Ghana Gold Board Chief Executive Officer Sammy Gyamfi has declared that the Auditor-General made not a single adverse finding against the institution in its 2025 audit, directly rebutting Minority Leader Alexander Kwamena Afenyo-Markin’s claim that the Auditor-General lacked full access to GoldBod’s operations when it certified the Board’s financial statements.
Mr Gyamfi delivered the rebuttal at the Government Accountability Series at Jubilee House on Wednesday, August 19, 2026, a day after the Minority Caucus held a press conference within the precincts of Parliament accusing GoldBod of contributing to $1.7 billion in losses under the Bank of Ghana’s Domestic Gold Purchase Programme.
He framed the engagement as an effort to correct what he called a sustained campaign of falsehoods rather than a routine defence of the institution’s performance.
“Today’s engagement is simply intended to address a number of baseless allegations and deliberate falsehoods concerning the operations and financial health of the GoldBod that have been propagated by certain individuals in recent times.
“Of particular concern is the persistent campaign of lies being waged by Alexander Afenyo-Markin and his ilk against the GoldBod over the past couple of months.”
Chief Executive Officer of the Ghana Gold Board (Goldbod), Sammy Gyamfi
He said that campaign had reached what he termed “a reckless crescendo” at Tuesday’s press conference in Parliament, and characterised the Minority Leader’s approach as a strategy of repetition.
“Afenyo-Markin’s modus operandi, which can no longer be allowed to go unanswered, is to repeat the same tired falsehoods as often as possible and on as many platforms as he can, in the hope that repetition will somehow transform fiction into fact and mislead unsuspecting members of the public,” he said, adding that GoldBod considered it necessary to correct the record “once and for all.”
Rejecting the Loss Allegation
Mr Gyamfi addressed the central claim head-on, describing repeated assertions on the floor of Parliament and in the media that GoldBod made losses in its 2025 gold-trading operations as “simply a barefaced lie which has been debunked time and again.”
He pointed to the Audited Annual Report and Financial Statements of GoldBod for the year ended December 31, 2025, prepared and published by the Auditor-General, which he said discloses an operational surplus of GH¢907 million and an overall surplus of over GH¢5.4 billion. “This is an incontrovertible fact,” he said.
Sammy Gyamfi reserved his sharpest language for the Minority’s follow-up argument, that the Auditor-General had not been given the complete financial picture behind GoldBod’s reported surplus.
He characterised the shift in argument as evidence that Afenyo-Markin and his allies had “consciously chosen to disregard the Auditor-General’s confirmation that the GoldBod did not record an operational loss“.
For him, the new claim reflected either “a crass lack of understanding of how an external audit is conducted or a deliberate determination to undermine yet another independent state institution when its findings do not suit their mischievous narratives.”
He then issued a direct challenge to journalists in the room. “I invite you the media, the fourth estate of the realm, to check the veracity of this claim with the Auditor-General,” he said, asserting that such verification would confirm that Auditor-General officials “were given unhindered access to all relevant information in the conduct of their audit of the 2025 financials of the GoldBod.”
He said all documents requested by the auditors were supplied and every query raised in their management letter was satisfactorily answered, concluding that this was why “not a single adverse audit finding was made by the Auditor-General in its 2025 audited report on the GoldBod.”
He urged the media not to “condone or entertain the continuous propagation of lies in the face of glaring evidence to the contrary.”
The Dispute Behind the Rebuttal
The clash traces to IMF Country Report No. 26/213, the Fund’s sixth and final review of Ghana’s Extended Credit Facility programme, which found that the Domestic Gold Purchase Programme generated losses exceeding $1.7 billion in 2025, equivalent to roughly GH¢22 billion and about 1.5 per cent of GDP.
At Tuesday’s press conference, Hon. Afenyo-Markin argued that GoldBod could not claim credit for the foreign exchange the programme generated while the associated losses landed on the Bank of Ghana’s balance sheet, and said the disparity between GoldBod’s reported surplus and the IMF’s loss figure suggested the Auditor-General had not seen the full picture.
Mr Gyamfi’s Wednesday remarks represent his most detailed answer yet to that specific charge, moving the argument from a dispute over which numbers are correct to a dispute over whether the audit process itself was compromised.
Sammy Gyamfi’s assertion is not merely a characterisation. The Independent Auditor’s Report attached to GoldBod’s 2025 Annual Report and Financial Statements issued a clean, unqualified opinion.
According to the report, the financial statements “give a true and fair view of the financial position of the Ghana Gold Board as at 31st December 2025, and of its statement of financial performance, statement of changes in equity and cash flows for the year then ended”.
This the report noted is in accordance with International Public Sector Accounting Standards, the Public Financial Management Act, 2016 (Act 921), and the Ghana Gold Board Act, 2025 (Act 1140).
On the question of consistency between the financial statements and the rest of the annual report, the auditors were equally direct. Addressing any material misstatements or inconsistencies in the other information provided by the Board, the report states: “We have nothing to report on in this regard.”
Nowhere in the auditor’s report or the wider annual report does an adverse opinion, a qualified opinion, or any significant negative finding against GoldBod appear. That clean opinion is the documentary basis for Mr Gyamfi’s central claim on Wednesday, August 19, 2026.
READ ALSO: Ghana Clears GH¢10.8bn DDEP Payment in Full
