Full text: Afenyo-Markin responds to Sammy Gyamfi

Minority Leader Alexander Afenyo-Markin has responded to comments made by the Gold Board's Chief Executive Officer, Sammy Gyamfi, during the Government Accountability Series held on August 19. Afenyo-Markin stated that Gyamfi did not deny the existence of a loss of US$1.7 billion (22 billion Ghana cedis) under the Domestic Gold Purchase Programme in 2025, as reported by the IMF. Instead, Gyamfi only disputed the assignment of blame, suggesting that the responsibility lies with whichever State balance sheet the money is on.

The Minority Leader further pointed out that Gyamfi's claim of a GHS1 billion fee income from the programme is based on the Gold Board's statement that it made about GHS133 billion in advances in 2025, and received an assay fee of 0.258% and a service fee of 0.5%. However, Afenyo-Markin argued that this figure does not account for the operational surplus of GHS907 million that the Gold Board posted, making it clear that the operational surplus is smaller than the fee income collected from the losing programme.

Afenyo-Markin also criticized Gyamfi for falsely claiming credit for positive outcomes, such as the 41% cedi appreciation, the increase in reserves from US$8.9 billion to US$13 billion, and the reduction in inflation, while simultaneously describing the Gold Board as a passive agent when it comes to the 22 billion Ghana cedis loss. The Minority Leader highlighted that an institution claiming credit for benefits cannot simultaneously dismiss itself as a passive agent when it comes to the costs.

Additionally, Afenyo-Markin questioned the shifting funding positions of the Gold Board, noting that responsibility for the GANRAP implementation cost shifted from the Bank of Ghana to the Ministry of Finance in July 2026, and that the Gold Board is now seeking to raise funds independently from August 2026 onwards. This series of funding arrangements within six months was viewed with skepticism by the Minority Leader.

Lastly, Afenyo-Markin commented on the tone of Gyamfi's statement, pointing out that the reference to a brothel was inappropriate for a public officer accounting for public funds. He emphasized that the figures provided by the IMF report numbered 26/213, dated August 2026, clearly indicate a financial loss to the Republic, and that Ghanaians had asked for figures but were instead given insults.