GoldBod CEO Denies Responsibility for Bank of Ghana Losses

Sammy Gyamfi, CEO of Ghana's Gold Board (GoldBod), has denied claims that his organization was responsible for Bank of Ghana losses under the Domestic Gold Purchase Programme.

Gyamfi stated during a Government Accountability Series on August 19, 2026, that IMF reports did not blame GoldBod for the losses. He argued that the reports cited programme expansion, gold discounts, fees, and exchange-rate losses as factors behind the BoG's $1.7 billion loss in 2025.

Gyamfi accused Minority Leader Alexander Afenyo-Markin of misrepresenting the IMF's findings and called claims against GoldBod a 'new false narrative'. He also pointed out that the IMF's August 4 report attributed losses to significant scaling up of the programme, gold purchases, service and asset fees paid to GoldBod, discounts on gold sold to off-takers, and foreign exchange losses.

Gyamfi emphasized that GoldBod's role as an agent purchasing gold for the BoG did not make it responsible for the central bank's losses. He highlighted that GoldBod's 2025 role was a continuation of the arrangement previously performed by Precious Minerals Marketing Company (PMMC) under a gold purchase agreement signed with the BoG in September 2023.