GoldBod Under Pressure to Explain Billions Lost in Gold Purchase Programme

The Ghana Gold Board (GoldBod) is facing mounting pressure to account for its role in the Bank of Ghana's Domestic Gold Purchase Programme (DGPP). The programme, which aimed to rebuild Ghana's international reserves and support the foreign exchange market, has been criticized by the Minority in Parliament. According to Deputy Minority Leader Patricia Appiagyei, GoldBod cannot distance itself from questions surrounding billions of dollars in gold transactions undertaken on behalf of the central bank.

The IMF reported that the BoG purchased $7.6 billion worth of gold through the programme up to August 2025, including about $5 billion of doré gold from artisanal and small-scale miners. GoldBod was involved in the purchasing and related activities under the arrangement. The Minority has interpreted the latest IMF findings as pointing to approximately $1.7 billion in under-recoveries associated with the programme.

GoldBod's CEO, Sammy Gyamfi, has rejected the Minority's characterization of the figures, describing claims that GoldBod incurred a $1.7 billion loss as false. He argued that GoldBod's audited 2025 financial statements show an operational surplus of GH¢907 million and an overall surplus of GH¢5.4 billion.

The Minority is demanding greater disclosure of the pricing mechanisms, discounts, premiums, fees, off-taker arrangements, and other commercial terms underpinning the transactions. They also want clarity on the relationship between GoldBod and the BoG, particularly why the central bank should bear the financial risk where GoldBod was involved in the operational chain.