General News
Minority Insists GoldBod Must Account for GH¢22bn Reported Loss
The Minority Caucus in Parliament has maintained that the Ghana Gold Board (GoldBod) must account for a reported GH¢22 billion financial loss linked to the Domestic Gold Purchase Programme (DGPP) in 2025.
In a statement issued on Wednesday, August 19, 2026, and signed by Minority Leader Osahen Alexander Afenyo-Markin, the Caucus said GoldBod Chief Executive Officer Sammy Gyamfi’s response to concerns raised over the programme had not adequately addressed the financial issues at stake.
The Minority’s statement followed a press conference it held on Tuesday, August 18, on the financial and operational performance of GoldBod and reported losses associated with the Domestic Gold Purchase Programme.
The Caucus said its assessment was based on the International Monetary Fund’s findings on the programme. The IMF’s 2026 report discusses the Domestic Gold Purchase Programme and GoldBod’s evolving role in Ghana’s gold sector.
The Minority argued that Mr Gyamfi had not disputed the IMF’s reported finding of a US$1.7 billion loss under the Domestic Gold Purchase Programme in 2025.
“First, the loss is admitted,” the statement said, adding that the Chief Executive had not disputed the IMF’s finding but had instead sought to determine which institution or officials should be blamed.
According to the Caucus, regardless of which state institution’s balance sheet carries the loss, the financial impact ultimately concerns public funds.
The Minority therefore insisted that the reported loss, estimated at approximately GH¢22 billion, must be properly accounted for.
The Caucus also challenged GoldBod’s explanation of the fees it earned from the programme.
According to the statement, Mr Gyamfi indicated that GoldBod accounted for approximately GH¢133 billion in advances in 2025 and received an assay fee of 0.25 per cent and a service fee of 0.5 per cent.
Based on those figures, the Minority calculated that GoldBod earned about GH¢1 billion in fees from the programme.
The Caucus contrasted that figure with GoldBod’s reported operational surplus of approximately GH¢907 million.
It argued that once the agency fees collected from the programme are separated from GoldBod’s other operations, there would be little or no operational surplus attributable to the programme itself.
“The plain implication of his own numbers is that the operational surplus he is celebrating is smaller than the fee income he collected from a programme that lost the state 22 billion Ghana Cedis,” the statement said.
The Minority consequently called on the GoldBod CEO to provide a clearer explanation of the relationship between the fees earned and the reported financial loss.
The Caucus further accused Mr Gyamfi of taking credit for positive economic developments while distancing GoldBod from the reported downside associated with the programme.
It pointed to improvements in Ghana’s debt-to-GDP position, the increase in international reserves from about US$8.9 billion to US$11.3 billion, and the decline in inflation.
The Minority said GoldBod had been “foremost in taking public credit” for some of these outcomes.
It argued that an institution that claims responsibility for the benefits associated with a policy should also be prepared to accept responsibility for costs arising from the same policy.
The Minority also raised concerns about what it described as shifting arrangements for financing the Ghana Reserves Accumulation and National Assets Protection (GANRAP) programme.
According to the statement, Mr Gyamfi indicated that responsibility for the implementation cost of GANRAP moved from the Bank of Ghana to the Ministry of Finance in July 2026.
The Caucus said GoldBod was subsequently seeking to raise funds independently from August 2026.
It described the movement between three different funding arrangements within six months as evidence that the financing model had not yet been settled.
“Three funding arrangements in six months is not a settled model,” the Minority stated.
The IMF has previously noted that GoldBod’s operational model was significantly expanded from April 2026, with the institution taking over the Bank of Ghana’s role in the Domestic Gold Purchase Programme and handling financing, purchasing, assaying and exporting artisanal gold. From July 1, 2026, the government was to cover operating costs related to gold purchases, with costs subject to a 5 per cent ceiling of the overall cost of gold purchased.
The Minority concluded that the reported GH¢22 billion loss, which it said was contained in the IMF’s Sixth Country Report, must be accounted for.
The Caucus specifically referenced IMF Country Report No. 26/213, issued in August 2026, and maintained that the reported amount represented a financial loss to the Republic of Ghana.
The statement said the issue should not be dismissed simply because the loss appeared on the books of another state institution.
The IMF’s July 2026 assessment confirms that the Domestic Gold Purchase Programme had created a temporary breach of a Bank of Ghana performance criterion because of cost-sharing arrangements, while also noting Ghana’s broader improvements in reserves and macroeconomic stability.
