The People’s Alliance for Governance and Accountability (PAGA) has raised serious concerns over a reported US$1.7 billion loss incurred under the Bank of Ghana’s Domestic Gold Purchase Programme in 2025, insisting that the financial burden ultimately falls on the Ghanaian taxpayer regardless of which state institution records the loss.
Addressing a press conference in Accra, the group argued that ongoing debates over whether the losses are reflected in the books of GoldBod, the Bank of Ghana, or any other state agency are beside the point.
“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,” PAGA stated.
The governance advocacy group rejected what it described as attempts by government officials to celebrate the programme’s reported achievements—such as boosting foreign reserves, stabilizing the cedi, and reducing gold smuggling—while distancing themselves from the associated financial losses.
PAGA called for full public disclosure on the transaction, demanding details on the identities and nationalities of the gold off-takers, the discounts granted, the formula used by the Bank of Ghana in determining those discounts, fees paid to GoldBod and other intermediaries, the portion of the losses attributable to foreign exchange differentials, and the officials who approved the pricing, trading, and forex arrangements.
The group also questioned why any discount was applied in the first place, noting that GoldBod operates as both a monopoly buyer and seller within the arrangement.
“Ghanaians deserve to know why discounts were necessary under a system where GoldBod enjoys significant market control,” the group maintained.
PAGA further demanded information on measures being implemented to prevent future losses, warning that without stronger safeguards, similar transactions could expose the country to even greater financial risks.
The group directed its strongest criticism at the Mahama administration, arguing that the government cannot champion accountability while billions of cedis in public losses remain insufficiently explained.
“The claim that the programme served a good national purpose is no defence for financial indiscipline. Public money deserves stricter protection. Every dollar lost belongs to Ghanaians,” the statement stressed.
Meanwhile, the controversy has taken a political twist following allegations made by GoldBod Chief Executive Officer Sammy Gyamfi against Minority Leader Alexander Afenyo-Markin.
According to PAGA, the allegations cannot be ignored. The group noted that Sammy Gyamfi has publicly described the Minority Leader as an “extortionist,” challenged him to seek legal redress, and indicated that he is prepared to defend the allegation with evidence and on any public platform.
PAGA has therefore called for clarity and accountability regarding the claims, emphasizing that matters involving allegations of extortion against a senior public official should be addressed transparently and through the appropriate legal and investigative channels.
The group maintained that both the reported financial losses and the extortion allegations raise significant public interest concerns that require full disclosure, accountability, and independent scrutiny.
Ghana|Atinkaonline.com|Vincent Kwofie