Ghana Gold Board (GoldBod) Chief Executive Officer Sammy Gyamfi is facing Parliament’s Public Accounts Committee (PAC) to answer questions about the board’s operations and concerns surrounding the reported losses associated with the Bank of Ghana’s Domestic Gold Purchase Programme (DGPP).
The parliamentary engagement, scheduled for Tuesday, October 13, 2026, comes amid growing public and political debate over the financial performance of the gold purchase programme and the responsibilities of the institutions involved.
The controversy centres on a reported US$1.7 billion loss associated with the Bank of Ghana’s gold purchase operations in 2025. The figure has attracted scrutiny from the Minority in Parliament, which has called for greater transparency and explanations about the programme’s financial implications.
Gyamfi has previously rejected claims that GoldBod itself incurred the reported losses. He has maintained that the amount relates to the Bank of Ghana’s programme and that its financial impact must be assessed within the context of the programme’s operations, including exchange-rate differences and the accounting treatment of gold purchases.
The GoldBod chief executive has also pointed to the board’s financial performance to challenge claims that the institution has been operating at a loss.
During an accountability engagement in August 2026, Gyamfi cited GoldBod’s audited 2025 financial statements, which he said recorded an operational surplus of GH¢907 million and an overall surplus exceeding GH¢5.4 billion.
He argued that the figures demonstrated the distinction between GoldBod’s financial results and the reported losses associated with the central bank’s Domestic Gold Purchase Programme.
The Minority, led by Alexander Afenyo-Markin, has continued to demand answers about the reported US$1.7 billion figure, which has been discussed in public debate as a substantial cost to the country.
The Speaker of Parliament, Alban Bagbin, has also indicated that parliamentary scrutiny could help clarify whether the amount should be regarded as an actual financial loss or a policy-related cost arising from the programme.
At the centre of the debate is the relationship between GoldBod and the Bank of Ghana in the purchase and management of gold acquired under the programme. The distinction is important because the two institutions have different responsibilities, and their financial records need to be assessed separately.
Gyamfi’s appearance before the committee provides lawmakers with an opportunity to seek further explanations about GoldBod’s operations, its financial statements and its involvement in the arrangements with the central bank.
The committee’s engagement comes at a time when accountability over public finances and the management of Ghana’s gold resources remain subjects of intense discussion.
The questions raised during the proceedings could help clarify the disputed financial figures and establish a clearer understanding of the respective roles of GoldBod and the Bank of Ghana.
However, the reported US$1.7 billion figure should not automatically be interpreted as a loss incurred directly by GoldBod. The controversy concerns the Bank of Ghana’s Domestic Gold Purchase Programme, while Gyamfi has maintained that GoldBod’s own financial performance must be considered separately.
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Source: Thepressradio.com
