We need transparent account of $1.7bn GoldBod loss – Nana B demands truth
NPP National Organiser Henry Nana Boakye, popularly known as Nana B, has demanded a full and transparent accounting from the Ghana Gold Board (GoldBod) and the Bank of Ghana over the alleged $1.7 billion loss incurred under the Domestic Gold Purchase Programme (DGPP).
Speaking at a press conference in Accra, Nana B said the loss, which is equivalent to about GH¢22 billion, is too colossal to be swept under the carpet.
According to the Minority, the loss is contained in the IMF’s Sixth Review report on Ghana’s programme. The report notes that losses under the DGPP rose from around $400 million in 2024 to over $1.7 billion in 2025, representing 1.5 percent of Ghana’s GDP and about 17 percent of the value of gold traded under the programme.
The Minority explained that the loss was driven by service and assay fees paid to GoldBod, discounts given to international off-takers, and exchange rate losses resulting from the difference between the forex bureau rate used to purchase gold from small-scale miners and the central bank’s reference rate used for accounting purposes.
Nana B argued that the government cannot celebrate the gains of the gold programme such as cedi appreciation and increased foreign reserves while refusing to account for its cost. He insisted that Ghanaians deserve to know the true state of the programme.
GoldBod Chief Executive Officer Sammy Gyamfi has, however, dismissed the claims. He stated that GoldBod did not incur any such loss and that the Board recorded an operational surplus of GH¢907 million and an overall profit of GH¢5.4 billion in 2025 according to its audited accounts.
Mr Gyamfi maintained that the $1.7 billion figure refers to Bank of Ghana operations and not GoldBod, challenging the Minority to provide proof that the IMF blamed GoldBod for the loss.
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