Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), has once again dismissed claims that the state-owned gold-buying institution incurred losses of $1.7 billion in 2025.
The GoldBod CEO described the allegation by Afenyo-Markin and the Minority as a “barefaced lie.”
According to Sammy Gyamfi, the alleged figure does not reflect GoldBod’s actual financial performance for the 2025 financial year.
Sammy Gyamfi accused the NPP opposition, particularly Afenyo-Markin, of repeatedly making the claim in Parliament and through the media, adding that GoldBod on several occasions disputed the allegation.
The GoldBod CEO insisted that the institution’s audited financial statements present a significantly different picture of its financial performance.
According to Sammy Gyamfi, the audited accounts must form the basis for assessing GoldBod’s financial performance rather than what he described as politically motivated allegationss.
Speaking at the Government Accountability Series on Wednesday, August 19, 2026, Sammy Gyamfi stated, “Afenyo-Markin and his followers alleged on several occasions on the floor of Parliament and the media that the Ghana Gold Board made losses in the year 2025 repeatedly. This claim is a barefaced lie which has been debunked times without number by the GoldBod.
“I challenge Afenyo-Markin to point to any page, paragraph, sentence, phrase or punctuation mark in the said referenced report to prove the loss by GoldBod,” he said.
“The audited annual reports and financial statements of the GoldBod for the year ended December 31, 2025, prepared and published by the Auditor General of Ghana, disclose an operational surplus of GHS907 million and an overall surplus of profits of GHS5.4 billion. This is an incontrovertible fact,” he said.
His comments follow the Minority Leader and Effutu MP, Alexander Afenyo-Markin, who has said the Ghana Gold Board (GoldBod) has made a GH¢22 billion loss to the state.
According to Afenyo-Markin, the GoldBod must account for the GH¢22 billion financial loss to the state.
He argued that the Minority would not be deterred by attacks or criticisms from GoldBod officials as they push for public accountability.
Speaking at a press conference in Parliament on Tuesday, August 18, Afenyo-Markin stated, “So they must account for the GH¢22 billion loss. It must account for it because it amounts to causing financial loss to the state”.
“GoldBod is responsible for causing financial loss to the state and the Minority will say this and say it firmly and boldly,” he said.
“It doesn’t matter the adjectives that they use to describe or to attack our personalities, and we know a day of reckoning will come,” he said.
The minority further argued that GoldBod cannot hide behind an agency role to escape accountability.
Afenyo-Markin rejected GoldBod’s claims that its role as an agent of the Bank of Ghana (BoG) shields it from responsibility for losses arising from the country’s gold trading operations.
He added, “Gold Board cannot hide behind accounting technicalities”.
“Gold Board is entitled to make the accounting point that it was purchasing gold on behalf of the Bank of Ghana. But agency does not extinguish operational responsibility,” he said.
“An agent entrusted with billions of cedis or public resources remains responsible for the quality of its execution,” he said.
Afenyo-Markin added, “If an institution earns transaction-based income for purchasing, assaying, and aggregating gold, while the financier bears the underlying trading losses, then increasing transaction volumes may increase the agent’s revenue, even where the overall programme destroys value for the principal”.
“Any responsible government confronted with these 22 billion losses should immediately investigate whether the incentive structure encouraged excessive volumes, inadequate pricing discipline, or insufficient attention to trading costs,” he said.
“We therefore reject any attempt to answer the public concerns merely by pointing to GoldBod’s reported surplus,” he said.
@ghnow_ Minority Leader Alexander Afenyo-Markin has addressed the press in Parliament on concerns over reported losses linked to the Ghana Gold Board (GoldBod), questioning the institution’s financial management and calling for greater scrutiny #GHnow #fyp ♬ original sound – GHnow
@ghnow_ ♬ original sound – GHnow
