GoldBod, BoG and Finance Ministry responsible for GH¢22bn DGPP loss – Gideon Boako

Tano North MP and Deputy Ranking Member on Parliament’s Finance Committee, Dr Gideon Boako, has alleged that the Domestic Gold Purchase Programme (DGPP) was structured as a “profiteering scheme”, resulting in a reported GH¢22 billion loss to the state. The reported loss, equivalent to about US$1.7 billion, has triggered intense debate over the management of Ghana’s domestic gold purchasing operations and the respective roles of the Ghana Gold Board (GoldBod), the Bank of Ghana (BoG) and the Ministry of Finance. Speaking on Adom TV on Monday, August 24, Dr Boako alleged that the structure of the programme created opportunities for financial gain at the expense of the public purse.

He said the scale of the reported loss warranted a thorough examination of how the programme was designed and implemented, as well as who ultimately benefited from the transactions. “The whole thing was a profiteering scheme. It was designed to create the create, and share the same.

I call it ‘create the bag, share the bag’,” he said. Dr Boako’s comments come amid an escalating dispute between the parliamentary Minority and GoldBod over the reported losses associated with the DGPP. The disagreement has also drawn in GoldBod Chief Executive Officer, Sammy Gyamfi, and Minority Leader Alexander Afenyo-Markin, with both sides challenging each other’s interpretation of the programme’s financial performance, losses and accountability.

The Minority has been demanding greater parliamentary scrutiny of the reported loss, while GoldBod has disputed interpretations that seek to attribute the loss directly to the Board. Dr Boako’s allegation adds to growing calls for greater clarity on the transactions underpinning the DGPP and the financial implications for the state. The reported loss, equivalent to about US$1.7 billion, has become a major point of contention between the government and the parliamentary Minority.

The debate has centred on whether the loss should be attributed directly to GoldBod or to the Bank of Ghana, which financed the programme and absorbed the reported accounting losses. Speaking on Adom TV on Monday, August 24, Dr Boako argued that the three institutions cannot distance themselves from the financial outcome of the programme because of their respective roles in its implementation and financing. He said the institutions must account for how the programme was structured, financed and operated, insisting that the reported loss should not be treated as an issue concerning only the Bank of Ghana’s balance sheet.

Dr Boako’s comments come amid continued exchanges between Minority Leader Alexander Afenyo-Markin and GoldBod Chief Executive Officer Sammy Gyamfi over the reported losses, with both sides offering different interpretations of the financial impact of the DGPP.