Business News of 2026-08-28

CFF-Ghana condemns attacks on GoldBod CEO Sammy Gyamfi

The Community Focus Foundation Ghana (CFF-Ghana) has condemned what it describes as deliberate attacks on the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, urging critics to focus on his performance and demand accountability rather than engage in personal attacks.

In a statement issued on Wednesday, August 26, 2026, the Executive Director of CFF-Ghana, Richard Kasu, said recent criticisms directed at Gyamfi were largely coming from members of the opposition New Patriotic Party (NPP), particularly over allegations that GoldBod was responsible for a GH¢22 billion loss under the Domestic Gold Purchase Programme (DGPP).

The controversy intensified after the NPP Minority Leader in Parliament, Alexander Afenyo-Markin, cited an International Monetary Fund (IMF) report and alleged that the programme, implemented through GoldBod, recorded losses of US$1.7 billion, equivalent to about GH¢22 billion, in 2025.

The Minority has demanded further explanations from GoldBod and stated that it will continue to pursue the matter as part of its accountability responsibilities.

In response to the claims, Sammy Gyamfi strongly rejected the allegation, insisting that GoldBod itself did not record any operational loss in 2025.

According to him, the Auditor-General’s audited financial statements for the year ended December 31, 2025, showed an operational surplus of GH¢907 million and an overall surplus of more than GH¢5.4 billion.

Further responding to the allegation at the Government Accountability Series in Accra, Gyamfi challenged the Minority Leader to identify any part of the IMF report that specifically blamed GoldBod for the losses.

He explained that the IMF report attributed the US$1.7 billion loss to the Bank of Ghana under the DGPP, with GoldBod’s fees being only one component considered in the accounting of the programme.

Gyamfi further explained that GoldBod, previously known as the Precious Minerals Marketing Company, operated as the Bank of Ghana’s gold-buying agent under an agreement signed in 2023.

He said GoldBod properly accounted for the GH¢133 billion it received in 2025 to buy gold and, therefore, should not be blamed for losses the central bank later made when selling the gold.

CFF-Ghana, in the statement, said although public officials must be subjected to legitimate scrutiny, criticism should be based on facts and should not degenerate into personal attacks or partisan campaigns.

The Foundation commended Gyamfi’s performance during the accountability series and urged him to remain focused on his mandate, stressing that Ghana needs young and committed leaders who are prepared to serve the public interest.

It warned that persistent attacks based on speculation, misinformation or partisan interests could discourage capable young Ghanaians from accepting public responsibilities.

CFF-Ghana therefore called on stakeholders to demand transparency and measurable results from GoldBod while allowing its management the space to work.

The organisation said GoldBod should continue to account for its stewardship and welcomed Gyamfi’s position that the institution was prepared to appear before Parliament to answer questions concerning its financial and operational performance.

CFF-Ghana urged all sides to pursue constructive criticism and evidence-based accountability, stressing that strengthening public institutions rather than unnecessarily attacking individuals was in the interest of Ghana’s development.