The Minority Caucus in Parliament has issued a forceful condemnation of the Ghana Gold Bod, demanding a comprehensive explanation for the staggering $1.7 billion loss incurred in 2025, representing a significant 1.5% of Ghana’s Gross Domestic Product (GDP). This revelation, detailed in the International Monetary Fund (IMF) report on Ghana’s Domestic Gold Purchase Programme (DGPP), highlights a critical juncture in the nation’s gold trading landscape.
The report reveals that the Bank of Ghana (BoG) accumulated gold and intermediated foreign exchange to private sector entities, effectively channeling a substantial portion of gold transactions into a loss for the state. According to the IMF, this accumulated $1.7 billion represents a significant blow to Ghana’s economic stability.
The Minority Leader, Alexander Afenyo-Markin, stated that the loss represents approximately 1.5% of Ghana’s GDP, prompting the government to accept the IMF’s findings and initiate a thorough investigation. The government, however, has already initiated a formal response to the claims by the Gold Bod, seeking a full accounting of the losses and their implications.
The Chief Executive Officer of the Gold Bod, Sammy Gyamfi, responded defensively, characterizing the allegations as ‘blatant lies’ and dismissing the situation as a fabricated narrative. He asserted that the losses were solely attributable to the agency’s own operational responsibility, claiming that the losses were absorbed by the BoG.
However, the audited Annual Report and Financial Statements of the Ghana Gold Board for the year ended December 31, 2025, shows a crucial contrast. There was an operational surplus/profit of GH¢907 million and an overall surplus/profit of GH¢5.4 billion. This audit report was prepared and published by the Auditor-General of the Republic of Ghana, further solidifying the government’s position that the BoG operates within a legally sanctioned framework.
The Minority Leader emphasized that GoldBod’s own description of its mandate confirms that it occupies a central position in Ghana’s gold trading structure, specializing in buying, selling, weighing, grading, assaying, valuing, and exporting gold. The report underscored that GoldBod’s own description demonstrates that it is responsible for the trading of gold for the country.
Mr. Afenyo-Markin demanded a complete disclosure of the Gold Bod’s transactions, including pricing details, premium payments, and the full extent of the commercial risk it bears. He challenged the Gold Bod to explain how international off-takers were selected, why sales discounts were offered, and the precise nature of the transaction-based revenue generated by GoldBod.
Furthermore, the Minority Leader pointed out that the losses incurred by GoldBod have had a significant impact on the BoG’s equity, which has fallen to a negative GH¢93.8 billion at the end of last year, representing a concerning 6.7% of GDP. The government’s financial instability is exacerbated by this loss, which has been a key driver of Ghana’s economic collapse in 2025.
The government is now facing a critical juncture, and the allegations of mismanagement and corporate negligence are intensifying. The Minority Leader urges the Gold Bod to provide a clear and transparent account of its operations, ensuring accountability and addressing the root causes of this crisis. The situation demands immediate attention to prevent further damage to Ghana’s economy, and the government’s response will determine the future trajectory of the gold industry and the nation’s financial stability.
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Source: Graphic Online
