Sammy Gyamfi, Abena Osei Asare Lock Horns Over US$1.7 Billion Gold Purchase Programme Loss

A disagreement broke out between the Chairperson of Parliament’s Public Accounts Committee (PAC), Abena Osei Asare, and Ghana Gold Board (GoldBod) Chief Executive Officer Sammy Gyamfi over a reported US$1.7 billion loss linked to the Bank of Ghana’s (BoG) Domestic Gold Purchase Programme (DGPP).

The exchange followed earlier criticism by Gyamfi of Osei Asare’s reference to the amount as a loss, reportedly based on an International Monetary Fund (IMF) report.

The GoldBod CEO argued that the figure should not be attributed to his institution and challenged the PAC chairperson to invite him to explain the matter before the committee.

The two officials came face to face on Tuesday, October 13, 2026, when the PAC questioned agencies under the Ministry of Finance, including GoldBod, on the Auditor-General’s report covering the 2025 financial year.

During the proceedings, Osei Asare asked Gyamfi to clarify the reported US$1.7 billion loss, estimated at approximately GH¢22 billion, which has featured in discussions about the gold purchase programme and GoldBod’s financial performance.

She sought to establish whether the amount represented an actual loss or was the result of a particular accounting treatment.

The PAC chairperson noted that despite Gyamfi’s objections to describing the figure as a loss, the issue remained a subject of public debate.

Gyamfi rejected the suggestion that GoldBod had recorded a loss of that magnitude, insisting that the amount did not appear in the institution’s financial statements.

He further argued that the Auditor-General had not reported any such loss against GoldBod.

According to him, the institution recorded an operational surplus of approximately GH¢900 million and an overall surplus of about GH¢5.4 billion.

The GoldBod CEO maintained that the US$1.7 billion figure belonged to the financial records of the Bank of Ghana rather than those of his institution.

In the course of the discussion, Osei Asare disclosed that the central bank had also been invited to appear before the committee but could not attend because its officials were participating in the IMF-World Bank meetings.

She indicated that the Bank of Ghana would be given an opportunity to explain its position when it appeared before the PAC.

She also pointed to the central bank’s initial financial support for GoldBod’s operations and the reported subsequent withdrawal of that funding.

Deputy Finance Minister Thomas Nyarko Ampem intervened in the discussion and confirmed that the Bank of Ghana would appear before the committee to address the matter.

Osei Asare reiterated that the central bank had initially provided funding for GoldBod and said she expected its representatives to clarify the financial arrangements and explain the circumstances surrounding the reported US$1.7 billion loss.

Source: https://mobile.ghanaweb.com/GhanaHomePage/NewsArchive/Watch-the-moment-Abena-Asare-confronted-Sammy-Gyamfi-with-1-7b-GoldBod-loss-claim-2056545

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