The Minority in Parliament, led by Kojo Oppong Nkrumah, Member of Parliament for Ofoase Ayirebi, is demanding a bipartisan parliamentary probe into BoG-GoldBod $214m loss.
It must be noted that the International Monetary Fund (IMF) has raised concerns over the reported losses of Goldbod.
The IMF described them as a potential risk to Ghana’s macroeconomic stability.
They further attributed the losses to transactions involving artisanal and small-scale mining, dore gold and referenced alleged “GoldBod off-taker fees.”
According to Kojo Oppong Nkrumah, they in the minority believes state money is being used to buy galamsey gold.
Addressing journalists in Accra on Monday, December 29, Kojo Oppong Nkrumah called for a bipartisan investigation into the operation of Goldbod.
He stated that a parliamentary ad-hoc committee should conduct a bipartisan investigation into all contracts, licenses, intermediaries, and related entities of the Goldbod.
He further noted that Ghana has lost $214 million, heading to $300million under the Bank of Ghana and the Ghana Gold Board and urged the committee to call on the two institutions to disclose their fee structures, pricing formulas, aggregator selection criteria, and foreign exchange arrangements.
Speaking to journalists in Accra, Kojo Oppong Nkrumah stated, “We are demanding the following: a bipartisan parliamentary inquiry into the circumstances under which the Republic of Ghana has lost $214 million, heading to $300million, to be done here by the parliament of Ghana. We are asking for a parliamentary ad hoc investigative committee with the power to subpoena all contracts, licences, intermediaries, including this power rock monopoly.
“Under this bipartisan enquiry, we will be expecting the BoG and the GoldBod to publish the fee structure, the pricing formula, the aggregator selecting criteria and all foreign exchange arrangements that they have tied to this scheme, which has led to this loss.
“…One of the things we will be asking for is the suspension of permits in forest reserves and the introduction of serious measures on traceability because, as at now, we have every reason to believe that state money is being used to buy Galamsey gold…Where negligence or corruption is proven, prosecutions must follow, and all recoverable funds must be given back to the state,” Nkrumah stated.
However, the CEO of GoldBod, Sammy Gyamfi, has denied incurring any losses, describing the IMF claims as inaccurate.
In a response issued by Sammy Gyamfi, he disclosed that GoldBod expects an income surplus of no less than 600 million cedis for the 2025 financial year and clarified that it does not charge off-taker fees.
Sammy Gyamfi further detailed that GoldBod’s role is limited to purchasing, assaying, and exporting gold on behalf of the Bank of Ghana, adding that all trading and sale agreements with off-takers fall under the central bank’s mandate.
He further highlighted that the success of the GoldBod, which he revealed contributed over 10 billion dollars in foreign exchange in 2025 through the purchase of more than 100 tonnes of artisanal and small-scale mining gold for the Bank of Ghana.
Sammy Gyamfi added that the purchasing output from large-scale mining companies has helped boost Ghana’s foreign reserves and strengthen the cedi.