The Minority Leader Alexander Afenyo-Markin on Wednesday accused the chief executive of the Ghana Gold Board (GOLDBOD) of responding with insults instead of answers to questions over a reported GHC22 billion loss under the country’s domestic gold-buying programme.

The Minority Caucus said GOLDBOD CEO Sammy Gyamfi had failed to adequately explain the financial losses identified by the International Monetary Fund, while criticising what it described as the tone of his response to the opposition’s concerns.

“Ghanaians asked for figures. They were given insults. The figures are still outstanding,” the Minority said in a statement signed by its leader, Alexander Afenyo-Markin.

The Caucus also took exception to a reference it said Mr Gyamfi made to a brothel during his response.

“That reference does not belong in a statement issued by a Public Officer accounting for public funds,” the Minority said.

The criticism followed a Government Accountability Series event at which Gyamfi responded to concerns raised by the opposition over losses associated with the Domestic Gold Purchase Programme.

The IMF’s August 2026 review of Ghana’s programme reported losses of about $1.7 billion, equivalent to roughly GHC22 billion, under the domestic gold purchase programme in 2025.

The Minority said Gyamfi had not disputed the IMF’s loss figure, but had instead sought to provide context around the programme’s wider financial performance.

It rejected that explanation, arguing that the GoldBod chief could not claim credit for the programme’s benefits while distancing the institution from its losses.

The Caucus said Mr Gyamfi had credited the programme with contributing to a 41 percent appreciation of the cedi and an increase in Ghana’s foreign exchange reserves from $8.9 billion to $13 billion.

“An institution that claims authorship of the benefits cannot describe itself as a passive agent when the costs are counted,” it said.

The opposition also questioned GoldBod’s revenue from fees, saying Mr Gyamfi had cited transactions of about GH¢133 billion and fees including an assay charge of 0.258 percent and a service fee of 0.5 percent.

The Minority said those figures suggested GoldBod earned about GH¢1 billion in fees from the programme.

“Strip out the agency fees and there is no operational surplus to speak of,” it said.

GoldBod had not immediately issued a response to the Minority’s latest statement.