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Claim: Multiple social media posts alleged that Ghana’s opposition New Patriotic Party (NPP) had apologised to GoldBod CEO Sammy Gyamfi for its criticism of him over the reported US$1.7 billion loss under the Bank of Ghana’s gold programme.
Verdict: False! DUBAWA’s investigation has disclosed that the NPP did not issue the purported apology. NPP General Secretary, Justin Kodua Frimpong, confirmed to DUBAWA that the statement was “Definitely fake.”
Full Text
A purported statement circulating on social media claimed that the NPP had reconsidered its criticism of Goldbod CEO Sammy Gyamfi over the reported US$1.7 billion loss linked to the Bank of Ghana’s Domestic Gold Purchase Programme (DGPP).
The International Monetary Fund (IMF), in its report published in Aug. 2026 and titled “Lessons from the Bank of Ghana’s Domestic Gold Purchase Programme,” noted that the “significant scaling up” of the DGPP led to operational losses of over $1.7 billion (equivalent to GH₵22 billion).
The Bretton Woods institution explained that “Losses accrued on gold trades are a combination of service and assay fees paid to GoldBod, discounts on gold sold to off-takers (exporters) and, most importantly, exchange rate losses from the spread between the forex bureau rate paid to purchase gold and the cedi reference rate used for BoG accounting.
See paragraph 13 of the IMF report for the revelation.
The DGPP was introduced in 2021 against the backdrop of Ghana’s worsening debt crisis, declining reserves, exchange-rate pressures and tightening external financing conditions.
It was subsequently used to procure fuel and rebuild international reserves as access to foreign exchange and international capital markets became severely constrained. (Also, see paragraph 7 of the IMF report)
Although the DGPP is a programme of the country’s Central Bank, the Goldbod per arrangements act as an agent of the Bank to acquire the gold both for reserves and sale on the international market.
But the opposition New Patriotic Party (NPP) Members of Parliament are calling for an inquiry into the loss. See this, this and this.
Minority leader Alexander Afenyo Markin has said the $1.7 billion losses remain a priority in their scheme.
A few days later, some posts surfaced on X accompanied by a letter purportedly from the NPP apologising to the Goldbod CEO, Sammy, for the sustained criticisms over the $1.7 billion losses.
See this, this, this, and this for various posts on the purported apology on X (formerly Twitter). Also, see this and this for a similar post on Facebook.
Writing on the issue, @nyavorx said: “The General Secretary of the NPP has issued an apology letter to Sammy Gyamfi.”
The Aug. 26, 2026 post was accompanied by an image of the purported apology on the NPP letterhead and signed by the party’s General Secretary, Justin Kodua Frimpong.
The social media data has revealed that the various posts have cumulatively garnered over 120,000 views, 1500 likes, 800 reposts and 200 bookmarks.
Reacting to the post, @akuvitv1 asked: “Is this information true or what?”
Another X user, @thebigtalkgh wrote:
“An apology letter does not restore a reputation. The NPP admitted their allegation against Sammy Gyamfi was inaccurate, insensitive and unjust. But that admission came after the damage was done to his name, his family, and his institution.”
DUBAWA decided to probe the purported letter due to its engagement on social media.
Verification
DUBAWA’s investigation has disclosed that the NPP did not issue the purported apology.
NPP General Secretary, Justin Kodua Frimpong, confirmed to DUBAWA that the statement was “Definitely fake.”
NPP General Secretary’s response to DUBAWA’s inquiry
Considering the sustained discussion of the DGPP’s $1.7 billion losses and questions about Goldbod’s role in those losses, an apology from the NPP would have been published by some credible local and international press.
However, findings of DUBAWA’s Google keyword search revealed that no credible media organisation has published the purported apology to the Goldbod CEO.
Also, a review of contemporary reports shows that the NPP parliamentary Minority continued to demand accountability for the reported US$1.7 billion loss.
When DUBAWA asked one of the post makers to indicate their source of the letter, he directed the researcher to ask the NPP General Secretary rather.
Conclusion
The NPP did not apologise to Sammy Gyamfi for criticising him over the $1.7 billion loss at the DGPP. The purported NPP apology circulating on X is fake.
