The GoldBod $1.7bn loss controversy has intensified after Ghana Gold Board (GoldBod) Chief Executive Officer Sammy Gyamfi rejected claims that the institution was responsible for the US$1.7 billion loss recorded by the Bank of Ghana (BoG) under the Domestic Gold Purchase Programme (DGPP) in 2025.
The dispute has become a major political and economic talking point in Ghana, with the Minority in Parliament demanding accountability from GoldBod while Sammy Gyamfi insists that the figures being attributed to the institution are misleading. The disagreement centres on how the losses reported under the DGPP should be interpreted and whether they can properly be described as losses incurred by GoldBod.
GoldBod $1.7bn loss claims spark political clash
The controversy intensified after the Minority in Parliament challenged GoldBod to account for what it described as more than US$1.7 billion in losses connected to gold trading operations in 2025.
Graphic Online reported that the Minority put the value of the alleged loss at approximately GH¢22 billion and argued that GoldBod could not take credit for gains associated with the gold programme while distancing itself from costs and losses arising from the same transactions. (Graphic Online)
The Minority’s position has placed the management of Ghana’s gold purchasing arrangements under renewed public scrutiny, particularly because of the large sums involved and the importance of gold to Ghana’s foreign-exchange earnings.
GoldBod $1.7bn Loss: Sammy Gyamfi rejects the allegation
Sammy Gyamfi has strongly disputed the characterisation of the US$1.7 billion figure as a GoldBod loss.
Speaking at the Government Accountability Series on Wednesday, August 19, he challenged Minority Leader Alexander Afenyo-Markin to identify where in the International Monetary Fund’s report GoldBod was accused of causing the loss. Citi Newsroom reported that Gyamfi described the allegation that GoldBod incurred the US$1.7 billion loss as false.
MyJoyOnline similarly reported that Gyamfi rejected the suggestion that the IMF had directly attributed the loss to GoldBod. He argued that the relevant losses were recorded by the Bank of Ghana under the Domestic Gold Purchase Programme rather than being a loss attributable to GoldBod itself.
What is behind the BoG $1.7bn loss?
At the centre of the dispute is the Domestic Gold Purchase Programme, a policy through which the Bank of Ghana purchased gold domestically.
Citi Newsroom reported that the IMF document referenced in the political debate stated that the Bank of Ghana recorded US$1.7 billion in losses under the programme in 2025. GoldBod, however, disputes the interpretation that this means the Ghana Gold Board itself incurred a US$1.7 billion loss.
The distinction is important because GoldBod and the Bank of Ghana are separate institutions with different responsibilities, even though their activities have been connected through Ghana’s domestic gold purchasing framework.
GoldBod says it has raised fresh financing
As the controversy continues, GoldBod has also highlighted its recent financing activities.
According to Graphic Online, Sammy Gyamfi said GoldBod had raised more than US$450 million from commercial banks and gold offtakers since March 2026 to finance gold purchases without relying on funding from the Bank of Ghana. (Graphic Online)
GoldBod’s position is therefore that its current financial operations should not automatically be equated with the historical losses recorded by the central bank under the DGPP.
Minority demands answers from GoldBod
Despite GoldBod’s defence, the Minority has continued to press for answers.
The Minority Caucus called on GoldBod the Minority is seeking an ad hoc committee to investigate the matter, adding another layer to the dispute between the opposition and GoldBod management.
The disagreement has consequently moved beyond a simple debate over GoldBod’s financial performance and into a wider argument about accountability, the management of Ghana’s gold resources and the financial implications of the country’s gold purchasing policy.
GoldBod controversy could face further scrutiny. The issue may not end with the competing statements from the Minority and GoldBod.
That audit could provide additional information about the financial history of the programme and help clarify the distinction between losses recorded by the Bank of Ghana and GoldBod’s own financial position.
For now, the central point remains contested: the US$1.7 billion figure is confirmed as a loss associated with the Bank of Ghana’s Domestic Gold Purchase Programme, but the claim that GoldBod itself incurred that loss is disputed by GoldBod’s CEO.
GoldBod $1.7bn Loss: Sammy Gyamfi Fires Back – Key details at a glance
• The controversy involves a reported US$1.7 billion loss under the Bank of Ghana’s Domestic Gold Purchase Programme in 2025. (CitiNewsroom.com)
• The Minority has described the figure as a loss associated with GoldBod’s gold trading operations and is demanding accountability. (Graphic Online)
• GoldBod CEO Sammy Gyamfi rejects the claim that GoldBod incurred the US$1.7 billion loss. (MyJoyOnline)
• Gyamfi says GoldBod recorded a GH¢5.4 billion surplus in 2025. (Graphic Online)
• GoldBod says it has raised more than US$450 million from commercial banks and gold offtakers since March 2026. (Graphic Online)
• An external audit is examining the Domestic Gold Purchase Programme from 2021. (CitiNewsroom.com)
FAQ
Did GoldBod lose $1.7 billion?
This is disputed. The US$1.7 billion figure refers to losses recorded by the Bank of Ghana under the Domestic Gold Purchase Programme in 2025. GoldBod CEO Sammy Gyamfi rejects the claim that the loss should be attributed directly to GoldBod. (MyJoyOnline)
What is Sammy Gyamfi saying about the GoldBod loss?
Sammy Gyamfi says the IMF report did not accuse GoldBod of causing the Bank of Ghana’s US$1.7 billion loss. He has challenged critics to identify where the IMF made such an attribution. (CitiNewsroom.com)
Is GoldBod being investigated over the $1.7bn claim?
The Minority is demanding further scrutiny and has called for an ad hoc parliamentary committee, while an external audit is examining the Domestic Gold Purchase Programme dating back to 2021. (CitiNewsroom.com)
The GoldBod $1.7bn loss controversy is therefore still developing, with the opposition demanding accountability and GoldBod strongly disputing the claim that the reported Bank of Ghana loss belongs to the institution. The outcome of the ongoing audit and any parliamentary investigations could provide greater clarity on how the losses arose and which institution should bear responsibility.
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Other sources corroborated:
MyJoyOnline — GoldBod $1.7bn loss report
Citi Newsroom — Minority seeks probe into $1.7bn GoldBod loss
