The People’s Alliance for Governance and Accountability (PAGA) has demanded full disclosure from the government, the Bank of Ghana (BoG) and the Ghana Gold Board (GoldBod) over a reported US$1.7 billion loss linked to the Bank’s Domestic Gold Purchase Programme in 2025.
In a statement dated August 24, 2026, PAGA said the debate over which institution’s balance sheet carries the loss was a distraction, arguing that the financial burden would ultimately be borne by the Ghanaian taxpayer.
“The argument over which institution’s balance sheet carries the loss is a distraction. Whether it appears in the accounts of GoldBod, the Bank of Ghana or another state institution, it remains a loss to Ghana,” the group said.
PAGA questioned the identity of the off-takers of Ghana’s gold, discounts granted on the transactions, fees paid to GoldBod and other intermediaries, and the pricing and foreign-exchange arrangements used under the programme.
The group also demanded an explanation of why gold was allegedly sold at a discount, despite GoldBod’s position as the central aggregator in the domestic gold market.
It further asked government to disclose how much of the reported loss resulted from foreign-exchange differentials and identify the officials who approved the pricing, trading and foreign-exchange arrangements.
PAGA said claims that the gold purchase programme helped strengthen the cedi, build reserves and curb gold smuggling could not be used to justify what it described as financial indiscipline.
“Building reserves and strengthening the cedi may be worthy goals, but they do not excuse losses, weak controls or secretive transactions,” the statement said.
The organisation called on President John Dramani Mahama to ensure that the reported losses do not become a recurring feature of Ghana’s public finances.
It is demanding a complete and reconciled account of the programme, publication of the relevant audited financial statements, disclosure of off-takers, discounts, fees and beneficiaries, as well as identification of officials responsible for transactions that resulted in avoidable losses.
PAGA also called for firm safeguards to prevent further financial losses, warning that future losses could be significantly higher.
Extortion allegation against Minority Leader
PAGA also waded into the controversy surrounding an allegation by GoldBod Chief Executive Officer, Sammy Gyamfi, against the Minority Leader in Parliament, Alexander Afenyo-Markin.
According to PAGA, Mr Gyamfi has publicly described Mr Afenyo-Markin as an “extortionist” and challenged him to take legal action, indicating that he was prepared to defend the allegation with evidence.
PAGA described the allegation as serious and urged the Minority Leader to directly address it to protect his reputation and credibility as the leader of the parliamentary Minority.
“The Minority Leader must clear his name immediately,” PAGA said, urging him to explain whether he had ever demanded money, a private settlement, personal benefit or favour from Mr Gyamfi or anyone connected to GoldBod.
The group also called on Mr Afenyo-Markin to clarify any private meetings or communications he may have had with the GoldBod CEO and whether he had participated in what Mr Gyamfi allegedly described as “compulsory arbitration.”
At the same time, PAGA demanded that Mr Gyamfi produce the evidence supporting the extortion allegation.
“Mr Sammy Gyamfi must also understand that such an allegation cannot remain a political weapon. If he has evidence, he must place it before the public and the appropriate authorities,” the statement said.
PAGA wants the GoldBod CEO to disclose what was allegedly demanded, when and where the demand was made, the person to whom it was communicated, the benefit allegedly sought and any messages, recordings, documents or witnesses supporting the claim.
The organisation also urged the Minority Caucus to take the allegation seriously and establish whether it has sought an explanation from its leader.
PAGA said both men owe Ghanaians a clear account of the matter, insisting that public officials must rely on facts, records and evidence rather than political exchanges.
“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 stated.
The group further demanded that the Ministry of Finance, Bank of Ghana and GoldBod publish a reconciled account of the gold purchase programme, explain their financial relationship under the programme and ensure that officials responsible for any avoidable losses are held
accountable.
“Ghana cannot fight corruption through insults, threats and competing press conferences. Accountability requires facts, records, evidence and consequences,” PAGA said.
The organisation concluded by calling for all relevant records, messages and communications relating to both the gold transactions and the extortion allegation to be made available for proper examination.
