Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), has announced that the Domestic Gold Purchase Programme (DGPP) will be audited by an external firm starting from its inception in 2021.
The GoldBod CEO asserted that the International Monetary Fund (IMF) report states that the programme generated losses of GH₵22 billion, equivalent to 1.5% of Ghana’s GDP, in 2025.
He added that the IMF stated that the Bank of Ghana incurred losses of $400 million in 2024 and $1.7 billion in 2025 through the domestic gold purchase programme.
According to Sammy Gyamfi, the audit will cover the entire period of the programme, dating back to 2021.
“An external auditing firm is conducting a special audit of the Domestic Gold Purchase Program from its inception, and the inception is 2021, whose results should be available in 2026 Q3,” he said.
Also, Sammy Gyamfi has dared Minority Leader Alexander Afenyo-Markin to provide evidence where the International Monetary Fund (IMF) blamed GoldBod for the Bank of Ghana losses.
The GoldBod CEO, speaking at the Government Accountability Series, challenged Afenyo-Markin to identify the specific section of the IMF report supporting his claim.
Sammy Gyamfi stated, “I challenge Afenyo-Markin to point to any page, paragraph, sentence, phrase, or punctuation mark in the said reference reports of the IMF where the GoldBod was accused by the IMF as the entity responsible for losses incurred by the Bank of Ghana”.
“Their position has now conveniently changed from the old false narrative that the Gold Board made losses to the new false narrative, which is that the Gold Board is responsible for losses incurred by the Bank of Ghana under the domestic gold purchase program,” he said.
“Ladies and gentlemen, nothing could be further from the truth.”
Sammy Gyamfi asserted that the IMF report states that the Bank of Ghana incurred losses through the sale of gold under the Domestic Gold Purchase Programme, rather than identifying GoldBod as the institution responsible for those losses.
He disclosed that losses were about $400 million in 2024 and $1.7 billion in 2025, arguing that the IMF attributed the 2025 figure to the scaling up of the Domestic Gold Purchase Programme.
“That loss was as a result of the scaling up, the expansion of the programme,” he said.
He further addressed the portion of the IMF findings in which GoldBod features in relation to the reported losses, stressing that the IMF noted that the accounting losses partly reflected valuation effects and identified several components of the losses, including fees paid to GoldBod under the Domestic Gold Purchase Programme.
“This is the true context within which the name of the Gold Board featured relative to losses under the DGPP,” he said.
“Most of the time, they come in the media, and they say the IMF has said that GoldBod has made a loss of $1.7 billion, and nobody questions them to point out which part of the IMF report said that,” he said.
“They say that the IMF says that GoldBod is the reason for the loss, and nobody questions them to provide proof, and we are all talking about the IMF report.”
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