An exchange ensued between the Chairperson of Parliament’s Public Accounts Committee (PAC), Abena Osei-Asare, and the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, over the reported $1.7 billion loss associated with the Bank of Ghana’s (BoG) Domestic Gold Purchase Programme (DGPP).

Sammy Gyamfi had previously slammed Osei Asare for claiming that the BoG had incurred a loss, as stated in a report by the International Monetary Fund (IMF), arguing that the losses should not be attributed to GoldBod.

He maintained that the institution’s audited financial statements showed a surplus rather than a loss and challenged the PAC chair to invite him to the committee.

The two finally got to meet at the PAC sitting on Tuesday, October 13, 2026, when agencies of the Ministry of Finance, including the Gold Board, were invited to answer questions on the 2025 financial year audit report.

During a committee sitting, Abena Osei-Asare asked Gyamfi to explain the $1.7 billion, equivalent to approximately GH¢22 billion, which had been cited in discussions about the financial performance of GoldBod and the gold purchase programme.

The PAC Chairperson pressed the GoldBod CEO on whether the amount represented a loss or resulted from a particular accounting treatment, noting that although Gyamfi had disputed the characterisation of the figure as a loss, the issue had continued to feature in public discussions.

In response, Sammy Gyamfi firmly rejected the suggestion that GoldBod had incurred such a loss, insisting that the figure did not appear in the institution’s financial statements.

“Not at all. The figure you are mentioning has no expression in our financials,” he told the committee.

He maintained that the Auditor-General had made no finding that GoldBod had incurred the alleged loss, adding that the institution recorded an operational surplus of approximately GH¢900 million and an overall surplus of about GH¢5.4 billion.

The exchange continued as Abena Osei-Asare explained that the Bank of Ghana had also been invited to appear before the committee but was unavailable because its officials were attending the IMF-World Bank meetings.

LIVESTREAMED: Sammy Gyamfi faces Public Accounts Committee

She said the central bank would have an opportunity to explain its side of the matter when it appeared before the committee, particularly because it had initially funded GoldBod’s operations before reportedly withdrawing the funding.

Gyamfi reiterated that the US$1.7 billion figure was not reflected in GoldBod’s accounts, arguing that the matter fell within the financial records of the Bank of Ghana.

“That amount you are quoting has no expression in the financials of GoldBod. It sits with BoG,” he said.

The Deputy Finance Minister, Thomas Nyarko Ampem, also intervened, indicating that the Bank of Ghana would appear before the committee to address the matter.

Abena Asare maintained that the central bank’s initial funding of GoldBod was an established fact and said she expected its officials to provide further clarification when they appeared before the committee.

Watch a video of the incident below:



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