The Minority Leader also criticised the tone adopted by the GoldBod CEO during his response to the Minority’s allegations.
Mr Gyamfi had reportedly used a reference to a “brothel” while dismissing the Minority’s criticisms during the Government Accountability Series.
Mr Afenyo-Markin described the remark as inappropriate for a public official responding to questions about the management of public funds.
“The Chief Executive’s reference to a brothel does not belong in a statement issued by a Public Officer accounting for public funds,” the Minority Leader said.
He added that Ghanaians were demanding financial figures and explanations rather than insults.
“Ghanaians asked for figures. They were given insults. The figures are still outstanding,” he stated.
The dispute comes amid competing interpretations of the financial figures. While the Minority has focused on the reported US$1.7 billion loss associated with the Domestic Gold Purchase Programme, the Institute of Fiscal Policy Governance has argued that GoldBod’s own audited accounts show a GH¢5.44 billion surplus for 2025 rather than a GH¢22 billion loss.
The controversy therefore centres partly on whether the reported losses under the Bank of Ghana’s Domestic Gold Purchase Programme should be treated as losses incurred by GoldBod itself or as financial consequences of a programme implemented through GoldBod on behalf of the central bank.
The Minority, however, maintains that GoldBod cannot distance itself from the financial consequences of transactions it operationally managed and is demanding full accountability for the reported loss.

General News
Saudi Arabia vows firm response after Houthi Strikes hit cities and energy facilities
RIYADH — Saudi Arabia has vowed to take decisive measures after Iran-aligned Houthi forces launched a wave of attacks on several cities and energy facilities in the kingdom, sharply escalating tensions across the Middle East.
The attacks on Tuesday targeted parts of southern Saudi Arabia, including Abha, Jazan, Najran and Khamis Mushait, according to Saudi authorities. Energy installations were among the sites hit, with fires reported at several locations.
Saudi officials said at least 73 people were injured, including women and children. Some energy operations were temporarily halted as emergency teams worked to contain the fires and assess the damage.
SAUDI ARABIA PROMISES ACTION
Saudi authorities described the attacks as a dangerous escalation and said all necessary operational measures would be taken to protect energy facilities, workers and the country’s infrastructure.
A spokesperson for the Saudi-led coalition fighting the Houthis said the coalition would take measures to deter the group and confront what it described as hostile activity.
The Houthis, meanwhile, claimed responsibility for the attacks, saying they used missiles and drones against Saudi military and energy-related targets. The group presented the operation as retaliation for Saudi-backed military activity in Yemen.
ENERGY MARKETS REACT
The attacks have also raised fresh concerns about global energy supplies because Saudi Arabia is one of the world’s largest oil producers.
Oil prices climbed sharply following news of the strikes, with Brent crude approaching $98 per barrel on Tuesday. Prices moved even higher early Wednesday as investors assessed the possibility of prolonged disruptions to Middle Eastern energy supplies.
Analysts warn that continued attacks on Saudi energy infrastructure could have consequences far beyond the region, particularly as shipping and oil supplies are already under pressure because of wider conflict around the Strait of Hormuz and the Red Sea.
TENSIONS THREATEN TO SPREAD
The latest attacks come amid a broader escalation involving Iran, the United States and their regional allies.
The Houthis have increasingly become involved in the wider conflict, targeting Saudi Arabia and previously disrupting commercial shipping in the Red Sea. Their renewed attacks risk reopening a much larger confrontation between the group and Saudi Arabia after years of relative calm following a 2022 ceasefire.
With Saudi Arabia now promising a firm response, concerns are growing that further military action could trigger another cycle of attacks across Yemen and the Gulf.
For now, attention remains focused on whether Saudi Arabia will launch retaliatory operations and whether the latest escalation will further disrupt regional energy supplies and global oil markets.
General News
UK Air travel hit by major air traffic control failure as thousands face disruption
LONDON — Air passengers across the United Kingdom are facing widespread delays and cancellations after a major technical failure disrupted operations at the country’s air traffic control provider, creating significant disruption across some of the UK’s busiest airports.
The problems began on Tuesday when a fault affected the flight-processing system operated by National Air Traffic Services (NATS). The technical failure disrupted flights at major airports including Heathrow, Gatwick, Manchester and Birmingham.
