The Minority Caucus in Parliament has rejected what it describes as personal attacks by the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, and reiterated its demand for a full reconciliation of losses associated with the Bank of Ghana’s Domestic Gold Purchase Programme (DGPP).
In a statement issued on Saturday, August 22, 2026, and signed by Deputy Minority Leader Patricia Appiagyei, the Caucus said its concerns about the financial position of GoldBod and the Bank of Ghana were based on findings contained in an official report by the International Monetary Fund (IMF).
The statement followed public responses by Mr Gyamfi between August 17 and 22 to questions raised by the Minority regarding the financial implications of the gold purchase programme.
The Minority stressed that the reported losses were not “conjured” by the opposition but were identified by an independent and internationally respected institution.
It said it had consistently called for a full and transparent reconciliation of GoldBod’s audited financial statements with the losses identified in the IMF report.
According to the Caucus, the matter constitutes a legitimate issue of parliamentary oversight involving a significant public programme and should therefore be subjected to scrutiny based on facts rather than personal exchanges.
The Minority also accused the GoldBod CEO of repeatedly making personal characterisations against members of the Caucus, including Minority Leader Alexander Afenyo-Markin.
“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 statement said.
The Caucus further urged Mr Gyamfi, as a public official, to uphold the standards of civility, restraint and respect expected under Ghana’s Code of Conduct and Ethics for political appointees.
The latest development is part of an escalating disagreement between GoldBod and the Minority over approximately US$1.7 billion, equivalent to about GH¢22 billion, in under-recoveries associated with the DGPP in 2025.
The Minority has argued that although the losses were recorded on the books of the Bank of Ghana, GoldBod cannot distance itself from accountability because of its operational role in the domestic gold purchasing process.
Mr Gyamfi, however, has rejected the characterisation of the US$1.7 billion figure as a GoldBod loss. He has maintained that GoldBod acted as a buying agent for the central bank and that its audited 2025 accounts recorded an operational surplus of GH¢907 million and an overall surplus of GH¢5.4 billion.
The Minority says the accounting distinction does not resolve the broader question of responsibility for the financial exposure created by the programme.
It is demanding answers on the pricing of gold purchases, premiums and discounts, the selection of international off-takers, fees earned by GoldBod, risk controls and the commercial arrangements between GoldBod and the Bank of Ghana.
The Caucus said it would continue to pursue the matter through appropriate parliamentary channels, insisting that the public record should ultimately be settled by facts and parliamentary scrutiny.
“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 said.
The Minority further called on GoldBod to appear before a parliamentary inquiry and account fully for the losses identified in the IMF report while reconciling those figures with its own audited financial statements.
The dispute is expected to continue in Parliament as the Minority presses for a fuller examination of the financial and operational consequences of the Domestic Gold Purchase Programme.
