Ghana Gold Board (GoldBod) Chief Executive Officer Sammy Gyamfi has taken another swipe at Minority Leader Alexander Afenyo-Markin, challenging him to account for his record at state-owned utility companies before criticising GoldBod’s financial performance.
Speaking on Sampson Lardy Anyenini’s JoyNews programme Newsfile, Gyamfi took aim at Afenyo-Markin while responding to his criticisms of GoldBod’s financial performance. Mr Gyamfi referenced the financial performance of the Ghana Water Company and the Electricity Company of Ghana (ECG) during periods associated with Mr Afenyo-Markin’s leadership as board chair.
Sammy Gyamfi cited losses of GH¢3.3 billion at Ghana Water Company and GH¢8.2 billion at ECG, using the figures to question Afenyo-Markin’s criticism of GoldBod over reported losses under the Domestic Gold Purchase Programme.
“You ran at a loss selling water”
In a pointed jab at the Minority Leader, Mr. Gyamfi questioned how a person associated with the leadership of a water utility could criticise GoldBod’s financial record when, according to the figures he cited, Ghana Water Company recorded substantial losses.
He described water as one of the most basic and inexpensive commodities and used the comparison to mock what he portrayed as Afenyo-Markin’s record.
The remarks form part of an increasingly heated public dispute between the two over the financial performance of GoldBod and the Domestic Gold Purchase Programme (DGPP).
Watch Sammy’s Reply to Afenyo on Goldbod Losses
The GoldBod dispute Between Afenyo and Sammy
Afenyo-Markin has been demanding accountability over a reported US$1.7 billion loss under the DGPP in 2025, equivalent to roughly GH¢22 billion. He argues that the loss involved public resources and therefore requires an explanation, regardless of which state institution ultimately carries it on its balance sheet.
Gyamfi, however, has consistently rejected the claim that GoldBod itself recorded a loss.
According to the GoldBod CEO, the organisation’s audited 2025 financial statements showed an operational surplus of GH¢907 million and an overall surplus of more than GH¢5.4 billion. He has also argued that the IMF report cited by the Minority did not identify GoldBod as the entity responsible for the reported Bank of Ghana loss under the DGPP.
Afenyo-Markin maintains that the reported loss is still a loss to the Republic and should be accounted for. He has also argued that GoldBod’s fee income from the programme should be considered when assessing its claimed operational surplus.
Gyamfi challenges Afenyo-Markin
The GoldBod CEO has repeatedly challenged the Minority Leader to produce specific evidence showing that GoldBod itself made the alleged loss.
He has also offered to appear before Parliament to explain GoldBod’s financial and operational performance.
The latest comments have therefore added another dimension to an already intense political and economic debate, with both sides challenging the other’s interpretation of the financial figures.
While Afenyo-Markin continues to demand accountability over the reported DGPP loss, Gyamfi insists that the audited accounts of GoldBod tell a different story.
The political battle over GoldBod’s finances is clearly far from over.
GH Educate will continue to follow developments in the ongoing debate.
