Sammy Gyamfi Fires Back at GoldBod Loss Allegations, Demands Proof from Afenyo-Markin

The National Democratic Congress (NDC) has robustly contested allegations that Ghana's state-owned gold trading firm, GoldBod, recorded significant losses in 2025. In a direct challenge to New Patriotic Party (NPP) legislator Alexander Afenyo-Markin, NDC spokesperson Sammy Gyamfi has disputed claims of a GH¢22 billion loss, instead pointing to audited financial statements that allegedly demonstrate a GH¢5.4 billion surplus.

The dispute marks an escalation in the political row over GoldBod's financial performance, with Gyamfi demanding that Afenyo-Markin substantiate his assertions or risk being exposed for spreading misinformation. The confrontation underscores deepening tensions between the two political parties as they prepare for accountability over state institutions.

The GoldBod Controversy Explained

GoldBod, established as Ghana's flagship gold trading company, has become a focal point in Ghana's broader economic and political discourse. The entity was positioned as a mechanism to streamline gold exports and maximise revenue for the state. However, questions about its operational efficiency, financial management, and actual returns have periodically surfaced in public debate.

Afenyo-Markin's allegations of massive losses would, if substantiated, represent a significant failure in resource management and raise serious questions about oversight and governance. Conversely, Gyamfi's counter-claim of a substantial surplus, backed by audited accounts, suggests the company may be performing better than critics suggest—though the specifics of how that surplus was achieved and whether it reflects genuine operational success remains unclear from the available information.

Why This Matters for Ghana

Ghana's gold sector is critical to the national economy, contributing substantially to foreign exchange reserves and government revenue. Any company managing state gold assets operates under intense scrutiny, and questions about its financial health reflect broader concerns about public resource management.

The disagreement between Gyamfi and Afenyo-Markin is not merely a partisan squabble; it touches on fundamental issues of transparency and accountability. Ghanaians deserve clarity on whether GoldBod is efficiently converting the country's mineral wealth into national benefit. The competing claims—GH¢22 billion loss versus GH¢5.4 billion surplus—are wildly divergent figures, suggesting either gross miscalculation or deliberate distortion by one party.

Additionally, this dispute reflects the political environment ahead of Ghana's governance cycle, with both parties keen to demonstrate competence in managing state enterprises. The NDC, having recently returned to power, faces questions about the state of institutions it inherited. The NPP, in opposition, is scrutinising government performance. How GoldBod's accounts are presented and interpreted will influence public confidence in institutional oversight across both administrations.

Next Steps and Verification

Gyamfi's demand that Afenyo-Markin provide evidence is a strategic move that shifts burden of proof. If the audited accounts genuinely show a surplus, the NDC spokesperson has reasonable grounds to challenge unsubstantiated loss claims. However, transparency requires that both the audited financial statements and the methodology used to calculate them be made publicly accessible for independent scrutiny.

Ghanaians monitoring this debate should seek clarity on several points: who conducted the audit, what accounting standards were applied, and whether the audited accounts have been submitted to Parliament and relevant oversight bodies. Only through full transparency can public trust in state institutions be maintained and political point-scoring be separated from genuine financial accountability.