The escalating war of words over Ghana’s gold programme has taken a dramatic turn after GoldBod CEO Sammy Gyamfi levelled a serious extortion allegation against Minority Leader Alexander Afenyo-Markin, insisting he would not be intimidated by the opposition lawmaker’s attacks.
Speaking on JoyNews’ Newsfile on Saturday, August 22, Gyamfi defended his decision to fight back strongly against what he described as a deliberate campaign of misinformation targeting both himself and the Ghana Gold Board. He argued that there is a clear difference between legitimate criticism and what he considers an organised attempt to damage reputations.
Gyamfi has accused Afenyo-Markin and others behind the attacks on GoldBod of engaging in what he described as political blackmail and extortion, alleging that such tactics are intended to put pressure on targets until they give in financially.
In earlier remarks at the Government Accountability Series, Gyamfi described those behind the campaign as “devious extortionists,” alleging they spread damaging claims in hopes that their targets would eventually agree to a settlement and “oil their palms.”
He has maintained that GoldBod will not succumb to such pressure, declaring that those allegedly pursuing that strategy had “found the wrong target.”
The explosive exchange comes amid a fierce disagreement over an IMF report concerning losses of about $1.7 billion recorded under the Bank of Ghana’s Domestic Gold Purchase Programme in 2025. Afenyo-Markin has argued that the losses must be properly accounted for and has questioned GoldBod’s role in the programme.
Gyamfi, however, insists the IMF report does not state that GoldBod itself caused the $1.7 billion loss. He has repeatedly challenged Afenyo-Markin to identify the exact page, paragraph or sentence where the IMF makes such an accusation.
He has also indicated his willingness to face his critics through Parliament and has previously warned that allegations repeated outside parliamentary privilege could face legal action.
The latest confrontation has transformed what began as a debate over Ghana’s gold programme into an increasingly personal political battle, with both sides refusing to retreat.
For now, Gyamfi’s extortion allegation remains an accusation and has not been established as fact, while Afenyo-Markin continues to demand accountability over the reported financial losses.
