Ghana Gold Board Chief Executive Officer Sammy Gyamfi has mounted a forceful defence of GoldBod’s performance, dismissing Minority Leader Alexander Afenyo-Markin’s criticism of the institution and declaring that threats of prosecution or imprisonment will not intimidate him.
Speaking at the Government Accountability Series on Wednesday, August 19, 2026, Mr Gyamfi pushed back against allegations surrounding losses linked to Ghana’s gold purchase programme, insisting that GoldBod’s record demonstrates significant gains for the country rather than financial mismanagement.
His response followed criticism from Mr Afenyo-Markin, including suggestions about accountability and the prospect of officials facing prosecution and stringent bail conditions over their stewardship.
Mr Gyamfi said he was prepared to account for his leadership of GoldBod and would not be distracted by what he described as political intimidation.
“I’m not afraid of any intimidating tactics because we are serving Ghana in good conscience, and our results and posterity will speak for us,” he said.
The GoldBod CEO contrasted the criticism against him with what he described as the performance of the Electricity Company of Ghana (ECG) during Mr Afenyo-Markin’s tenure as Board Chairman, citing a reported GH¢8.2 billion loss at the power distributor.
He questioned why he should be threatened with prosecution over GoldBod when, according to him, the institution has delivered substantial export revenues and strengthened the formal gold trade.
Mr Gyamfi said about 170 tonnes of gold had been exported through formal channels, generating more than US$17 billion in foreign exchange over approximately one-and-a-half years.
He also highlighted GoldBod’s push for domestic value addition, saying more than nine metric tonnes of gold have been refined in Ghana this year alone.
“Under your tenure, not a gram of gold produced in Ghana was refined in Ghana. Today, over nine metric tonnes, just this year, of gold we have bought [has been] refined in Ghana. We are changing the value-addition story,” he stated.
Mr Gyamfi consequently described the claims against him as reckless and accused the Minority Leader of failing to properly interrogate the facts surrounding GoldBod’s operations before making public pronouncements.
The controversy over GoldBod’s financial performance has intensified amid debate over losses associated with the Bank of Ghana’s gold purchase programme and whether those losses should be attributed directly to GoldBod.
Mr Gyamfi maintained that the institution should ultimately be judged by its contribution to formalising Ghana’s gold trade, increasing foreign-exchange inflows and expanding domestic refining, rather than what he characterised as politically motivated claims about its financial performance.