Read the full statement below
PRESS STATEMENT
For Immediate Release
The People’s Alliance for Governance and Accountability (PAGA) is deeply concerned about the reported US$1.7 billion loss under the Bank of Ghana’s Domestic Gold Purchase Programme in 2025 and the role of GoldBod in the transactions.
The argument over which institution’s balance sheet carries the loss is a distraction. Whether it appears in the accounts of GoldBod, the Bank of Ghana or another state institution, it remains a loss to Ghana. The taxpayer will bear the cost.
Government cannot claim the programme’s benefits while shifting its 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.
Ghanaians deserve to know:
- Who were the off-takers of the Gold? We need full disclosure. If Ghana knows all those who buy our Oil and Cocoa, then we need to know who is buying our gold and where they are from in the interest of transparency.
- What discounts were granted to the off-takers. This is important because the discount granted means we were actually selling the gold at a loss. So, what occasioned the decision to sell the Gold at a loss?
- What is the discount formula that the Bank of Ghana used? Why did it arrive at a formular to discount the gold even though Goldbod the aggregator is both a monopoly and a monopsony meaning no other entity can sell Gold to the off takers and similarly, no other entity can sell gold to the Bank of Ghana. Simply put, why discount a product that nobody can buy or sell except your partner?
- What fees were paid to GoldBod, aggregators, off-takers and other intermediaries and what pricing formular was used to determine the spread between the cost of the gold on the market and the cost of gold to the Bank of Ghana?
- How much of the loss arose from foreign-exchange differentials?
- Who approved the pricing, trading and foreign-exchange arrangements?
- What measures have been introduced to prevent another loss? Next time it may not be $1.7 billion but a whole lot more.
The claim that the programme served a good national purpose is no defence for financial indiscipline. Building reserves and strengthening the cedi may be worthy goals, but they do not excuse losses, weak controls or secretive transactions.
No responsible government should advertise policy gains while hiding the costs in the books of the central bank.
If this were a private company, would its directors be allowed to explain away a US$1.7 billion loss as the cost of doing business? Would shareholders tolerate vague assurances while their money disappeared? How much more tax payers’ money?
Public money deserves stricter protection. Every dollar lost belongs to Ghanaians. It could have supported hospitals, schools, roads, water systems and jobs.
PRESIDENT MAHAMA MUST TAKE RESPONSIBILITY
President John Dramani Mahama must ensure that these losses do not become an annual feature of Ghana’s public finances. His government cannot preach accountability while state institutions explain away billions of cedis in losses.
We demand that the President through the Presidency:
- Publish a complete and reconciled account of the programme.
- State the exact loss and identify where it has been recorded.
- Disclose the off-takers, discounts, fees and beneficiaries of the transactions.
- Explain the pricing, trading and foreign-exchange decisions that produced the loss.
- Publish the relevant audited financial statements.
- Identify the officials who approved the transactions and deal with them. This loss of gold money no matter how expensive or glib the Public Relations attempt to kill it is, shall forever haunt the NDC government and President Mahama.
- Introduce firm safeguards against further losses.
These questions belong in the public record. Government must answer them with figures, contracts, audited accounts and transaction records.
Political speeches and accounting gymnastics will not do. Moving the loss does not erase it. Renaming it does not reduce it. Hiding it in the Bank of Ghana’s books does not make it any less a loss to Ghana.
The people deserve the truth, and those responsible must account.
THE EXTORTION ALLEGATION AGAINST THE MINORITY LEADER
An allegation that cannot be ignored
The controversy has taken a disturbing personal and political turn. The Chief Executive Officer of GoldBod, Mr. Sammy Gyamfi, has publicly described the Minority Leader, Mr. Alexander Afenyo-Markin, as an “extortionist.”
Mr. Gyamfi has stated that the Minority Leader knows why that description was used. He has challenged Mr. Afenyo-Markin to sue him and indicated that he is prepared to defend the allegation with evidence.
He has also expressed readiness to meet the Minority Leader on a public platform and expose what he claims to know.
This is an explosive allegation. Extortion is a serious criminal offence. It cannot be dismissed as another reckless exchange between political opponents.
