ACCRA, Ghana, 19th August: The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has rejected claims that his institution is responsible for the US$1.7 billion loss recorded by the Bank of Ghana (BoG) under its Domestic Gold Purchase Programme (DGPP) in 2025.
Mr Gyamfi said the International Monetary Fund (IMF) report cited in support of the allegation does not accuse GoldBod of causing the loss.
Speaking at the Government Accountability Series on Wednesday 19th August, Sammy Gyamfi explained that GoldBod’s role under the DGPP was limited to purchasing and aggregating gold for the central bank as a buying agent.
According to him, GoldBod had no involvement in the subsequent sale of the gold purchased for the Bank of Ghana, nor did it sign the offtake agreements, determine the selling price or decide the terms of sale.
He said GoldBod’s role was inherited from the defunct Precious Minerals Marketing Company (PMMC) under a Gold Purchase Agreement signed with the Bank of Ghana in September 2023.
Mr Gyamfi further argued that the IMF’s reported losses related to gold sold by the Bank of Ghana, rather than gold purchased by GoldBod on behalf of the central bank.
He said GoldBod fully accounted for approximately GH¢133 billion advanced to it in 2025 for gold purchases.
The GoldBod CEO consequently challenged Mr Afenyo-Markin to identify any section of the IMF report that directly blames GoldBod for the Bank of Ghana’s DGPP losses.
He maintained that GoldBod could not logically be held responsible for losses arising from transactions in which it had no role in determining the sale price or terms.
Story by: Emmanuel Romeo Tetteh(#RomeoWrites✍️)/ Presidential Affairs Correspondent | Ghana 🇬🇭