Parliament to Probe $1.7 Billion GoldBod Controversy Amid NPP Allegations of Financial Mismanagement

The Speaker of Parliament, Alban Bagbin, has announced a formal investigation into a reported US$1.7 billion (GH¢22 billion) financial impact involving the Ghana Gold Board (GoldBod) and the Domestic Gold Purchase Programme (DGPP). The inquiry follows a motion from the Minority in Parliament seeking clarity on whether this figure represents a genuine financial loss or an operational cost of government policy. Speaker Bagbin confirmed that the motion, filed on August 21, 2026, will allow lawmakers to scrutinize the transactions and the role of GoldBod CEO Sammy Gyamfi, ensuring that the public receives a transparent accounting of the state's gold trading activities.

The opposition New Patriotic Party (NPP) has aggressively challenged the government's management of the sector, with Deputy General Secretary Haruna Mohammed and National Organiser Henry Nana Boakye demanding full accountability. The NPP argues that the US$1.7 billion loss reported by the IMF could have funded critical national infrastructure, such as the Agenda 111 hospital project. Furthermore, the party has accused GoldBod of enabling illegal mining (galamsey) by maintaining a gold-buying system with weak traceability, which allegedly allows illegally mined gold to enter the formal market. NPP officials emphasized that they will utilize all parliamentary avenues to ensure the truth behind these financial discrepancies is uncovered.

In defense of the program, Majority leadership, including outgoing leader Mahama Ayariga and incoming leader James Agalga, maintains that the DGPP has been instrumental in stabilizing the cedi and containing inflation. Agalga refuted claims of a loss, citing an Auditor-General’s report that suggests GoldBod recorded a surplus exceeding GH¢4 billion. While expressing openness to an investigation, the Majority advocates for a broader probe that extends back to 2021, covering the program's inception under the previous administration. They argue that the current financial implications are strategic costs necessary for building national reserves rather than evidence of mismanagement.

The controversy is further complicated by concerns over transparency and intensifying political legal battles. The Institute of Economic Research and Public Policy (IERPP) has accused GoldBod of breaching the Ghana Gold Board Act, 2025, by allegedly removing quarterly trading reports from its website. This lack of disclosure has prompted calls for the restoration of public access to financial records. Amidst these institutional tensions, Minority Leader Alexander Afenyo-Markin has initiated a defamation suit against CEO Sammy Gyamfi following allegations of extortion. As Parliament prepares to convene its probe, the outcome is expected to have significant implications for Ghana’s financial governance and the future of its strategic gold reserves.