Sammy Gyamfi denies GoldBod caused Bank of Ghana losses, hits back at Afenyo-Markin

• Sammy Gyamfi has denied claims that GoldBod caused the Bank of Ghana's losses under the Domestic Gold Purchase Programme.

• He said IMF reports did not blame GoldBod, but cited programme expansion, gold discounts, fees and exchange-rate losses.

• Gyamfi accused Afenyo-Markin of misrepresenting the IMF's findings and described the claims against GoldBod as a "new false narrative".

Speaking during the Government Accountability Series on Wednesday, August 19, 2026, Mr Gyamfi accused the Minority Leader of misrepresenting findings contained in reports by the International Monetary Fund (IMF) and the BoG.

He insisted that neither report blamed GoldBod for the losses recorded under the programme.

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"Nowhere in this report is Gold Board accused of having caused any loss incurred by Bank of Ghana," he said.

Mr Gyamfi also challenged claims that the IMF had attributed the BoG's losses to GoldBod, urging the public to distinguish between what the Fund actually stated and political interpretations of its findings.

"They have not said that the Gold Board is the one that caused the Bank of Ghana to lose $1.7 billion as I have clearly demonstrated to you," he said.

According to Mr Gyamfi, the IMF's August 4 report stated that the DGPP generated significant losses for the BoG, including losses of almost $400 million in 2024 and more than $1.7 billion in 2025.

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He said the IMF specifically attributed the 2025 losses to the significant expansion of the programme and gold purchases, rather than directly blaming GoldBod.

"So, the IMF tells you what led to the loss," he said. "So they are saying there's significant scaling up of the programme. It is there black and white."

Mr Gyamfi further explained that the IMF identified several components behind the losses, including service and asset fees paid to GoldBod, discounts on gold sold to off-takers and, most importantly, foreign exchange losses.

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"Losses accrued on gold trades are a combination of service and asset fees paid to Gold Board, discounts on gold sold to off-takers, and most importantly, exchange rate losses from the spread between Forex Bureau rates paid to purchase gold and the cedi reference rate used for BOG accounting," he said.

He described Afenyo-Markin's position as a "new false narrative" and argued that GoldBod's role as an agent purchasing gold for the BoG did not make it responsible for the central bank's losses.

Mr Gyamfi also said GoldBod's role in 2025 was a continuation of the arrangement previously performed by the defunct Precious Minerals Marketing Company (PMMC) under a gold purchase agreement signed with the BoG in September 2023.

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He said the buying agent's role "was limited to only the purchase of gold for the Bank of Ghana."

The comments come amid renewed political debate over the financial implications of the DGPP and the role of GoldBod in Ghana's gold purchasing operations.