The New Patriotic Party (NPP) has challenged the Ghana Gold Board (GoldBod) to disclose the names of companies that bought Ghana’s gold amid the controversy over losses recorded under the Domestic Gold Purchase Programme (DGPP).
It emphasised that the identities of the companies involved, as well as the commercial terms and discounts offered to them, should be made public to ensure transparency and accountability.
The party accused GoldBod of failing to provide adequate transparency on the buyers of the country’s gold following the loss of more than US$1.7 billion, equivalent to about GH¢22 billion, in 2025.
It noted that the programme continued to lose money despite the fact that global gold prices experienced one of their strongest periods in decades, saying “the loss was not the market’s fault.”
Addressing a news conference jointly by the Chairman of the NPP Policy Co-ordination Committee, Mr. Kojo Oppong Nkrumah and a member of the Committee, Dr. Mohammed Amin Adam on September 1, 2026 in Accra, the two lawmakers said the Committee’s review of the International Monetary Fund (IMF) report, the Bank of Ghana’s audited accounts, GoldBod’s financial statements and other official documents had raised serious questions about how the financial impact of the programme was presented to Ghanaians.
NPP’s demand followed an ongoing tussle between Minority Leader Osahen Alexander Kwamena Afenyo-Markin and GoldBod Chief Executive Officer Sammy Gyamfi over demands for accountability regarding the US$1.7 billion financial loss to the state.
Dr. Amin Adam who is also a former Minister for Finance and MP for Karaga questioned where the gold exported by GoldBod had gone and again demanded details of the companies involved in the transactions.
“Where did our gold go? All the gold they sold, where did that go?” he asked.
“Gold Board has never published the names of the companies buying its gold. And none of the quarterly public reports required under Section 42 of the Ghana Gold Board Act has ever appeared in any way…We want to know the names of the foreign buyers of Ghana’s gold, the discount and commercial terms they were given. Those contracts must be published,” Dr. Amin Adam added.
GoldBod, he pointed out, exported about 103.8 tonnes of gold sourced from small-scale miners in 2025, with 98.8% of the gold reportedly going to two destinations—India and Dubai.
According to him, the pricing arrangements surrounding some of the transactions resulted in significant losses to the country.
Dr. Amin Adam explained that buyers in those markets typically offer faster payment, but often demand discounts in return, which he said contributed to Ghana losing about US$450 million.
“Gold Board had to provide huge discounts, which resulted in Ghana not receiving US$450 million. And this is one of the losses recorded,” he disclosed.
He said the lack of disclosure raised questions about the transparency of GoldBod’s operations, particularly given the scale of Ghana’s gold exports.