The New Patriotic Party (NPP) Minority Caucus in Parliament has intensified its demand for accountability over reported losses under Ghana’s Domestic Gold Purchase Programme (DGPP), accusing Ghana Gold Board (GoldBod) Chief Executive Officer, Sammy Gyamfi, of failing to adequately address concerns raised by the International Monetary Fund (IMF).
The Minority, in a statement signed by its Leader, Alexander Kwamena Afenyo-Markin, said GoldBod’s response to the IMF’s findings did not dispute the reported US$1.7 billion, or approximately GH¢22 billion, loss associated with the programme in 2025.
The Caucus argued that regardless of which state institution’s balance sheet records the loss, the financial impact ultimately falls on the public.
“That is public money, whichever state balance sheet it sits on. This is the point he did not address, and it is the point he must now address,” the statement said.
Minority challenges GoldBod surplus claim
The NPP MPs also questioned GoldBod’s reported GH¢907 million surplus, arguing that the figure does not adequately account for the losses reported under the DGPP.
According to the Minority, GoldBod collected about GH¢833 billion in advances during 2025 and generated approximately GH¢1 billion in fees, which it said should be considered when assessing the institution’s reported financial performance.
The Caucus maintained that excluding the reported DGPP loss from the calculation could create an incomplete picture of the programme’s actual financial position.
“Strip out the agency fees, and there is no operational surplus to speak of,” the statement said.
The Minority further accused GoldBod of taking credit for positive developments in Ghana’s reserves and the cedi while distancing itself from the reported losses associated with the gold purchase programme.
Dispute over responsibility
The Caucus also raised questions over the respective responsibilities of GoldBod and the Ministry of Finance in implementing the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).
It claimed that responsibility for GANRAP implementation had subsequently shifted from GoldBod to the Ministry of Finance, while GoldBod was still seeking independent funding.
The Minority said the apparent shift in responsibilities required clarification, particularly in the context of the financial performance of the gold-for-reserves strategy.
Minority criticises GoldBod’s response
The NPP MPs also criticised Mr Gyamfi for referring to a “brothel” in an official response, describing the language as inappropriate for a public official.
“Ghanaians asked for figures. They were given insults. The figures are still outstanding,” the statement said.
The Minority’s response follows Mr Gyamfi’s rejection of claims that the IMF had directly attributed the reported losses to GoldBod.
Mr Gyamfi has maintained that the IMF report did not accuse GoldBod of causing the Bank of Ghana’s losses.
The IMF report cited by both sides states that the Bank of Ghana recorded US$1.7 billion in losses under the Domestic Gold Purchase Programme in 2025.
The DGPP was introduced as part of efforts to strengthen Ghana’s gold reserves and support stability of the cedi through the domestic purchase of gold using cedis.
The latest exchange between the Minority and GoldBod is expected to add pressure for greater disclosure of the financial structure, risk allocation and overall performance of the programme.
