GoldBod Denies Responsibility for Domestic Gold Purchase Programme Losses

The Ghana Gold Board (GoldBod) has refuted claims by Minority Leader Alexander Afenyo-Markin that it is responsible for losses under the Bank of Ghana's Domestic Gold Purchase Programme.

According to Sammy Gyamfi, Chief Executive Officer of GoldBod, the claims are 'bereft of facts and common sense.' He stated that GoldBod serves only as a buying agent for the Bank of Ghana and has no role in the subsequent sale of gold under the programme.

Gyamfi explained that GoldBod inherited its role from Precious Minerals Marketing Company (PMMC), which had entered into a Gold Purchase Agreement with the Bank of Ghana in September 2023. PMMC was designated as a buying agent for the central bank, responsible for purchasing and aggregating gold under agreed terms.

The IMF report indicated that the Bank of Ghana's Domestic Gold Purchase Programme recorded losses of more than US$1.7 billion in 2025, equivalent to about 1.5% of Ghana's Gross Domestic Product (GDP).