The Minority in Parliament has called on the Ghana Gold Board (GoldBod) to appear before a Parliamentary Inquiry to account fully for the losses identified in the International Monetary Fund (IMF) report on the Bank of Ghana’s (BoG) Domestic Gold Purchase Programme (DGPP).
It said the inquiry was necessary to reconcile the losses identified by the IMF with GoldBod’s own audited financial statements and settle the matter on the basis of facts.
The Minority in Parliament in a statement issued in Accra yesterday and signed by the Deputy Minority Leader, Patricia Appiagyei, and copied to The Ghanaian Times, said “We call on GoldBod to appear before a Parliamentary Inquiry to account fully for the losses identified in the IMF’s report and to reconcile them with its own audited financial statements.”
The call follows a series of exchanges between the Minority and the Chief Executive Officer of GoldBod, Mr Sammy Gyamfi, over the financial position of GoldBod and the DGPP, which GoldBod administers.
The Minority said the losses associated with the programme were not figures invented by its members, but were contained in an official assessment by the IMF, an independent and internationally respected institution.
Madam Appiagyei said the Minority was seeking “a full and transparent reconciliation” of GoldBod’s audited accounts with the losses identified in the IMF report.
She described the matter as a legitimate exercise of parliamentary oversight, particularly because the programme involved significant public resources.
“That is a legitimate matter of parliamentary oversight of a significant public programme, and it deserves a straightforward answer, not a dispute over who is entitled to ask the question,” Madam Appiagyei, said.
Mr Gyamfi, however, has rejected claims that GoldBod recorded the reported losses.
He has maintained that the IMF’s reported loss relates to the BoG’s DGPP and not to GoldBod’s own financial performance.
According to him, GoldBod recorded an operational surplus of GH¢907 million and an overall profit of more than GH¢5.4 billion in 2025.
He explained that GoldBod’s principal responsibility under the programme was to purchase and aggregate gold for the central bank, while the BoG remained responsible for subsequent sales and related decisions.
The Minority Leader, Alexander Afenyo-Markin, and other Minority members have nevertheless continued to demand clarity on the financial implications of the programme.
Madam Appiagyei also expressed concern about personal characterisations allegedly directed at Minority MPs, including the Minority Leader, during the exchanges.
“We will not respond to those characterisations in kind. We state plainly, and without qualification, that the allegations are false, and we reject them entirely,” she said.
The Deputy Minority Leader stressed that parliamentary scrutiny should not be construed as wrongdoing.
“Legitimate scrutiny of a public institution’s operations and finances is a fundamental exercise in accountability,” she said.
Madam Appiagyei said the Minority would pursue the appropriate institutional channels to ensure that public officials observed the standards of civility, restraint and respect expected under Ghana’s Code of Conduct and Ethics for political appointees.
She said the Minority remained committed to raising questions about the management of public assets in a factual and measured manner.
“We will continue to update the public as this matter progresses,” she said, insisting that the final record should be established through parliamentary scrutiny and facts rather than accusations.
BY TIMES REPORTER
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