The Minority in Parliament said Wednesday that the Chief Executive of the Ghana Gold Board (GOLDBOD) Sammy Gyamfi has admitted the Domestic Gold Purchase Programme lost GHC22 billion in 2025, as it dismissed the government agency’s response to IMF findings as full of contradictions.

The Minority Caucus issued the statement a day after GoldBod responded at the Government Accountability Series to concerns raised by the opposition on Tuesday over financial and operational losses under the programme.

“First, the loss is admitted,” the Caucus said in the statement signed by Minority Leader Alexander Afenyo-Markin. “The Chief Executive does not dispute the IMF’s finding that there is a loss of US$1.7 billion [22 billion Ghana cedis] under the Domestic Gold Purchase Programme in 2025.”

The IMF’s Sixth Review of Ghana’s Extended Credit Facility programme, issued in August 2026, flagged the $1.7 billion loss, equivalent to about 1.5% of GDP.

The Minority accused GoldBod of trying to shift blame over who should be held responsible for the loss. “That is public money, whichever State balance sheet it sits on,” it said.

The Caucus also challenged figures cited by the GoldBod CEO. It said the CEO reported that GoldBod accounted for about GH¢133 billion in 2025 and paid an assay fee of 0.258% and a service fee of 0.5%.

“On those figures, the GoldBod earned in the region of GH¢1 billion in fees from this programme,” the statement said. “The plain implication of his own numbers is that he is celebrating is smaller than the fee income he collected from a programme that lost the state 22 billion Ghana cedis.”

It added: “Strip out the agency fees and there is no operational surplus to speak of. That is the point he did not address, and it is the point he must now address.”

The Minority further accused GoldBod of trying to “claim the upside and disown the downside”. It noted the CEO credited the programme with helping the cedi appreciate by 41% and reserves rising from US$8.9 billion to US$13 billion, while blaming inflation for the loss.

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

It also questioned the funding model, saying the CEO stated that GoldBod was seeking to raise funds independently after financing for the programme moved from the Bank of Ghana to the Ministry of Finance in July 2026.

“Three funding arrangements in six months is not a settled model,” the Minority said.

The statement also criticised the GoldBod CEO’s tone, saying a reference made 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,” it said.

GoldBod is yet to respond to the Minority’s latest statement.