Minority Leader Sues GoldBod CEO Sammy Gyamfi for GH¢15m Amidst $1.7 Billion Loss Controversy

The Ghana Gold Board (GoldBod) has become the center of an escalating political and legal firestorm following reports of a US$1.7 billion loss linked to the Domestic Gold Purchase Programme (DGPP) in 2025. Minority Leader Alexander Afenyo-Markin has initiated a defamation lawsuit against GoldBod CEO Sammy Gyamfi and the Multimedia Group Limited, seeking GH¢15 million in damages. The suit follows comments made by Gyamfi during a JoyNews broadcast in August 2026, where he allegedly labeled the Minority Leader an "extortionist" after Afenyo-Markin demanded accountability for the board's financial performance. The controversy has deepened with the Alliance for Accountable Governance (AFAG) and the Africa Policy Lens (APL) calling for a forensic investigation into the board's 2025 audited accounts, which reportedly include GH¢78.6 million in questionable expenditures for task forces, legal fees, and entertainment. Additional concerns have been raised by former Deputy Finance Minister Abena Osei-Asare regarding GH¢4.5 billion provided to the board as trade capital, while the Institute of Economic Research and Public Policy (IERPP) has demanded the restoration of quarterly trading reports that were recently removed from the GoldBod website. Amidst these allegations, Dr. Steve Manteaw of the Ghana Extractive Industries Transparency Initiative (GHEITI) defended the board's economic contributions, arguing that the DGPP has been vital in curbing gold smuggling and that the reported costs should be carefully examined before being labeled as outright losses. NDC activists, including Mawulorm Adzasu, have also rallied behind Sammy Gyamfi, praising his willingness to appear before Parliament to clarify the board's operations and urging the public to distinguish between operational costs and broader financial impacts. However, the political discourse remains polarized, with former MP Andrew Egyapa Mercer criticizing what he describes as double standards from the current NDC administration; he noted that financial losses at the Bank of Ghana were labeled criminal by the NDC when they occurred under the previous NPP government but are now being defended. As the Accra High Court prepares to hear the defamation suit, the Mahama administration faces mounting pressure to ensure transparency in the management of Ghana's gold resources, with calls for independent oversight and the publication of off-taker agreements to prevent potential conflicts of interest.