · www.mynewsgh.com · chale.news · +1 more
- [○ 1 SOURCE] GoldBod buyers have experienced funding delays of up to three weeks. www.myjoyonline.com
- [● 4 SOURCES] GoldBod has denied claims that it owes the Bank of Ghana a GH¢1 billion overdraft. asaaseradio.com · ghanaguardian.com · metrotvonline.com · starrfm.com.gh