The allegation has been made by the chief executive of a major state institution against the Leader of the Minority in Parliament. It raises questions about the integrity of a parliamentary leader and the conduct of oversight over an important public institution.
The Minority Leader must clear his name
Mr Afenyo-Markin cannot treat this matter with silence or political indifference.
He leads a caucus of Members of Parliament and occupies one of the most important leadership positions in the country. A person who exercises oversight over the government and demands accountability from public institutions cannot carry the tag of an extortionist without confronting it directly.
We call on the Minority Leader to clear his name immediately.
He must answer the following questions:
- Did he ever demand money from the GoldBod CEO or any person connected with GoldBod?
- Did he request a private settlement, personal benefit or favour in connection with his public criticism of GoldBod?
- Did he hold any private meeting or communication with Mr Sammy Gyamfi concerning GoldBod?
- Did he propose or participate in what Mr Gyamfi described as “compulsory arbitration”?
- What specific interaction between the two men led to the allegation of extortion?
- Is he prepared to submit all relevant messages, recordings and correspondence for independent examination?
These questions require clear answers. We want the Minority leader, not only to say he will use the legal route to seek redress but actually take steps to clear his name. Failure on his part to take action will only deepen the suspicion and weaken the Minority Leader’s moral authority to demand accountability from the government.
The Minority Caucus cannot look away
This is not a matter the Minority Caucus can bury under party solidarity. The allegation strikes at the credibility of its leader and the integrity of the entire caucus.
A parliamentary leader accused of extortion by the head of a state institution cannot simply continue with business as usual.
The Minority Caucus must demand answers from its leader. It cannot ask Ghanaians to trust its claims about GoldBod while refusing to address an allegation that its leader used public criticism as a means of seeking a private benefit.
The Minority Caucus must state whether it:
- Has requested an explanation from its leader.
- Is satisfied that no improper demand was made.
- Supports the release of all relevant evidence.
- Will refer the matter to the appropriate parliamentary body if the allegation remains unresolved.
The credibility of parliamentary oversight is at stake.
Sammy Gyamfi must produce his evidence
Mr Sammy Gyamfi must also understand that such an allegation cannot remain a political weapon.
If he has evidence, he must place it before the public and the appropriate authorities. He cannot repeatedly threaten to expose the Minority Leader while withholding the facts.
Public office is not a stage for innuendo, threats and political drama. A chief executive who alleges criminal conduct against a parliamentary leader has a duty to support that allegation.
Mr Gyamfi must disclose:
- What was allegedly demanded.
- When and where the demand was made.
- The person to whom the alleged demand was communicated.
- The benefit allegedly sought by the Minority Leader.
- Any messages, recordings, documents or witnesses supporting the allegation.
- Whether the alleged conduct has been reported to any 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.
OUR FINAL DEMANDS
In the interest of transparency, accountability and public confidence, we demand the following:
- President Mahama must ensure that the losses connected with the gold purchase programme are fully accounted for and prevented from recurring.
- The Ministry of Finance, the Bank of Ghana and GoldBod must publish a reconciled account of the programme.
- GoldBod and the Bank of Ghana must explain the exact financial relationship between their operations under the programme.
- Officials responsible for avoidable losses must be identified and held accountable.
- Mr Alexander Afenyo-Markin must respond directly to the extortion allegation and clear his name.
- The Minority Caucus must state its position on the allegation against its leader.
- Mr Sammy Gyamfi must produce the evidence he says he has or withdraw the allegation.
- All relevant records, messages and communications must be made available for proper examination.
CONCLUSION
Ghana cannot fight corruption through insults, threats and competing press conferences. Accountability requires facts, records, evidence and consequences.
President Mahama must stop the financial losses. GoldBod and the Bank of Ghana must open their books. Mr Sammy Gyamfi must produce his evidence. Mr Alexander Afenyo-Markin must clear his name.
The public deserves the full truth about the losses and the extortion allegation.
Nothing must be concealed, and no one must be protected.
Signed
PAGA
24 August 2026
Source: Ghana/otecfmghana.com/John Antw Boasiako
