CEO of GoldBod, Sammy Gyamfi (R) and Minority Leader, Alexander Afenyo-Markin (L)

Ghana Gold Board (GoldBod) Chief Executive Officer Sammy Gyamfi has dared Minority Leader Alexander Afenyo-Markin to take legal action over his description of him as an “extortionist”, as their dispute over the reported US$1.7 billion loss under the Domestic Gold Purchase Programme (DGPP) intensifies.

The latest exchange has escalated a growing political and financial dispute between the two, with Mr Gyamfi insisting that the Minority Leader has engaged in a sustained campaign against him and GoldBod.

Mr Gyamfi made the comments during an appearance on JoyNews’ Newsfile programme on Saturday, August 22, 2026, where he defended his earlier remarks and rejected suggestions that he had insulted Mr Afenyo-Markin.

‘I never insulted him’

Mr Gyamfi said he did not consider his comments an insult and maintained that his response was triggered by what he described as personal and unfounded allegations against him.

According to the GoldBod CEO, Mr Afenyo-Markin’s criticisms went beyond ordinary political debate and sought to damage his reputation.

“I never insulted him. And nobody can show me one word that I used that was insulting,” Mr Gyamfi said.

He invoked Newton’s Third Law of Motion to explain his approach, saying that every action produces an equal and opposite reaction.

“Afenyo-Markin got the response he deserved,” he added.

‘I dare him to sue me’

Mr Gyamfi also challenged Mr Afenyo-Markin to take him to court if he believes the allegation of extortion is defamatory.

The GoldBod boss said he was prepared to defend his comments and insisted that he had reasons for describing the Minority Leader’s conduct as an attempt to exert pressure on him.

He accused Mr Afenyo-Markin of pursuing what he described as a “persistent, sustained smear campaign” against his person and GoldBod.

Mr Gyamfi argued that political criticism is legitimate, but said it should not be accompanied by allegations that could unfairly damage an individual’s reputation.

The dispute started over the US$1.7bn loss

The confrontation between the two politicians and public officials stems from disagreement over a reported US$1.7 billion loss, equivalent to about GH¢22 billion, associated with the Bank of Ghana’s Domestic Gold Purchase Programme in 2025.

Mr Afenyo-Markin has repeatedly demanded accountability over the reported loss and has argued that the fact that the loss may appear on the Bank of Ghana’s books rather than GoldBod’s does not remove the need to account for the public funds involved.

The Minority Leader has also questioned GoldBod’s reported GH¢907 million operational surplus, arguing that the figure should be considered alongside the fees GoldBod received for its role in the programme.

He said GoldBod accounted for about GH¢133 billion in advances during 2025 and received an assay fee of 0.258 per cent and a service fee of 0.5 per cent.

Gyamfi rejects the loss claim

Mr Gyamfi has strongly rejected the suggestion that GoldBod itself recorded a US$1.7 billion loss.

He has argued that the reported loss was incurred by the Bank of Ghana in connection with the Domestic Gold Purchase Programme and that the IMF did not identify GoldBod as the institution responsible for the loss.

He has challenged Mr Afenyo-Markin to identify the specific page, paragraph or passage in the IMF report where GoldBod is blamed for the reported loss.

GoldBod has instead pointed to its audited financial statements for the year ended December 31, 2025, which it says recorded an operational surplus of GH¢907 million and an overall surplus of more than GH¢5.4 billion.

‘You sold water and electricity and still made losses’

In defending himself, Mr Gyamfi has also turned the spotlight on Mr Afenyo-Markin’s previous roles on the boards of state-owned utility companies.

He cited reported cumulative losses at Ghana Water Limited and the Electricity Company of Ghana (ECG) during periods when Mr Afenyo-Markin served on their boards.

Mr Gyamfi questioned why Mr Afenyo-Markin could criticise him over the GoldBod controversy while his own record in relation to state-owned enterprises was also open to scrutiny.

He argued that raising those figures was not an insult but part of what he considers fair public scrutiny.

“Just like he can criticise me, he’s also not beyond reproach,” Mr Gyamfi said.

Afenyo-Markin maintains pressure

Mr Afenyo-Markin has not backed down from his demand for accountability.

In a response issued after Mr Gyamfi’s earlier remarks, the Minority Leader maintained that the central issue was the reported loss of public funds, regardless of which state institution ultimately carried the loss on its balance sheet.

He also argued that GoldBod could not claim credit for the economic benefits associated with the Domestic Gold Purchase Programme while distancing itself from the financial costs arising from the programme.

The Minority has also pushed for parliamentary scrutiny of GoldBod’s operations.

GoldBod controversy gets personal

What began as a disagreement over the financial implications of the Domestic Gold Purchase Programme has now developed into a highly personal political exchange.

Mr Gyamfi says the Minority Leader’s criticism has crossed the line from policy scrutiny into a campaign to damage his reputation.

Mr Afenyo-Markin, meanwhile, has continued to demand answers over what he considers a major financial issue involving public funds.

The dispute is therefore likely to remain a major talking point as Parliament prepares to scrutinise the GoldBod controversy further.

For now, Mr Gyamfi says he has no intention of backing down.

And he wants Mr Afenyo-Markin to take him to court if he believes the “extortionist” allegation is defamatory.

"Afenyo-Markin sold water and electricity, and still made losses"

– @SammyGyamfi_ responds to Afenyo-Markin and calls him an extortionist. #Newsfile pic.twitter.com/UYExBHCid0

— JoyNews (@JoyNewsOnTV) August 22, 2026