Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has defended the institution’s role in Ghana’s Domestic Gold Purchase Programme (DGPP), insisting that its responsibilities in 2025 were merely a continuation of those previously performed by the defunct Precious Minerals Marketing Company (PMMC) as a gold-buying agent for the Bank of Ghana (BoG).
Speaking during his Government Accountability Series on Wednesday, August 19, 2026, Gyamfi said the arrangement was governed by a Gold Purchase Agreement signed between PMMC and the BoG in September 2023, at a time when he was the National Communications Officer of the opposition National Democratic Congress (NDC).
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He said the agreement clearly defined the institution’s role as limited to purchasing gold for the central bank on agreed terms.
“GoldBod’s role under the Domestic Gold Purchase Programme in 2025 was simply a continuation of the inherited role of the defunct PMMC,” Gyamfi said, adding that the institution operated strictly within the terms of the 2023 Gold Purchase Agreement.
According to him, PMMC, which subsequently became GoldBod, fully accounted for all advances it received to purchase gold on behalf of the BoG.
He said the total advances amounted to approximately GH¢133 billion, stressing that the funds were provided specifically for gold purchases in the capacity of a buying agent.
“PMMC, later GoldBod, fulfilled this obligation in strict accordance with its obligations under the 2023 Gold Purchase Agreement and fully accounted for all advances it was given in 2025, a total of about GH¢133 billion,” he stated.
Gyamfi further argued that GoldBod had no involvement in the subsequent sale of the gold purchased under the programme.
He said the institution was neither a signatory to any offtake agreements nor responsible for determining the selling prices or other terms governing the sale of the commodity by the BoG.
“GoldBod had no role in the sale of gold by the Bank of Ghana under the Domestic Gold Purchase Programme,” he said, arguing that responsibility for any losses arising from the sale could therefore not be attributed to GoldBod merely because it had acted as a buying agent.
The GoldBod CEO also cited an IMF report which, according to him, indicated that the Bank of Ghana incurred a loss of about US$400 million from gold sales under the Domestic Gold Purchase Programme in 2024.
He noted that GoldBod did not exist in that year and consequently challenged Majority Leader Alexander Afenyo-Markin to explain who should be held responsible for the reported loss.
“There was no GoldBod in 2024. Who then caused that loss? Can Afenyo-Markin answer this simple question?” Gyamfi asked.
ANAS/MA
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