GoldBod CEO challenges Afenyo-Markin over US$1.7bn gold loss claims
By Amoako Kwame The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has challenged Minority Leader Alexander Afenyo-Markin to explain who was responsible for the alleged US$1.7 billion loss recorded under the Bank of Ghana’s Domestic Gold Purchase Programme in 2025. Mr Gyamfi rejected claims that GoldBod was responsible for the reported […]
Ghana Gold Board CEO Sammy Gyamfi has refuted claims by Minority Leader Alexander Afenyo-Markin about a US$1.7 billion loss associated with the Bank of Ghana's Domestic Gold Purchase Programme. Gyamfi stated that GoldBod, established in 2025, was not responsible for the losses incurred during the period before its existence. He criticized the Minority's interpretation of the International Monetary Fund's findings, stating that the losses attributed to GoldBod were a misrepresentation of the facts.
The losses, which represent about 1.5% of Ghana's GDP, are attributed to broader gold trading arrangements rather than a direct operational loss by GoldBod. Gyamfi further explained that the losses include service and passive fees paid to GoldBod, discounts on goods sold to off-takers, and exchange rate losses. The dispute has intensified political tensions over the financial implications of the domestic gold purchasing programme, with both sides seeking greater transparency and accountability.
Written by urgent.news from GBC Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
