By Sarah Baafi
The Minority in Parliament has renewed its call for accountability over reported losses of GH¢22 billion incurred under the Domestic Gold Purchase Programme (DGPP) in 2025.
In a statement issued on Wednesday, August 19, 2026, Minority Leader Alexander Afenyo-Markin said the response by the Chief Executive Officer of the Ghana Gold Board (GoldBod) Sammy Gyamfi had failed to adequately address concerns raised by the Minority over the financial and operational performance of the institution.
The Minority said the GoldBod’s response effectively confirms the reported loss, arguing that the Chief Executive Officer did not dispute the International Monetary Fund’s finding of a US$1.7 billion, equivalent to about GH¢22 billion, loss under the programme in 2025.
According to the Minority, the key issue is not only who should be blamed for the loss but also the need for the funds to be accounted for, since the money ultimately represents public resources.
The Minority also questioned the fees paid to GoldBod under the programme. It said the GoldBod accounted for about GH¢133 billion in advances in 2025 and received an assay fee of 0.258 percent and a service fee of 0.5 percent.
It argued that the fees generated from the programme amounted to about GH¢1 billion, while GoldBod reported an operational surplus of GH¢907 million.
The Minority maintained that GoldBod could not claim credit for positive economic outcomes associated with the Domestic Gold Purchase Programme while distancing itself from the financial losses recorded under the same programme.
It cited the reported 41 percent appreciation of the cedi, an increase in reserves from US$8.9 billion to US$13 billion, and a decline in inflation as outcomes for which GoldBod had taken public credit.
The statement also raised concerns over the funding arrangements for the Ghana National Artisanal and Small-Scale Mining Roadmap Programme (GANRAP).
According to the Minority, responsibility for GANRAP implementation costs moved from the Bank of Ghana to the Ministry of Finance in July 2026, before GoldBod began seeking to raise funds independently in August.
The Minority described the shifting funding arrangements as unclear, noting that three different funding arrangements had emerged within six months without a settled model.
It further insisted that the GH¢22 billion loss reported in the IMF’s Sixth Country Report, numbered 26/213 and issued in August 2026, constituted a financial loss to the Republic and must therefore be accounted for.
The Minority Leader also criticised the tone of the GoldBod Chief Executive’s response, particularly a reference to a brothel, describing it as inappropriate for a statement by a public officer addressing issues involving public funds.
“Ghanaians asked for figures. They were given insults. The figures are still outstanding,” the Minority said.
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