A parliamentary hearing has brought renewed attention to the reported US$1.7 billion loss associated with the Bank of Ghana’s (BoG) Domestic Gold Purchase Programme (DGPP), after Public Accounts Committee (PAC) Chairperson Abena Osei-Asare challenged Ghana Gold Board (GoldBod) CEO Sammy Gyamfi to explain the figure.
The exchange took place on Tuesday, October 13, 2026, when agencies under the Ministry of Finance, including GoldBod, appeared before the committee to answer questions on the 2025 financial year audit report.
The disagreement follows earlier criticism by Gyamfi, who had disputed Osei-Asare’s reference to the figure as a loss reported by the International Monetary Fund (IMF). He argued that the amount should not be attributed to GoldBod and challenged the PAC chairperson to invite him to explain the institution’s financial position.
At the hearing, Osei-Asare pressed Gyamfi on the reported US$1.7 billion, equivalent to approximately GH¢22 billion, asking whether it represented a loss or arose from a particular accounting treatment.
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.
The GoldBod CEO maintained that the Auditor-General had not found that the institution had incurred the alleged loss. He further said GoldBod recorded an operational surplus of about GH¢900 million and an overall surplus of approximately GH¢5.4 billion.
The discussion then turned to the Bank of Ghana, which Osei-Asare said had also been invited to appear before the committee but was unavailable because its officials were attending the IMF-World Bank meetings.
She indicated that the central bank would have an opportunity to present its explanation when it appeared before the committee, particularly given its role in initially financing GoldBod’s operations before reportedly withdrawing that support.
Gyamfi reiterated that the US$1.7 billion figure was not reflected in GoldBod’s accounts and argued that the matter concerned the central bank’s financial records.
“That amount you are quoting has no expression in the financials of GoldBod. It sits with BoG,” he said.
Deputy Finance Minister Thomas Nyarko Ampem also intervened, indicating that the Bank of Ghana would appear before the committee to address the issue.
Osei-Asare maintained that the central bank had initially funded GoldBod and said she expected its officials to clarify the circumstances surrounding the reported amount when they appeared before the committee.
The hearing has highlighted the disagreement over how the US$1.7 billion figure should be interpreted and which institution’s accounts it concerns. While Gyamfi insists it does not represent a loss recorded in GoldBod’s financial statements, the Bank of Ghana is expected to provide further clarification to the committee.
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