MINORITY DEMANDS PARLIAMENTARY INQUIRY INTO GOLDBOD, ACCUSES CEO OF PERSONAL ATTACKS.
By Online News Desk | Kumasi – 22nd August, 2026
The Deputy Minority Leader, Hon. Patricia Appiagyei, has called for a full Parliamentary Inquiry into the finances of the Ghana Gold Board (GoldBod) and has accused its Chief Executive Officer, Mr Sammy Gyamfi, of resorting to personal attacks in response to legitimate oversight.
In a press statement issued on Friday and signed by Hon. Appiagyei, the Minority said Mr Gyamfi’s public statements between 17th and 22nd August, 2026, in response to questions about GoldBod’s financial position, fell short of the standards expected of public office.
The controversy stems from claims by the Minority in Parliament, led by Minority Leader Alexander Afenyo-Markin, that the Bank of Ghana’s Domestic Gold Purchase Programme (DGPP) – which GoldBod administers as a buying agent – incurred losses of about US$1.7 billion, equivalent to about GH¢22 billion in 2025. The Minority said the figure was contained in the International Monetary Fund’s Sixth Review of Ghana’s Extended Credit Facility programme.
GoldBod has strongly denied the claim. At the Government Accountability Series in Accra on Wednesday, August 19, Mr Gyamfi described the allegation that GoldBod made losses as a “barefaced lie” and challenged the Minority Leader to point to any page in the IMF report where GoldBod was accused of being responsible for the losses.
According to GoldBod, its own audited financial statements for the year ended December 31, 2025, as prepared by the Auditor-General, show an operational surplus of GH¢907 million and an overall surplus of over GH¢5.4 billion.
The Board maintains that the losses cited by the IMF are accounting losses on the books of the Bank of Ghana under the Gold-for-Reserve programme, partly reflecting valuation effects and agency fees, and not trading losses by GoldBod.
In her response, Hon. Appiagyei said the losses were not conjured by the Minority.
“The losses associated with the Domestic Gold Purchase Programme were not conjured by the Minority.
They were identified in an official report by the International Monetary Fund, an independent and internationally respected institution, whose assessments are not lightly dismissed,” the statement said.
The Deputy Minority Leader said the Caucus is seeking a full and transparent reconciliation of GoldBod’s own audited financial statements with the losses identified in the IMF report, describing it as a legitimate matter of parliamentary oversight.
On Mr Gyamfi’s remarks directed at members of the Minority, including the Minority Leader, the statement said:
“In the course of responding, Mr Gyamfi has, on more than one occasion, directed personal characterisations at Members of the Minority, including the Minority Leader. We will not respond to those characterisations in kind.
We state plainly, and without qualification, that the allegations are false, and we reject them entirely.”
The Minority further argued that scrutiny of public institutions is a fundamental exercise in accountability, and that public office carries defined standards of civility, restraint and respect as set out in Ghana’s Code of Conduct and Ethics for political appointees.
“We expect every public official, including the Chief Executive Officer of GoldBod, to be held to those standards, and we will pursue the appropriate institutional channels available to us in that regard,” Hon. Appiagyei stated.
The Caucus is now calling on GoldBod to appear before a Parliamentary Inquiry to account fully for the losses identified in the IMF’s report and to reconcile them with its own audited financial statements.
“We remain committed to raising legitimate questions about the management of public assets in a manner that is factual, measured and consistent with the dignity of public office,” the statement added.
“We will continue to update the public as this matter progresses.”
Efforts to get a further response from GoldBod as of press time were unsuccessful.
