PAGA demands answers over US$1.7 billion gold purchase programme loss

The People’s Alliance for Governance and Accountability (PAGA) has demanded full disclosure from the government, the Bank of Ghana (BoG) and the Ghana Gold Board (GoldBod) over a reported US$1.7 billion loss linked to the bank’s Domestic Gold Purchase Programme in 2025.

In a statement dated August 24, 2026, PAGA said the debate over which institution’s balance sheet carries the loss was a distraction, arguing that the financial burden would ultimately be borne by the Ghanaian taxpayer.

“The argument over which institution’s balance sheet carries the loss is a distraction. Whether it appears in the accounts of GoldBod, the Bank of Ghana or another state institution, it remains a loss to Ghana,” the group said.

PAGA questioned the identity of the off-takers of Ghana’s gold, the discounts granted on the transactions, fees paid to GoldBod and other intermediaries, as well as the pricing and foreign exchange arrangements used under the programme.

The group also demanded an explanation as to why gold was allegedly sold at a discount, despite GoldBod’s position as the central aggregator in the domestic gold market.

It further asked the government to disclose how much of the reported loss resulted from foreign exchange differentials and identify the officials who approved the pricing, trading and foreign exchange arrangements.

PAGA said claims that the gold purchase programme helped strengthen the cedi, build reserves and curb gold smuggling could not be used to justify what it described as financial indiscipline.

“Building reserves and strengthening the cedi may be worthy goals, but they do not excuse losses, weak controls or secretive transactions,” the statement said.

The organisation called on President John Dramani Mahama to ensure that the reported losses do not become a recurring feature of Ghana’s public finances.

It is demanding a complete and reconciled account of the programme, publication of the relevant audited financial statements, disclosure of off-takers, discounts, fees and beneficiaries, as well as the identification of officials responsible for transactions that resulted in avoidable losses.

PAGA also called for firm safeguards to prevent further financial losses, warning that future losses could be significantly higher.

Extortion allegation against Minority Leader

PAGA also waded into the controversy surrounding an allegation by GoldBod Chief Executive Officer Sammy Gyamfi against the Minority Leader in Parliament, Alexander Afenyo-Markin.

According to PAGA, Gyamfi has publicly described Afenyo-Markin as an “extortionist” and challenged him to take legal action, indicating that he was prepared to defend the allegation with evidence.

PAGA described the allegation as serious and urged the Minority Leader to directly address it to protect his reputation and credibility as the leader of the parliamentary Minority.

“The Minority Leader must clear his name immediately,” PAGA said, urging him to explain whether he had ever demanded money, a private settlement, personal benefit or favour from Gyamfi or anyone connected to GoldBod.

The group also called on Afenyo-Markin to clarify any private meetings or communications he may have had with the GoldBod CEO and whether he had participated in what Gyamfi allegedly described as “compulsory arbitration.”

At the same time, PAGA demanded that Gyamfi produce the evidence supporting the extortion allegation.

“Sammy Gyamfi must also understand that such an allegation cannot remain a political weapon. If he has evidence, he must place it before the public and the appropriate authorities,” the statement said.

PAGA wants the GoldBod CEO to disclose what was allegedly demanded, when and where the demand was made, the person to whom it was communicated, the benefit allegedly sought and any messages, recordings, documents or witnesses supporting the claim.

The organisation also urged the Minority Caucus to take the allegation seriously and establish whether it has sought an explanation from its leader.

PAGA said both men owe Ghanaians a clear account of the matter, insisting that public officials must rely on facts, records and evidence rather than political exchanges.

“Either the Minority Leader attempted to extort the GoldBod CEO or he did not. Either Gyamfi has evidence or he does not. Both men owe the country the truth,” PAGA stated.

The group further demanded that the Ministry of Finance, the Bank of Ghana and GoldBod publish a reconciled account of the gold purchase programme, explain their financial relationship under the programme and ensure that officials responsible for any avoidable losses are held accountable.

“Ghana cannot fight corruption through insults, threats and competing press conferences. Accountability requires facts, records, evidence and consequences,” PAGA said.

The organisation concluded by calling for all relevant records, messages and communications relating to both the gold transactions and the extortion allegation to be made available for proper examination.

Source: otecfmghana.com
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