The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has issued a direct challenge to the Minority in Parliament, asserting that he doesn’t require a special motion to be summoned before the Public Accounts Committee to address the Board’s operations and the Bank of Ghana’s Domestic Gold Purchase Programme (DGPP). Mr. Gyamfi’s comments follow a growing chorus of calls from the Minority for a parliamentary investigation into GoldBod’s alleged financial losses, which, according to the Minority, represent approximately US$1.7 billion – equivalent to roughly GH¢22 billion – incurred under the DGPP in 2025. The allegations center around GoldBod’s alleged role as the Bank of Ghana’s ‘alter ego’ and a substantial portion of the losses recorded, significantly impacting the central bank’s financial health. The Minority, in a statement released Wednesday, August 19th, alleges that GoldBod has been implicated in losses totaling approximately US$1.7 billion, representing a substantial financial burden on the central bank. Mr. Gyamfi, speaking at a Government Accountability Series, stated he is ‘ready to appear’ before Parliament and respond to the allegations, emphasizing that parliamentary procedures should not impede the Minority’s ability to invite him. He further asserted that he had already contacted Majority Leader James Agalga, requesting his assistance in facilitating a summons to the Public Accounts Committee. The crux of the disagreement lies in the Minority’s demand for a parliamentary inquiry, which Gyamfi contends Mr. Gyamfi is willing to address. He argues that parliamentary procedures should not prevent the Minority from holding the Committee accountable for the Bank of Ghana’s losses. Mr. Gyamfi’s statement underscores a significant tension within Parliament, with the Minority seeking a thorough investigation into GoldBod and its potential impact on the central bank’s stability. The allegations, if substantiated, raise serious questions about the Bank of Ghana’s oversight and the potential for mismanagement within GoldBod’s operations. The situation has sparked a debate about the balance between parliamentary oversight and the Minority’s authority to hold the government accountable for financial matters. The allegations, as detailed in the original article, suggest a significant financial loss and a potential link between GoldBod and the DGPP, intensifying the scrutiny on the Bank of Ghana’s financial management. Further investigations are expected to examine the scope of the alleged losses and the Bank of Ghana’s response to the allegations. The debate highlights a potential conflict between the Minority’s mandate to scrutinize government finances and the possibility of a parliamentary investigation to determine accountability and prevent further financial instability.
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Source: Adom Online
