Afenyo-Markin denies “Personal Vendetta” in GoldBod clash with Sammy Gyamfi
Minority Leader Alexander Afenyo-Markin has dismissed suggestions that his attacks on the Ghana Gold Board and its Chief Executive, Sammy Gyamfi, are motivated by personal animosity.
The Effutu MP says his demand for accountability at GoldBod is rooted in constitutional oversight, not politics.
How the row started
The issue escalated after the Finance Minister’s mid-year budget review on July 23. Speaking to journalists, Afenyo-Markin alleged that GoldBod was “recording huge losses” and failing Ghanaians on the promise of economic recovery. He also called on Parliament to summon Mr. Gyamfi to explain what he termed “troubling issues” around the state gold-trading body.
GoldBod was set up in 2025 under Act 1140 to regulate, buy, refine and export gold, and to help build Ghana’s reserves.
GoldBod fires back with numbers
Mr. Gyamfi responded with GoldBod’s 2025 audited accounts, signed off by the Auditor-General.
According to the CEO, the board posted an operational surplus of GH¢909.7 million and an overall surplus of GH¢5.44 billion for 2025. Total revenue stood at GH¢5.55 billion against expenditure of GH¢109.58 million.
Gyamfi said the results were achieved despite a 23% drop in international gold prices since February and a cut in GoldBod’s pricing incentives from 14% to 6%. He described the Minority’s “losses” claim as inaccurate and a distraction.
The Institute for Economic and Fiscal Policy Governance backed GoldBod’s position, stating that even after excluding GH¢4.55 billion in government seed capital, the board still recorded nearly GH¢910 million in operational surplus.
Afenyo-Markin: “This is about policy, not personality”
Speaking on the matter, the Minority Leader rejected claims of a personal vendetta.
“We are not here to get personal; we are here to deal with the law and issues of public policy, good governance,” he said.
He maintained that Parliament has a duty to scrutinize how public funds are used, especially the US$279 million seed capital announced for GoldBod. The Minority Caucus says an RTI response indicates the money has not been fully released and is demanding a breakdown of expenditure.
Afenyo-Markin added: “Ghanaians will be surprised the day we lift the veil on GoldBod,” warning that more questions remain about procurement and gold sourcing.
A long-running exchange
This is not the first time the two have clashed. In March 2025, Afenyo-Markin described GoldBod as a “Galamsey Board,” arguing it lacked safeguards. Gyamfi at the time accused the Minority Leader of playing to “NPP foot soldiers” and noted that some clauses in the GoldBod Bill were proposed by NPP MPs during the drafting stage.
What happens next
With Parliament set to resume, the Minority says it will push for a full debate and possible committee probe into GoldBod’s operations, funding and gold purchases.
GoldBod maintains it is on course to meet its 2026 surplus target and remains focused on delivering its mandate.
The back-and-forth highlights the growing political scrutiny over how Ghana manages its gold resources amid efforts to stabilize the cedi and build reserves.
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