The National Organiser of the New Patriotic Party (NPP), Henry Nana Boakye, popularly known as Nana B, has accused the government of attempting to divert public attention from an alleged $1.7 billion loss associated with the Domestic Gold Purchase Programme.
Speaking at a press conference on Tuesday, August 25, 2026, Nana B, who is seeking to become the NPP’s First Vice Chairman, said the amount is too significant to be ignored and called for a full public account of how the loss occurred.
According to him, the reported loss, which he estimated at about GH¢22 billion, involved public funds and therefore required detailed scrutiny by Parliament and other relevant state institutions.
He argued that the controversy should not degenerate into political insults, insisting that the key issues are how the funds were used and what led to the reported loss.
Nana B said recent attempts by government officials and representatives of GoldBod to challenge the characterisation of the $1.7 billion figure amount to a diversion from the substantive questions surrounding the programme.
He particularly criticised the Chief Executive Officer of GoldBod, Sammy Gyamfi, accusing him of relying on attacks and what he described as a history of misleading claims instead of providing detailed responses to concerns raised by the NPP Minority in Parliament.
“When a government sends a man with a documented, repeated, almost compulsive habit of manufacturing falsehood to defend this $1.7 billion hole in the public purse, that itself is a confession,” Nana B said.
He maintained that the NPP is seeking clarity on whether the losses are attributable to GoldBod, the Bank of Ghana, or both institutions acting together.
“Whether every blame sits with GoldBod, or the Bank of Ghana, or both institutions acting together, that is precisely the question the Minority is demanding answers to,” he said.
Nana B devoted part of his address to previous controversies involving Sammy Gyamfi.
He cited a controversy during the 2020 election period involving a video that was presented as evidence that then-President Nana Addo Dankwa Akufo-Addo had received a $40,000 bribe.
According to Nana B, the video was later shown to have been selectively edited, while the amount involved was a GH¢40,000 campaign donation made in 2016, rather than a dollar-denominated bribe.
He said the footage merely showed Mr Akufo-Addo recording the name of a donor.
Nana B also referred to claims made during the 2024 election campaign concerning the ownership of Hubtel, alleging that Sammy Gyamfi had linked then-Vice President Dr Mahamudu Bawumia to the company.
He said checks at the Registrar-General’s Department did not establish Dr Bawumia as an owner of Hubtel and described the claim as politically motivated.
The NPP organiser further cited a 2021 controversy involving Sammy Gyamfi’s criticism of some NDC MPs who had voted on a ministerial nomination contrary to the position expected of them.
Nana B said the incidents reflect what he described as a pattern of making serious allegations without subsequently providing adequate clarification or evidence.
He questioned why Ghanaians should accept Mr Gyamfi’s explanations regarding the $1.7 billion controversy without demanding independent scrutiny and documentary evidence.
Nana B also criticised Sammy Gyamfi’s recent response to the NPP Minority’s concerns about the gold programme, particularly his use of a government accountability platform.
He accused the GoldBod CEO of using the platform to attack and insult the Minority rather than addressing the financial questions raised by opposition MPs.
According to Nana B, the government accountability series is a public platform belonging to the Presidency and should therefore be used to provide information and accountability to the people.
He said using such a platform for partisan attacks undermined the dignity of both the Presidency and Parliament.
“When a public officer takes the platform and uses it to insult and vilify the Minority in Parliament, it does not only disrespect one man, but the entire parliamentary group,” Nana B said.
He called on President John Dramani Mahama to ensure that government platforms are used for accountability and substantive engagement rather than political attacks.
Nana B said the NPP leadership is fully behind the Minority Caucus in Parliament and support its demand for a comprehensive investigation into the reported losses.
He said the party would not accept statements from GoldBod as the final explanation of what happened to the funds.
“The New Patriotic Party stands truly, completely, and unreservedly behind our mighty Minority Caucus in Parliament, led by Honourable Alexander Afenyo-Markin,” he said.
He described the matter as a national issue rather than a purely partisan dispute, arguing that public funds were involved.
Nana B urged the Minority to use every parliamentary mechanism available to obtain answers, including parliamentary questions, committee hearings, requests for documents, motions and other procedures provided for under Parliament’s Standing Orders.
He said the Minority should continue pursuing the matter in Parliament and in the court of public opinion until Ghanaians received a comprehensive account.
Nana B said the key issue is not simply whether the $1.7 billion figure appeared under the name of GoldBod or the Bank of Ghana, but what specifically caused the financial loss.
He called for a detailed breakdown, including the extent to which foreign exchange movements contributed to the figure.
He also demanded information on the prices at which the gold was purchased and subsequently sold, as well as the analysis and management decisions that informed the transactions.
“How much of this loss came from foreign exchange differentials?” he asked.
“As the cedi and the dollar moved against each other, how much came from the actual prices at which GoldBod bought this gold and the prices at which it was later sold?”
He said Ghanaians are entitled to answers because any recapitalisation of the central bank could ultimately have implications for taxpayers.
Nana B argued that if the losses weakened the Bank of Ghana’s financial position, the burden of restoring the institution’s capital could eventually fall on the state.
The NPP organiser also used the opportunity to raise concerns about illegal mining and its environmental impact on Ghana’s natural resources.
He accused GoldBod of failing to adequately prevent illegally mined gold from entering the formal gold purchasing system.
Nana B claimed the organisation had not demonstrated sufficiently effective mechanisms to distinguish gold sourced from licensed and responsible mining operations from gold produced through illegal mining.
He cited concerns raised by stakeholders in the mining sector and said the government owe the people clearer explanations about the origin of gold purchased under the programme.
According to him, the issue is particularly serious because illegal mining had contributed to the destruction of forests, pollution of rivers and increased pressure on Ghana’s water resources.
He also criticised the government for celebrating Ghana’s position among the world’s leading gold producers without adequately addressing the environmental consequences associated with illegal mining.
Nana B further sought to illustrate the magnitude of the reported loss by comparing it with Ghana’s development needs.
He argued that GH¢22 billion could have supported major investments in healthcare, roads and employment.
He specifically mentioned the stalled Agenda 111 hospital projects and the Accra-Kumasi road, which he said continues to require significant investment.
He also criticised the government over youth unemployment, arguing that the administration had yet to meet expectations regarding job creation.
Nana B said the alleged loss is particularly concerning given the economic and developmental challenges facing the country.
“Ghanaians are not asking for favours. They are asking for the truth about their money before it is taken from their pocket a second time to rescue the very institution that lost it initially,” he said.
Nana B insisted that the NPP would continue to pursue the matter until the questions surrounding the reported loss had been addressed.
He called on the public to demand transparency and urged the Minority to remain firm in its oversight role.
He said the party would support the Minority in using Parliament, its committees and other lawful mechanisms to obtain documents and explanations from the institutions involved.
“This is not partisan politics; this is a national duty,” Nana B said.
“Whoever governs this country is answerable to the people who elected them. They are answerable to every dollar of the people’s money that passes through their hands.”
He maintained that the reported $1.7 billion loss can not be buried under political arguments, insults or accusations and called for a transparent accounting of the transactions behind the figure.
Nana B urged the public not to lose sight of the financial issues at the centre of the controversy, saying the NPP would continue to demand answers until the circumstances surrounding the reported loss were fully established.
By 1960news.com