More than 1,000 flights were cancelled on Tuesday, according to flight-tracking data, as airlines struggled to manage the disruption. The impact has continued into Wednesday, with at least 177 flights already cancelled, many of them involving services at Heathrow.
NATS SAYS SYSTEM HAS BEEN RESTORED
NATS said engineers had identified and resolved the technical fault, with its systems subsequently returning to normal operation.
However, the organisation warned that restoring normal flight schedules would not happen immediately.
The technical failure left aircraft, pilots and cabin crews out of their planned positions, creating a knock-on effect across the wider aviation network. As a result, passengers could continue experiencing delays and cancellations even after the original technical problem had been fixed.
HEATHROW WARNS PASSENGERS
Heathrow Airport confirmed that departures had resumed following the disruption but cautioned travellers that delays could continue as airlines work to clear the backlog.
Passengers have been advised to check directly with their airlines before travelling to the airport and to confirm whether their flights are operating as scheduled.
AIRLINES DEMAND ANSWERS
The disruption has prompted strong criticism from airlines, with Ryanair claiming that tens of thousands of its passengers were affected.
The airline has called for NATS chief executive Martin Rolfe to step down over the incident, while Wizz Air has also called for urgent reforms to Britain’s air traffic control system.
The demands have increased pressure on NATS as questions grow over the resilience of the UK’s aviation infrastructure and the ability of the system to cope with major technical failures.
REGULATOR TO EXAMINE INCIDENT
The UK’s Civil Aviation Authority (CAA) is expected to examine NATS’ detailed report into the failure and assess whether further measures are required to strengthen the reliability and resilience of the country’s air traffic control infrastructure.
For passengers, the immediate priority remains checking flight information before setting out for the airport.
Although NATS says the technical problem has been fixed, the wider disruption is expected to take time to clear as airlines reposition aircraft and crews and work through the backlog of cancelled and delayed flights.
Travellers are therefore being urged to remain in contact with their airlines and avoid heading to the airport unless their flight has been confirmed.
General News
OPENAI Claims AI has cracked a 90 year-old mathematics mystery — But Experts are not convinced yet
NEW YORK — OpenAI says an advanced artificial intelligence system may have achieved a breakthrough in one of mathematics’ most notoriously difficult problems, claiming its AI generated a proposed solution to the Navier–Stokes existence and smoothness problem in just 88 hours.
The problem, which has challenged mathematicians for nearly a century, involves equations used to explain how fluids such as water and air behave and move. It is among the seven Millennium Prize Problems, each carrying a $1 million prize for a mathematically verified solution.
According to OpenAI, the effort involved deploying roughly 10,000 AI agents, allowing different systems to investigate numerous mathematical strategies simultaneously. The agents reportedly exchanged millions of messages while developing, testing and refining possible approaches.
AI PROPOSES A RADICAL ANSWER
OpenAI says its system eventually produced an extensive mathematical argument suggesting that a smooth solution to the Navier–Stokes equations could develop a singularity — a point where the mathematical behaviour becomes undefined or breaks down within a finite amount of time.
The company says the proposed argument was then subjected to additional AI-based verification in an effort to identify potential errors or weaknesses.
If the result ultimately survives rigorous examination by independent mathematicians, it could become one of the most significant demonstrations yet of AI’s ability to contribute to fundamental mathematical research.
But that outcome remains far from certain.
MATHEMATICIANS DEMAND INDEPENDENT VERIFICATION
Experts have urged caution over the announcement, stressing that a problem of this importance cannot be considered solved simply because an AI system has produced a sophisticated mathematical argument.
The proposed proof must undergo detailed examination by independent mathematicians, who will need to verify every critical step and determine whether it satisfies the precise conditions of the original Navier–Stokes problem.
Questions have also emerged over the relationship between OpenAI’s work and research into related mathematical approaches.
NYU mathematician Tristan Buckmaster has raised concerns because he and Anthropic researcher Levent Alpöge have been working on a related line of research. OpenAI, however, has denied accessing or using their unpublished research and maintains that its work was developed independently.
$1 MILLION PRIZE REMAINS UNCLAIMED
The Navier–Stokes problem is one of the famous Millennium Prize Problems established by the Clay Mathematics Institute. A fully accepted solution would qualify for a $1 million award.
OpenAI says it does not intend to claim the prize at this point.
That decision reflects the central issue surrounding the announcement: the proposed solution has not yet been independently verified and accepted by the mathematical community.
