Sammy Gyamfi cites audit report to reject Afenyo-Markin's GoldBod loss claims

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has dismissed claims by Minority Leader Alexander Afenyo-Markin that the institution has recorded losses.

In a Facebook post on August 17, 2026, Gyamfi described the claims as “a blatant lie” and said they were based on what he termed the “hallucinatory imagination” of the Minority Leader.

He cited page 16 of GoldBod’s audited Annual Report and Financial Statements for the year ended December 31, 2025, which he said recorded an operational surplus of GH¢907 million and an overall surplus of GH¢5.4 billion.

GoldBod is a major scandal waiting to happen – Afenyo-Markin claims

“The blatant lie being persistently peddled by Afenyo Markin that the GoldBod has made losses, is only a figment of his hallucinatory imagination. What a joke of a Minority Leader he is,” Gyamfi wrote.

He further pointed to the audited financial statements as evidence to counter the Minority Leader’s position, stressing that the figures were contained in the official report.

“For the avoidance of doubt, this audit report was prepared and published by the Auditor-General of the Republic of Ghana. Facts are sacrosanct,” he added.

Background

The comments follow criticism from Afenyo-Markin over the financial performance of GoldBod and the country’s gold purchasing operations.

Speaking on Peace FM on Monday, August 17, 2026, the Minority Leader questioned the commercial rationale behind reported losses associated with the programme, arguing that an institution whose core mandate is to buy and sell gold should be able to operate profitably.

“If you sell gold and make a loss, then you are not a good trader,” he said, in an apparent criticism of GoldBod’s management.

His comments come amid an ongoing debate over the financial performance of the Bank of Ghana’s Domestic Gold Purchase Programme, which is implemented through GoldBod.

The International Monetary Fund (IMF) previously reported a US$214 million loss associated with the programme. GoldBod, however, rejected the suggestion that the amount represented a loss incurred directly by the Board.

Despite the clarification, Afenyo-Markin has maintained his concerns about the institution’s operations and called for greater scrutiny of its financial dealings.

The Minority Leader had previously warned that GoldBod could become a major scandal if questions surrounding its operations were not properly addressed.

He also cautioned the management of the institution over what he described as issues that were not yet known to the public, urging them to “be careful.”

GoldBod was established to regulate Ghana’s gold trading industry and strengthen the country’s participation in the gold value chain.

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