“Summon Me or Stop the Lies”: Sammy Gyamfi Dares Afenyo-Markin Over GH¢5.4B GoldBod Account Surplus
POLITICAL INVESTIGATIVE REPORT | SPECIAL BREAKING FEATURE
In a high-stakes escalation of political friction over Ghana’s gold sector management, the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has issued a direct challenge to Minority Leader Alexander Afenyo-Markin: stop using media briefings to broadcast “deliberate falsehoods” and instead invoke parliamentary oversight to summon him for questioning
Addressing a press conference in Accra on Wednesday, Mr. Gyamfi expressed frustration that the Minority Leader chose to address journalists within the precincts of Parliament on Tuesday rather than utilizing official legislative machinery to demand accountability.
“I’m waiting with bated breath for Afenyo-Markin’s invitation. I don’t know why he’s delaying and holding press conferences when, as Minority Leader, he can get the Public Accounts Committee to summon me tomorrow or today, and I will appear,” Gyamfi declared.
He added that he has already contacted the new Majority Leader, James Agalga, to facilitate the process should the Minority Leader continue to hesitate.
Accusations of a “Sustained Campaign of Lies”
The GoldBod CEO accused the Minority Leader of leading a “sustained, relentless campaign of lies” against the institution, describing Tuesday’s media address as a “reckless crescendo” aimed at misleading the public.
“Afenyo-Markin’s modus operandi, which can no longer be allowed to go unanswered, is to repeat the same tired falsehoods as often as possible and on as many platforms as he can, in the hope that repetition will somehow transform fiction into facts,” Gyamfi asserted.
Audited Accounts Show GH¢5.4B Surplus, Not Losses
Countering claims of institutional losses and financial mismanagement, Mr. Gyamfi presented official copies of the Audited Annual Report and Financial Statements of GoldBod for the year ended December 31, 2025, prepared and published by the Auditor-General.
[ GOLDBOD 2025 FINANCIAL PERFORMANCE SUMMARY ]
Operational Surplus: GH¢ 907 Million
-------------------------------------------------------------
Overall Surplus: GH¢ 5.4 Billion
-------------------------------------------------------------
Adverse Findings: 0 (Nil by Auditor-General)
The CEO emphasized that the Auditor-General’s audit contained zero adverse findings regarding procurement breaches or violations of the Public Financial Management Act (PFMA).
Rebuttal on IMF Report & Bank of Ghana Losses
Responding to claims that GoldBod was implicated in losses recorded by the Bank of Ghana (BoG) under the Domestic Gold Purchase Programme (DGPP) as noted in a recent International Monetary Fund (IMF) report, Gyamfi challenged Afenyo-Markin to cite the exact section linking GoldBod to those figures.
He clarified that the IMF attributed the BoG’s $1.7 billion loss to the significant scaling up of the purchase programme and exchange rate differentials—not operational failure by GoldBod.
Key Clashes on the Domestic Gold Purchase Programme:
- Historical Precedent: Gyamfi pointed out that the central bank recorded a $400 million loss under the same programme in 2024—a period when GoldBod did not exist.
- Buying Agent Status: Throughout 2025, GoldBod operated under a September 2023 Gold Purchase Agreement inherited from the Precious Minerals Marketing Company (PMMC), serving purely as a buying agent with no role in setting selling prices or off-take deals.
- Fee Structures: Combined assay fees (0.258%) and service fees (0.5%) accounted for less than 1% of the 17% overall loss highlighted by the IMF. Both fees are legally sanctioned charges covering logistics, transport, insurance, security, and smelting losses.
“Where in the world is one body corporate blamed for accounting losses incurred by another independent, separate, and distinct body corporate without any evidentiary basis?” Gyamfi questioned, comparing the Minority’s logic to blaming cocoa buying companies for COCOBOD’s internal balance sheet deficits.
What Comes Next?
With the GoldBod CEO formally declaring his readiness to appear before any parliamentary panel or the Public Accounts Committee (PAC), the spotlight now shifts to Parliament. All eyes remain on Minority Leader Alexander Afenyo-Markin to see whether the Minority will trigger formal committee summonses or maintain its current media campaign strategy.