Sammy Gyamfi rejects $1.7bn loss claim in gold purchase programme

Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), has strongly refuted claims that the institution is responsible for a $1.7 billion loss linked to the Bank of Ghana’s Domestic Gold Purchase Programme. The denial occurred during a heated exchange at a Public Accounts Committee (PAC) hearing, where the committee’s chairperson, Abena Osei-Asare, confronted the CEO with figures suggesting massive financial discrepancies. Gyamfi maintained that the reported losses, which were highlighted in a recent International Monetary Fund (IMF) report, do not reflect the actual financial standing or internal records of the Gold Board.

The confrontation focused on the interpretation of the IMF data, which indicated significant losses within the central bank's gold-buying scheme. Abena Osei-Asare pressed the GoldBod CEO on the accountability of these funds and questioned the institution's role in the reported deficit. Gyamfi criticized the chairperson's assertion, arguing that the $1.7 billion figure cited has 'no expression' in the Gold Board’s financials. He insisted that the losses mentioned in the international report should not be attributed to the institution he leads, effectively distancing GoldBod from the central bank's broader fiscal challenges.

This disagreement underscores the ongoing tension between state agency heads and parliamentary oversight committees regarding the reporting of large-scale financial programmes. The Domestic Gold Purchase Programme was established to help stabilize the national economy, but its execution has faced increasing scrutiny from both domestic auditors and international financial bodies. Gyamfi’s firm rejection of the loss claim suggests a disconnect between the financial assessments provided by the IMF and the specific accounting used by the Ghana Gold Board.

The Public Accounts Committee is expected to proceed with further investigations to clarify the source of the $1.7 billion discrepancy. While the Gold Board has formally denied the losses on its own books, the committee may seek additional testimony from the Bank of Ghana to understand the full scope of the domestic gold programme’s financial impact. The outcome of these hearings will be critical for determining the level of transparency and accountability in the management of Ghana's precious metal reserves.