Story by Eugene Nyarko Jnr., SSNIT Guest House, Accra, August 24, 2026—
The People’s Alliance for Governance and Accountability (PAGA) has demanded a full disclosure of the financial transactions surrounding the Bank of Ghana’s Domestic Gold Purchase Programme, following reports of a US$1.7 billion loss in 2025.
PAGA said the debate over whether the reported loss should be recorded on the balance sheet of the Bank of Ghana, GoldBod or another state institution was misplaced, arguing that the loss ultimately represented a cost to the Ghanaian taxpayer.
The Co-convener of PAGA, Kofi Kusi Dapaah, who read the group’s press statement at the SSNIT Guest House in Accra on Monday, August 24, said the government could not claim the benefits of the gold purchase programme while shifting its financial losses elsewhere.
“If GoldBod takes credit for building reserves, strengthening the cedi and reducing gold smuggling, it must also account for the full cost of the transactions,” he said.
PAGA is therefore demanding disclosure of the identities of the off-takers of Ghana’s gold, the discounts granted to them, the formula used by the Bank of Ghana to determine those discounts and the fees paid to GoldBod, aggregators, off-takers and other intermediaries.
The group also wants an explanation of the pricing arrangements and the spread between the market cost of gold and the price at which the gold was supplied to the Bank of Ghana.
It further demanded information on the extent to which foreign-exchange differentials contributed to the reported loss and the officials who approved the pricing, trading and foreign-exchange arrangements.
PAGA questioned why discounts were granted on gold transactions involving GoldBod, which it described as both a monopoly and monopsony within the domestic gold trading arrangement.
The group said the national objective of building reserves and strengthening the cedi could not, on its own, justify financial losses or weak controls.
“Building reserves and strengthening the cedi may be worthy goals, but they do not excuse losses, weak controls or secretive transactions,” Mr Dapaah said.
Calls on President Mahama
PAGA called on President John Dramani Mahama to take responsibility for ensuring that losses associated with the programme did not become a recurring feature of Ghana’s public finances.
The group is demanding that the Presidency ensure the publication of a complete and reconciled account of the programme, the exact loss and where it has been recorded.
It also wants the disclosure of the off-takers, discounts, fees and beneficiaries of the transactions, as well as the relevant audited financial statements.
PAGA further called for the identification of officials responsible for approving the transactions and appropriate action against those found culpable.
It also urged the government to introduce safeguards to prevent similar losses in the future.
Extortion allegation
PAGA also raised concerns over an allegation of extortion made by the Chief Executive Officer of GoldBod, Sammy Gyamfi, against the Minority Leader in Parliament, Alexander Afenyo-Markin.
Mr Gyamfi has publicly described Mr Afenyo-Markin as an “extortionist” and, according to PAGA, challenged the Minority Leader to sue him, saying he was prepared to defend the allegation with evidence.
PAGA described the allegation as serious because it had been made by the chief executive of a major state institution against a parliamentary leader.
The group called on Mr Afenyo-Markin to directly address the allegation and clear his name.
It asked whether the Minority Leader had ever demanded money, a private settlement, personal benefit or favour from Mr Gyamfi or anyone connected with GoldBod.
PAGA also questioned whether there had been private meetings or communications between the two men concerning GoldBod and whether Mr Afenyo-Markin had proposed or participated in what Mr Gyamfi described as “compulsory arbitration.”
The group further urged the Minority Caucus to take the allegation seriously and state whether it had sought an explanation from its leader and whether it supported the release of relevant evidence.
PAGA challenges Sammy Gyamfi
PAGA also challenged Mr Gyamfi to produce the evidence supporting his allegation against Mr Afenyo-Markin.
Mr Dapaah said the GoldBod CEO should disclose what was allegedly demanded, when and where the demand was made, the person to whom it was communicated and the benefit allegedly sought.
He also called for the disclosure of any messages, recordings, documents or witnesses supporting the allegation and whether the matter had been reported to an investigative authority.
“Either the Minority Leader attempted to extort the GoldBod CEO or he did not. Either Mr Gyamfi has evidence or he does not. Both men owe the country the truth,” PAGA said.
The group’s final demands include a reconciled account of the gold purchase programme by the Ministry of Finance, the Bank of Ghana and GoldBod; an explanation of the financial relationship between GoldBod and the Bank of Ghana; and accountability for officials responsible for avoidable losses.
PAGA also demanded that all relevant records, messages and communications concerning the programme and the extortion allegation be made available for proper examination.
“Ghana cannot fight corruption through insults, threats and competing press conferences. Accountability requires facts, records, evidence and consequences,” Mr Dapaah said.
The group maintained that moving the reported loss from one state institution to another would not eliminate the financial burden on Ghana, insisting that the public deserved full disclosure of the transactions and accountability from all those responsible.
