Minority Leader Alexander Afenyo-Markin has escalated the parliamentary standoff over the Domestic Gold Purchase Programme, accusing GoldBod Chief Executive Officer Sammy Gyamfi of deflecting legitimate scrutiny with rhetoric rather than audited figures. The confrontation centers on an alleged GH¢22 billion shortfall that the Minority insists must be reconciled in the public interest.
The exchange unfolded amid growing unease within the legislature and the financial markets about transparency in Ghana’s gold monetization framework. The DGPP was conceived as a mechanism to leverage domestic gold production to stabilize the cedi and bolster foreign reserves, yet questions about valuation, disbursement, and ultimate returns have persisted for months.
Mr Afenyo-Markin stated that Ghanaians were seeking clear figures and explanations on the reported loss but instead received what he described as insults, insisting that the financial figures remain outstanding and must be accounted for. He contended that the role of opposition is not antagonism but fiduciary oversight, and that evasion only deepens public skepticism about state asset management.
Mr Gyamfi, for his part, has previously defended the programme as strategically sound and has dismissed the loss narrative as a misrepresentation of accounting methodology. He maintains that proceeds from gold purchases have been deployed to support currency stability and that any discrepancies reflect timing differences rather than malfeasance. The rebuttal, however, has done little to assuage critics who demand granular reconciliation statements.
The DGPP occupies a pivotal position within Ghana’s broader macroeconomic stabilization agenda, linking mineral extraction directly to monetary policy. Consequently, opacity in its operations carries systemic ramifications, potentially undermining investor confidence and complicating engagements with multilateral institutions. Fiscal analysts have repeatedly urged the Bank of Ghana and GoldBod to publish independent audit trails to forestall speculation.
This latest rebuke places renewed pressure on the executive to subject the programme to parliamentary review and external audit. With public debt sustainability and exchange rate volatility remaining salient concerns, the demand for clarity transcends partisan lines and touches the core of governance credibility.
The impasse between the Minority Leader and the GoldBod CEO illustrates a larger imperative: that natural resource-backed financial instruments must be governed by verifiable data, not verbal sparring. Until definitive figures are tabled, the GH¢22 billion question will continue to shadow both policy and politics.
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Author: Korkor Anumu
