The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has accused Minority Leader Alexander Afenyo-Markin of engaging in a campaign aimed at damaging the reputation of the state-owned gold trading institution.
Mr Gyamfi said the Minority Leader’s repeated criticism of GoldBod did not amount to constructive scrutiny but was instead part of what he described as an effort to undermine public confidence in the institution.
His comments come amid concerns raised by Mr Afenyo-Markin over the financial implications of GoldBod’s operations, particularly losses linked to the Bank of Ghana’s Domestic Gold Purchase Programme.
An assessment by the International Monetary Fund (IMF) has indicated that the programme recorded losses of approximately US$1.7 billion in 2025, a development that has intensified public debate over the financial management and sustainability of the programme.
Speaking at the Government Accountability Series on Wednesday, August 19, 2026, Mr Gyamfi rejected the criticisms directed at GoldBod, arguing that they were being driven by political considerations rather than a genuine interest in holding public institutions accountable.
He accused Mr Afenyo-Markin of repeatedly making what he described as unsubstantiated claims in an attempt to create a negative perception of GoldBod.
According to the GoldBod CEO, the Minority Leader’s approach represented a deliberate effort to discredit the institution instead of engaging with the facts surrounding its operations and financial performance.
“ Afenyo-Markin’s continuing antics must therefore be seen for what they are—a desperate smear campaign by persons who have specialised in sophistry and political blackmail in pursuit of selfish ends,” Mr Gyamfi said.
He further alleged that individuals behind the criticism were using accusations and pressure tactics in an attempt to force GoldBod into arrangements that would serve their private interests.
“These are devious extortionists who will come at you with lies to tarnish your reputation in the hope that you will fold and settle for what they call compulsory arbitration and oil their palms,” he alleged.
Mr Gyamfi maintained that GoldBod would not be pressured or intimidated by what he characterised as politically motivated attacks.
“Well, this time around they found the wrong target,” he added.
The GoldBod chief executive also called for greater discipline in public discussions about the performance of state institutions, stressing that criticism of government agencies should be anchored in accurate financial information and independently verifiable evidence.
He argued that disagreements over public finances should be settled through scrutiny of official records rather than repeated claims that could create misconceptions among citizens.
“The Ghanaian people deserve serious public discourse founded on facts, evidence, truth, and not endless recycling of falsehoods in the hope that repetition will lend credibility to them and turn fiction to facts,” he said.
The controversy comes as GoldBod faces increased public and political scrutiny over its role in Ghana’s gold trading sector and its relationship with the Bank of Ghana’s gold purchasing operations.
While the Minority has raised questions about financial losses associated with the Domestic Gold Purchase Programme, GoldBod management has continued to defend the institution’s overall financial position and performance.
The competing positions have placed GoldBod at the centre of a wider debate over the management of Ghana’s gold resources, the financial risks associated with state participation in the gold market and the need for greater transparency in public financial reporting.
Mr Gyamfi’s latest remarks signal GoldBod’s determination to push back against allegations it considers misleading, while insisting that any assessment of the institution should be based on audited accounts, official records and verifiable financial data rather than political rhetoric.
By 1960news.com
