Sammy Gyamfi, the CEO of the Ghana Gold Board (GoldBod), and Alexander Afenyo-Markin, the Minority Leader, have been engaged in a heated argument. Mr. Gyamfi has once again retaliated against the Minority Leader for criticizing GoldBod’s financial performance.
On Saturday, August 22, 2026, Sammy Gyamfi questioned GoldBod’s performance on JoyNews’ Newsfile, challenging Afenyo-Markin to look at his own record in public office.
He maintained that despite Afenyo-Markin’s involvement in the management of public institutions that sold necessities like power and water, those organizations continued to report losses.
He claims that Afenyo-Markin continued to lose money while selling electricity and water. The statement is a part of a larger accounting and political controversy around the estimated US$1.7 billion (about GH¢22 billion) loss related to Ghana’s Domestic Gold Purchase Program (DGPP) in 2025.
Afenyo-Markin has argued that the question is whether the Ghanaian government actually lost money as a result of the initiative, not only if the loss shows up on GoldBod’s own records.
The Minority Leader claimed that GoldBod’s answer did not refute the IMF’s reported US$1.7 billion loss in response to a previous remark made by Sammy Gyamfi. The dispute, he claimed, was over whether state institution should be held accountable for the loss.
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Afenyo-Markin also cited GoldBod’s stated program fees, claiming that the organization recorded an operational surplus of roughly GH¢907 million while earning about GH¢1 billion in fees. He questioned the institution’s decision to celebrate such excess in light of the program’s overall considerably greater loss.
However, Sammy Gyamfi has repeatedly denied that GoldBod lost GH¢22 billion.
According to JoyNews Research, the IMF did record losses of over US$1.7 billion under the Domestic Gold Purchase Program, although GoldBod served as a paid buying agent and the loss was ascribed to the Bank of Ghana’s program.
The fact-check claims that GoldBod’s audited 2025 finances showed a GH¢22 billion surplus rather than a trading loss.
The ongoing political debate revolves around this divide.
Sammy Gyamfi maintains that the GH¢22 billion cannot just be called a GoldBod loss, while Afenyo-Markin is calling for accountability for the claimed state loss.