COULD AI CHANGE MATHEMATICAL RESEARCH?
Regardless of whether the proof is ultimately accepted, the episode highlights the rapidly expanding role of artificial intelligence in scientific research.
AI systems are increasingly being used to generate mathematical ideas, test hypotheses and explore problems that would take humans enormous amounts of time to investigate.
If OpenAI’s argument is eventually confirmed, it could mark a major milestone — not only for mathematics but also for the broader debate over whether AI can make genuinely original contributions to scientific discovery.
For now, however, the Navier–Stokes problem remains officially unresolved.
OpenAI may have presented a potentially groundbreaking solution, but the final verdict belongs to mathematicians.
General News
Dr Ayew Afriye secures police enquiry bail for Efya Royal
Effiduase-Asokore MP Dr Nana Ayew Afriye has secured police enquiry bail for NPP social media activist Efya Royal following her arrest over an alleged social media post linked to anonymous commentator “Ghana Jollof”.
Efya Royal was granted bail in the sum of GH¢20,000 after spending time in police custody, bringing temporary relief to her family, supporters and members of the New Patriotic Party (NPP) who had raised concerns about her detention.
Ayew Afriye steps in
The MP, together with NPP Director of Legal Services Gary Nimako, reportedly spent several hours at the Cantonments Police Station on Monday, working into the night to secure the activist’s release.
Their intervention followed growing public attention over Efya Royal’s arrest and uncertainty surrounding her whereabouts.
The activist had reportedly been arrested over allegations that she shared a post originally published by the TikToker known as “Ghana Jollof.” Police subsequently confirmed that she was in custody.
A case Ayew Afriye strongly opposed
The development is not entirely new for Dr Ayew Afriye.
Days before the bail was secured, the MP had criticised the decision by security authorities to involve Efya Royal in efforts to establish the identity and whereabouts of Ghana Jollof.
He described the move as “the height of absurdity”, arguing that serious intelligence operations should rely on cyber-intelligence, digital forensics and established investigative procedures.
According to the MP, Ghana Jollof had repeatedly stated that her face had never been publicly displayed, making it difficult to understand how Efya Royal could assist investigators simply through physical identification.
‘Leave Efya Royal alone’
Ayew Afriye argued that involving an activist because of perceived political or social connections could set a troubling precedent.
He urged the security agencies to conduct their own investigations and use modern digital tools rather than relying on individuals who, according to him, had no official connection to the anonymous commentator.
His intervention has now been followed by the granting of bail to Efya Royal, although the underlying police enquiry remains ongoing.
COKA also raises alarm
NPP Ashanti Regional Chairman Odeneho Kwaku Appiah, popularly known as COKA, also joined calls for the activist’s release.
COKA urged the National Signals Bureau and the Special Investigation Unit of the Ghana Police Service CID to operate professionally and avoid arresting individuals based on what he described as misconstrued or false identities.
He insisted that Ghana’s security institutions must operate with precision and within the limits of their powers.
Bail is not the end of the investigation
Although Efya Royal is now out on GH¢20,000 police enquiry bail, the development does not necessarily bring the investigation to an end.
Available reports indicate that questions remain over the circumstances of her arrest and the specific allegations being investigated. No formal charge or prosecution timeline has been publicly announced in the sources reviewed.
For now, the immediate battle has been won: Efya Royal is back out of custody, while the police enquiry continues.
General News
President Mahama tasks Independent Fiscal Council to safeguard Ghana’s economic stability
-
Entertainment1 week agoOswald Okaitei Explains the Real Vision Behind Ghana’s Black Star Experience
-
General News2 weeks agoGES Urged to Review Student Sexual Misconduct Rule Over Alleged Discrimination Against Boys
-
Entertainment2 days agoMahama Is First President to Put GH¢40m Seed Money into Creative Arts Fund: Kojo Preko Dankwa
-
General News2 weeks agoZanetor and Ayariga Face Parliamentary Vetting Today
-
General News2 weeks agoOti Region Youth Endorse John Boadu, Cite Experience as Key to NPP Victory
-
General News2 weeks agoGES Opens WAEC Portal for 2026 School Placement Data Upload
-
General News2 weeks agoPolice Suspend Concrete Mixer Truck Operations in Accra, Tema From August 28
-
General News2 weeks agoPresident Mahama makes further ministerial changes
