ACCRA, Ghana, 19th August: Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has rejected claims by Minority Leader in Parliament, Alexander Afenyo-Markin, that the Bank of Ghana’s (BoG) reported losses under its Domestic Gold Purchase Programme (DGPP) in 2025 were caused by GoldBod’s trading model.
According to Mr Gyamfi, GoldBod did not begin implementing its own gold-trading model until March 2026, several months after the reported losses for 2025 had already been incurred.
Speaking at the Government Accountability Series on Wednesday, August 19, Mr Gyamfi explained that although GoldBod was established in April 2025, it could not immediately implement the trading model provided for under the Ghana Gold Board Act, 2025 (Act 1140).
He said the institution received its revolving seed trade capital only on December 30, 2025, and subsequently needed to put the necessary institutional structures, systems and operational arrangements in place before commencing full implementation of its trading model.
Mr Gyamfi therefore questioned how the 2025 DGPP losses could be attributed to a GoldBod trading model that had not yet been implemented.
“The trade model implemented by the BoG in the year 2025 was evidently the DGPP model of the Bank of Ghana introduced in 2021.”
He challenged Mr Afenyo-Markin to explain at what point the Bank of Ghana’s existing DGPP model became GoldBod’s trading model.
The GoldBod CEO also rejected allegations that the institution determined undisclosed or hidden offtake discounts under the programme.
He explained that GoldBod’s role during the period was limited to purchasing gold on behalf of the Bank of Ghana and that it had no authority over the subsequent sale of the gold or the execution of offtake agreements.
Mr Gyamfi further disclosed that offtake discounts actually declined from approximately 2.2% in 2023/2024 to about 1.2% in 2025.
He argued that the figures did not support claims that offtake discounts determined by GoldBod were responsible for the Bank of Ghana’s reported losses under the DGPP.
The GoldBod CEO maintained that the institution should not be held responsible for decisions, contractual arrangements or financial outcomes over which it had no control.
He insisted that GoldBod’s own trading model only became operational in March 2026 and, therefore, could not have been the basis for losses attributed to the Bank of Ghana’s DGPP in 2025.
Story by: Emmanuel Romeo Tetteh(#RomeoWrites✍️)/ Presidential Affairs Correspondent | Ghana 🇬🇭
