Former Kumbungu MP warns Sammy Gyamfi’s dollar gift to Agradaa

Former Kumbungu MP Ras Mubarak has criticised GoldBod CEO Sammy Gyamfi for gifting dollars to evangelist Patricia Asiedua, popularly known as Agradaa, warning that such actions could destabilise the local currency and undermine economic confidence.

In a Facebook post, Mubarak argued that Gyamfi’s gesture—captured in a viral video—sends a negative signal about the cedi’s strength, despite its recent appreciation. He urged public officeholders to demonstrate faith in Ghana’s currency and avoid forex giveaways that could weaken the economy.

“For government officeholders, it’s expected that they prioritise national interests and show confidence in our country’s economy and currency,” Mubarak wrote. “You cannot justify a public officeholder giving away forex, especially when the cedi is performing well. Even if the foreign currency is well-earned, such actions could weaken the local currency and economy.”

He further noted that Ghana already struggles with dollarisation in sectors like education and real estate, making Gyamfi’s conduct particularly damaging. “Sammy Gyamfi’s poor judgment could be seen as a lack of confidence in the cedi and a contradiction of government regulations. This could negatively impact the cedi’s value and stability,” he added.

Mubarak also called on the Ghana Revenue Authority (GRA) to ensure Agradaa pays the mandatory gift tax on the dollar donation, stating, “It’s the law. The GRA must go after Agradaa for the tax component on the gift.”

Gyamfi apologises, calls gesture “unfortunate”

In response, Gyamfi admitted the act was an “error of judgment” and apologised, particularly to disheartened members of his party, the National Democratic Congress (NDC). He clarified that the donation was a private act of charity, not meant for public scrutiny.

“This was simply a kind gesture to a fellow human being, in line with my lifelong custom of helping those in need,” Gyamfi explained. “I sincerely thought this was done privately and never imagined it would go public. That is unfortunate and regrettable.”

Despite the backlash, Gyamfi reaffirmed his commitment to public service, stating, “My view of public office as a privilege to serve society remains unchanged.”

The controversy has sparked debate on social media, with critics echoing Mubarak’s concerns about the broader economic implications of a government official flaunting dollars. Economists have long warned that excessive dollarisation erodes confidence in the cedi, complicating monetary policy and exchange rate stability.