Abena Osei Asare, the Chairperson of the Public Accounts Committee and former Deputy Finance Minister, has called on President John Mahama to demand accountability over the reported $1.7 billion loss incurred by the Bank of Ghana(BoG) through its dealings with GoldBod cited by the IMF.
According to Abena Osei Asare, the matter requires thorough investigation, stressing that the amount involved is significant and could have been used to support other sectors of the economy to create jobs and improve livelihoods.
Osei-Asare said the alleged loss represented resources that could have been invested in critical sectors such as healthcare.
The PAC Chair argued that recruiting thousands of unemployed nurses with part of the money would have reduced unemployment and generated tax revenue for the state.
She further questioned the discrepancy between the Bank of Ghana’s 2025 financial statement, which reported a US$214 million loss, and the IMF’s Article IV consultation, which put the figure at US$1.7 billion.
Speaking in a video on Tuesday, August 11, 2026, Abena Osei Asare stated, “The Minister of Health is complaining about the fact that he needs GH¢ 6 billion to recruit nurses. And here we are, with approximately GH¢ 22 billion going down the drain”.
“IMF comes, IMF is privy to all the data and everything and says, no, the loss is not US$214 million as recorded, but US$1.7 billion,” she said.
“We expect some transparency. We expect some accountability and not contradiction in numbers, as is being put out there,” she added.
Meanwhile, Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), has debunked claims suggesting the institution is making losses.
The GoldBod CEO argued that the institution is financially sound since it began operations under its current mandate.
According to Sammy Gyamfi, GoldBod’s financial performance is supported by audited accounts, adding that claims suggesting that GoldBod is financially distressed do not reflect the organisation’s actual financial position.
He revealed that their audited financial statements have been made available to the public through the institution’s official website.
Speaking on Twitter Spaces on Sunday, August 9, Sammy Gyamfi stated, “GoldBod has never made a loss, and our audited financial statement is on our site.”
“GoldBod is very financially sound”, he boldly added.
His comment comes on the heels of the International Monetary Fund (IMF) revealing that the Bank of Ghana (BoG) lost $1.7 billion through the Ghana Gold Board (GOLDBOD).
In a post shared by Data Scientist and Policy Analyst, Alfred Appiah, on X detailed that the Bank of Ghana’s losses on its 2025 Domestic Gold Purchasing Programme (DGPP) via GoldBod reached $1.7 billion, far above the previously reported $214 million.
Alfred Appiah also shared an excerpt of the IMF report confirming the scaling of operations led to these losses primarily from G4R doré purchases, service fees, and discounts.
The Policy Analyst in a post detailed, “It turns out the Bank of Ghana lost far more on its domestic gold purchasing programme, implemented through GoldBod, in 2025 than was initially reported.
The $214 million that generated so much discussion was only a fraction of the total. According to the latest disclosures in the IMF report, the Bank of Ghana recorded losses of about $1.7 billion on the programme in 2025, compared with about 400 million dollars in 2024. In effect, the Bank of Ghana lost about 14.5 dollars for every 100 dollars worth of gold purchased in 2025.
To be fair, roughly half of those losses arose from the exchange rate differential between the Bank of Ghana’s accounting exchange rate and the forex bureau rate used to purchase gold from artisanal and small-scale miners.
Even after accounting for that, the losses remain substantial. They are large enough to erode GoldBod’s trading capital and create significant fiscal risks, particularly now that the government intends to make budgetary provisions to support GoldBod’s operations. The government says it will reduce the cost to 5 dollars for every 100 dollars worth of gold purchased. We will have to monitor whether that target is achieved.
In my view, Goldbod also needs to maintain a permanent discount on ASM gold purchases to help offset some of these trading costs. The prices paid for ASM gold are currently among the highest in the region. At the same time, the ASM sector contributes very little in taxes despite accounting for the majority of Ghana’s gold exports, while the environmental destruction from illegal mining continues.
As it stands, we are paying premium prices for galamsey gold while bearing much of the environmental and fiscal cost”.
Watch the video below:
The Chairperson of the Public Accounts Committee and former Deputy Finance Minister, Hon. Abena Osei Asare, has called on the President to demand accountability over the reported $1.7 billion loss incurred by the Bank of Ghana through its dealings with GoldBod, as cited by the… pic.twitter.com/9NnxmxPL8x
— SIKAOFFICIAL🦍 (@SIKAOFFICIAL1) August 11, 2026
@ghnow_ At the ongoing GAFET launch, the Minister for Food and Agriculture, Hon. Eric Opoku, acknowledged and recognised the founding members whose contributions helped lay the foundation for the Ghana Agricultural Fund for Education and Transformation. 🌾🇬🇭 #GHnow #fyp ♬ original sound – GHnow
@ghnow_ The Ghana Agricultural Fund for Education and Transformation (GAFET) officially takes off to support agricultural development, education, and transformation in Ghana. #GHnow #fyp ♬ original sound – BLACKO _ VIBEZ(4GEDA4EVER)🇬🇭
