Sammy Gyamfi, Afenyo-Markin Lock Horns Over $1.7bn GoldBod Loss Claim
A fierce war of words has erupted between GoldBod CEO Sammy Gyamfi and Minority Leader Alexander Afenyo-Markin over the reported loss of $1.7 billion in Ghana’s gold purchase programme, with both sides trading sharp accusations.
The dispute stems from the International Monetary Fund (IMF) report indicating that the Bank of Ghana’s (BoG) Domestic Gold Purchase Programme recorded losses exceeding $1.7 billion in 2025, equivalent to about 1.5% of GDP.
The Minority Leader has insisted GoldBod must account for these losses, describing them as “structural bleeding” of the national purse.
Rejection
However, Sammy Gyamfi vehemently rejected claims that GoldBod is responsible, labelling the allegations “barefaced lies” and “bereft of facts and common sense”.
Speaking at the Government Accountability Series on Wednesday, August 19, he declared: “I challenge Afenyo-Markin to point to any page, paragraph, sentence or phrase in the IMF reports, where GoldBod was accused as the entity responsible for losses incurred by the Bank of Ghana”.
Mr Gyamfi explained that GoldBod’s role under the programme was limited to purchasing and aggregating gold as a buying agent, with no involvement in the subsequent sale of gold or determination of selling prices.
He also pointed to a $400 million loss recorded in 2024, questioning: “There was no GoldBod in 2024, who then caused that loss? “. He further challenged Afenyo-Markin to summon him before Parliament formally, stating he is “ready to face you any day, any time”.
Afenyo-Markin fires back
In a sharp rebuttal, Mr Afenyo-Markin argued that Mr Gyamfi’s response effectively confirmed the loss rather than rebutting it.
He took issue with Mr Gyamfi’s language during the accountability series, describing his reference to a “brothel” as inappropriate.
“Finally, a word on tone. The Chief Executive’s reference to a brothel does not belong in a statement issued by a Public Officer accounting for public funds. “Ghanaians asked for figures. They were given insults. The figures are still outstanding “.
The escalating dispute has placed GoldBod’s operations at the centre of a growing political and economic debate, with both sides demanding greater clarity over who ultimately bears the cost of Ghana’s domestic gold purchase programme.
