Sammy Gyamfi Fires Back at Afenyo-Markin Over GoldBod’s Role in BoG Losses
GoldBod CEO insists IMF and BoG reports did not blame the gold-buying agency for the central bank’s losses under the DGPP.
- Gyamfi rejects claims GoldBod caused BoG losses.
- He says IMF findings were misrepresented.
- Gyamfi calls the allegation a “false narrative.”
Ghana Gold Board (GoldBod) Chief Executive Officer Sammy Gyamfi has rejected claims by Minority Leader Alexander Afenyo-Markin that GoldBod was responsible for losses recorded by the Bank of Ghana (BoG) under the Domestic Gold Purchase Programme (DGPP).
Speaking at 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 Bank of Ghana.
He maintained that neither report directly blamed GoldBod for the central bank’s losses under the programme.
“Nowhere in this report is Gold Board accused of having caused any loss incurred by Bank of Ghana,” he said.
Mr Gyamfi also challenged assertions that the IMF had attributed the BoG’s reported losses of $1.7 billion to GoldBod. He urged the public to distinguish between the IMF’s actual findings and political interpretations of the report.
According to him, the IMF’s August 4 report indicated that the DGPP generated significant losses for the central bank, amounting to almost $400 million in 2024 and more than $1.7 billion in 2025.
However, he said the IMF linked the 2025 losses primarily to the significant expansion of the gold purchasing programme rather than directly attributing them to GoldBod.
Mr Gyamfi explained that the IMF identified several factors contributing to the losses, including service and asset fees paid to GoldBod, discounts on gold sold to off-takers and foreign exchange losses arising from differences between the rates used to purchase gold and the cedi reference rate applied in BoG accounting.
He said these factors showed that GoldBod’s role as an agent purchasing gold for the central bank should not be confused with responsibility for the losses recorded by the BoG.
Mr Gyamfi described Afenyo-Markin’s position as a “new false narrative”, insisting that GoldBod’s mandate was limited to purchasing gold on behalf of the Bank of Ghana.
He further argued that GoldBod’s involvement in the programme in 2025 was a continuation of an arrangement previously undertaken by the defunct Precious Minerals Marketing Company (PMMC) under a gold purchase agreement signed with the BoG in September 2023.
“The buying agent’s role was limited to only the purchase of gold for the Bank of Ghana,” he stated.
The comments come amid renewed political debate over the financial performance of the Domestic Gold Purchase Programme and the role of GoldBod in Ghana’s gold purchasing operations.
Mr Gyamfi’s remarks are aimed at countering what he described as attempts to place responsibility for the central bank’s programme-related losses solely on GoldBod.
