‘You sold water and electricity, yet still made losses’ —GoldBod CEO fires back at Afenyo-Markin

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has launched a blistering counterattack against Minority Leader Alexander Afenyo-Markin, challenging him to account for his own record in public office rather than levelling allegations against GoldBod.

Speaking on Joy News’ Newsfile programme on Saturday, August 22, 2026, Gyamfi dismissed Afenyo-Markin’s criticisms of GoldBod’s financial performance and turned the spotlight on the Minority Leader’s tenure as board chairman of two of Ghana’s largest state-owned enterprises.

GH¢3.3 Billion at Ghana Water, GH¢8.2 Billion at ECG

Gyamfi alleged that Afenyo-Markin supervised a cumulative loss of GH¢3.3 billion at Ghana Water Limited while serving as board chairman between 2017 and 2024. He further claimed that the Electricity Company of Ghana (ECG) recorded a loss of GH¢8.2 billion in 2024 while Afenyo-Markin served in a leadership role at the company.

“He said no one sells gold and makes a loss. In this world, the cheapest thing to trade is water. You went and supervised four consecutive years of losses at Ghana Water Limited when you were board chairman. A cumulative loss of 3.3 billion cedis. You were sent to ECG as board chair; you supervised another loss of 8.2 billion cedis in 2024. You sold water and electricity, and still made losses,” Gyamfi stated.

Double Standard on Accountability

The GoldBod CEO questioned why those alleged losses had not resulted in criminal action or similar sanctions against the Minority Leader. He argued that if Afenyo-Markin could scrutinise his management of GoldBod, then the Minority Leader should equally be prepared to have his own record in public office examined.

Gyamfi maintained that he has not recorded any losses since taking charge of GoldBod and should therefore not be personally blamed for figures cited in an International Monetary Fund (IMF) report. “Sammy Gyamfi has not incurred any loss. Why should you project that on me when I have not made a loss?” he questioned.

‘Extortionist’ Remark and Underlying Issues

Gyamfi also defended his decision to describe Afenyo-Markin as an “extortionist,” insisting that the comment was based on underlying issues between the two men that are not known to the public.

“You see, my brother, there are many underlying issues between Afenyo-Markin and me that you don’t know, and those watching don’t know,” he said. He noted that he had never used the term against any of his other critics and suggested that Afenyo-Markin’s failure to publicly rebut the allegation or threaten legal action was significant.

Background: GoldBod Controversy

The exchange stems from Afenyo-Markin’s recent criticism of GoldBod’s financial performance. The Minority Leader had cited an IMF report alleging a US$1.7 billion (approximately GH¢22 billion) loss under the Bank of Ghana’s Domestic Gold Purchase Programme (DGPP), which was implemented through GoldBod. Afenyo-Markin attributed the alleged losses to service and assay fees, discounts on gold sold to off-takers, and exchange-rate differences.

Gyamfi has consistently rejected those claims, describing them as “a bare-faced lie” and challenging the Minority Leader to “point to any page” in the IMF report that attributes the losses to GoldBod. He has also noted that GoldBod recorded an operational surplus.

Political Fallout

The war of words has drawn significant public attention, with Gyamfi daring Afenyo-Markin to sue him over the “extortionist” allegation. Reports indicate that Afenyo-Markin has signalled his intention to pursue legal action over what he describes as “false and defamatory” statements.

The GoldBod CEO, however, remains undeterred. “I’m a consummate democrat. I eat and drink debates,” he said. “Tell him that you want to be his lawyer so that he sues Sammy Gyamfi to substantiate that claim. Or tell him that you will give him an interview here and Sammy Gyamfi will come, and that he should dare Sammy Gyamfi”.

As the controversy continues to unfold, Gyamfi’s sharp rebuttal has shifted the spotlight onto Afenyo-Markin’s own stewardship of state enterprises—a development that could have significant political ramifications for the Minority Leader.