Afenyo-Markin Sues GoldBod CEO Sammy Gyamfi as OSP Evaluates Extortion Allegations Amid $1.7bn Loss Controversy

The political atmosphere in Ghana has intensified as Minority Leader Alexander Afenyo-Markin initiates legal action against Sammy Gyamfi, Chief Executive of the Ghana Gold Board (GoldBod). The dispute, which centers on a reported US$1.7 billion (GH₵22 billion) loss within the Bank of Ghana’s Domestic Gold Purchase Programme (DGPP), has shifted from parliamentary debate to a high-stakes legal and investigative battle. While the Minority Caucus demands a full-scale inquiry into what they describe as significant financial mismanagement, Gyamfi has countered with explosive allegations of extortion against Afenyo-Markin, prompting the Office of the Special Prosecutor (OSP) to begin a preliminary assessment of the claims.

The controversy stems from an IMF report suggesting substantial government losses linked to gold transactions managed by GoldBod and the Bank of Ghana in 2025. Afenyo-Markin and the Minority Caucus have filed a fresh motion for an ad hoc committee to investigate these figures, challenging the transparency of the DGPP and calling for Gyamfi to testify. However, GoldBod officials and some majority members have vehemently rejected the "loss" narrative. Outgoing Majority Leader Mahama Ayariga defended the operations, arguing that the expenditures were necessary costs for stabilizing the cedi and curbing inflation. Similarly, while Deputy Ranking Member on Finance Dr. Gideon Boako questioned GoldBod’s recent GH₵907 million profit claim by citing an alleged GH₵1 billion central bank overdraft, GoldBod has dismissed these debt allegations as malicious.

In response to the Minority’s calls for accountability, Sammy Gyamfi publicly labeled Afenyo-Markin an "extortionist," claiming to possess evidence and daring the Minority Leader to take legal action. Afenyo-Markin has since filed two defamation suits—one at the Accra High Court against Gyamfi and the Multimedia Group, and another at the Achimota Circuit Court against Eric Adjei and Peace FM. The Minority Leader stated he is "ready to submit" himself to any investigation by the Ghana Police or the OSP to clear his name, urging his accusers to provide formal evidence rather than relying on public commentary. Meanwhile, the OSP confirmed on August 24, 2026, that it is reviewing multiple petitions to determine if the extortion allegations fall within its statutory mandate for a full investigation.

The political fallout has seen the Minority Caucus rally behind Afenyo-Markin, with MPs like Professor Kingsley Nyarko describing Gyamfi’s remarks as a diversionary tactic. Speaker of Parliament Alban Bagbin has acknowledged the Minority’s motion for a probe into the DGPP but clarified that the debate must be postponed until after the current emergency session, which is focused on items requested by President John Mahama. As the OSP evaluates the jurisdictional merits of the extortion claims and the courts prepare to hear the defamation suits, the case underscores a deepening divide over the management of Ghana’s natural resource wealth and the boundaries of parliamentary oversight.