“Loss Is Admitted” – Minority Caucus Rebuts GoldBod CEO, Insists On GHS22bn IMF Figure

The Minority Caucus in Parliament has dismissed the Ghana Gold Board’s response to its earlier press conference, insisting that the CEO’s own figures confirm a GHS22 billion loss under the Domestic Gold Purchase Programme in 2025.

In a statement signed by Minority Leader Osahen Alexander Kwamena Afenyo-Markin and dated Wednesday, 19th August 2026, the Caucus said GoldBod’s reply at the Government Accountability Series “confirms more than it rebuts.”

*5 Key Points Raised By The Minority*

*1. The Loss Is Admitted*

The Caucus said Mr. Gyamfi did not dispute the IMF’s finding of a US$1.7 billion loss about GHS22 billion under the DGPP in 2025. The CEO only disputed who should be blamed for it. “This is public money, whichever State balance sheet it sits on,” the statement read.

*2. Fee Arithmetic Exposes The Problem*

According to the Minority, GoldBod told the public it paid about GHS133 million in advances in 2025, earned GHS1 billion in fees, and posted an operational surplus of GHS907 million.

But the Caucus argued that stripping out the agency fees leaves “no operational surplus to speak of” when set against the GHS22bn loss. “That is the point he did not address, and it is the point he must now address,” it said.

*3. Cannot Claim Upside And Disown Downside*

The statement noted that GoldBod credited the DGPP for cedi appreciation, rising reserves from US$8.9bn to US$13bn, and falling inflation. The Minority said an institution cannot claim authorship of the benefits while acting as a “passive agent when the costs are counted.”

*4. Shifting Funding Position*

The Caucus flagged what it called three funding arrangements in six months: GANRAP implementation moved from Bank of Ghana to Ministry of Finance in July 2026, and from August 2026 GoldBod is seeking to raise funds independently. “We view this with curious eyes,” it stated.

*5. Tone and Figures*

The Minority also took issue with the CEO’s language, saying a reference to a brothel “does not belong in a statement issued by a Public Officer accounting for public funds.”

“Ghanaians asked for figures. They were given insults. The figures are still outstanding,” the statement concluded.