The Ghana Gold Board (GoldBod) is facing scrutiny following accusations leveled by Member of Parliament (MP) Kojo Oppong Nkrumah, who claims Chief Executive Officer Sammy Gyamfi is attempting to distract Ghanaians from substantial losses incurred by the Bank of Ghana. Nkrumah, in a recent statement, alleges that Gyamfi is using extortion claims to divert public attention from the Bank’s financial challenges, particularly concerning the significant scaling-up of the Domestic Gold Purchase Programme in 2025. The IMF, in its latest report, estimates that this program resulted in a staggering US$1.7 billion loss, equivalent to 1.5% of Ghana’s GDP, representing a considerable financial impact on the nation’s economy. This development has ignited a debate within the Minority Caucus and other opposition voices, with accusations being directed towards Gyamfi’s management of the GoldBod program. Mr. Gyamfi vehemently denies the allegations, stating he is an ‘extortionist’ and accusing Mr. Nkrumah of deliberately fueling the controversy to undermine his reputation. Mr. Oppong Nkrumah, in a heated exchange with the host of Nhyria FM’s Kro Yi Mu Nsem, stated that the allegations lack substance and are intended to tarnish Gyamfi’s reputation while simultaneously shifting focus away from the accountability surrounding the GoldBod’s operations and central bank finances. The accusations stem from unresolved concerns about the GoldBod’s operational processes and the management of the program’s financial prudence. Mr. Afenyo-Markin, the Minority Leader, has pushed for urgent action, pointing to the reported losses as raising questions about financial stability and value for money within the gold resource management sector. He argues that the losses represent a potential risk to Ghana’s economic stability and underscores the need for increased transparency and accountability. Furthermore, the lawsuit against Mr. Gyamfi, Eric Adjei, and two media organizations, including Multimedia Group, has been initiated by the former Information Minister, Paul Afoko, who pledges to collaborate with Bawumia to facilitate the return of NPP to its founding principles. In addition, the week-long discussions on cross-border cooperation between Ghana, Burkina Faso, and Côte d’Ivoire have been announced, highlighting a broader effort to strengthen economic ties within the West African region. The GoldBod’s financial difficulties have prompted significant investigation and analysis, with authorities focusing on optimizing resource allocation and ensuring operational efficiency within the program’s framework.”
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Source: Adom Online
