GoldBod loss claims should be tested before Parliament rather than repeated at press conferences, Chief Executive Officer Sammy Gyamfi has told Minority Leader Alexander Afenyo Markin.
Mr Gyamfi said he was ready to appear before any parliamentary committee to account for the Ghana Gold Board’s operations and challenge allegations that the institution incurred losses through gold trading.
Speaking at the government’s Accountability Series on Wednesday, August 19, he said he was “waiting with bated breath” for an invitation.
“I don’t know why he’s delaying and holding press conferences when, as Minority Leader, he can get the Public Accounts Committee to summon me tomorrow or today, and I will appear.” - GoldBod CEO
Gyamfi pushes for committee hearing
The GoldBod CEO rejected suggestions that Parliament would need to adopt a special motion before examining the matter.
He argued that the Public Accounts Committee already had the authority to invite officials and question them about the use of public resources.
“You don’t need any special motion; you don’t need any special order by the Speaker. Just get the Public Accounts Committee to invite us,” Mr Gyamfi said.
He disclosed that he had contacted new Majority Leader James Agalga and asked him to facilitate an appearance if Mr Afenyo Markin failed to do so.
Mr Gyamfi said he wanted an opportunity to demonstrate publicly “where the Gold Board made losses or how the Gold Board is to blame for losses made by another institution.”
Dispute over US$1.7 billion figure
The political argument intensified after reports linked about GH¢22 billion, roughly US$1.7 billion, in 2025 losses to the Domestic Gold Purchase Programme.
The figure relates to quasi fiscal costs incurred under the Bank of Ghana’s programme, equivalent to about 1.5 per cent of gross domestic product. The IMF has called for the programme’s full transfer to GoldBod to shield the central bank from further financial risks.
That is the distinction at the centre of the dispute. GoldBod denies that costs recorded on the central bank’s balance sheet amount to losses in its own financial accounts.
The institution has previously cited its 2025 audited statements, which it says show a GH¢909.7 million operational surplus and a GH¢5.44 billion overall surplus.
Calls for investigation persist
Public Accounts Committee Chairperson and Atiwa East MP Abena Osei Asare has called on President John Dramani Mahama to order an investigation into the reported losses.
She said scrutiny was required to determine how the costs arose and whether public funds were adequately protected.
Mr Gyamfi insists he is not resisting that scrutiny. His message to Parliament was blunt: invite him, place the figures on the table and let the evidence settle the argument.
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