The Minority in Parliament has challenged GoldBod to account for a reported GH¢22 billion loss under the Domestic Gold Purchase Programme (DGPP).

The Caucus said Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board (GoldBod), failed to adequately address concerns about the programme’s financial performance in his response on Wednesday, August 19, 2026.

The Minority held a press conference on Tuesday, August 18, to question GoldBod's financial and operational performance and the reported losses under the DGPP.

According to the Caucus, GoldBod’s latest response effectively acknowledges the loss but disputes responsibility for it. It cited the IMF Sixth Country Report, numbered 26/213 and issued in August 2026, as putting the loss at US$1.7 billion, equivalent to about GH¢22 billion, in 2025.

The Minority also questioned GoldBod’s fee structure, saying the Chief Executive disclosed that the institution accounted for about GH¢133 billion in advances under the programme in 2025 and received an assay fee of 0.258% and a service fee of 0.5%.

The Caucus calculated that the fees amounted to roughly GH¢1 billion and argued that this was higher than GoldBod’s reported operational surplus of GH¢907 million. It maintained that the figures raised questions about whether the reported surplus was largely attributable to fees earned from a programme that incurred substantial losses for the state.

“Strip out the agency fees, and there is no operational surplus to speak of,” the Minority said, insisting that GoldBod had not adequately addressed the issue.

The Caucus further argued that GoldBod could not claim credit for the programme’s perceived economic benefits while distancing itself from its financial costs. It noted that GoldBod had linked the scaling-up of the DGPP to a 41% appreciation of the cedi, an increase in Ghana’s reserves from US$5.9 billion to US$13 billion, and declining inflation.

The Minority also raised concerns about changes in the financing arrangements for the Ghana Alternative Risk and Resilience Programme (GANRAP). It said responsibility for implementation costs shifted from the Bank of Ghana to the Ministry of Finance in July 2026, while GoldBod began seeking independent funding from August. “Three funding arrangements in six months is not a settled model,” the Caucus said.

Minority Leader, Osaahene Alexander Kwamena Afenyo-Markin, also criticised the tone of the GoldBod Chief Executive’s response, particularly a reference to a “brothel”, arguing that the public was seeking financial figures and accountability rather than personal attacks. “Ghanaians asked for figures. They were given insults. The figures are still outstanding,” he said.