Minority Leader and Effutu MP, Alexander Afenyo-Markin, has raised concerns about how the Ghana Gold Board (GoldBod) is managing the country’s gold business.
Speaking at a Minority press conference in Parliament on Tuesday, August 18, 2026, Mr Afenyo-Markin questioned how an institution that trades in gold could report losses.
He argued that the gold business provides enough opportunities to make money and that the reported losses should not simply be blamed on market conditions.
“These losses are not bad luck. You don’t trade in gold and make losses. They are not a difficult market,” he said.
According to him, the figures presented by the Minority suggest deeper problems with the way GoldBod is being managed and with the government’s policies.
“They expose the crass incompetence of the GoldBod’s management and misaligned policies of the government,” he said.
Mr Afenyo-Markin also called for stronger oversight of GoldBod. He said there must be greater accountability in the way Ghana’s gold resources are handled and questioned whether enough attention is being paid to the institution’s activities.
“No serious institution loses this money by accident. This is what happens when an untouchable few are handed the nation’s gold with no one watching,” he said.
### GoldBod rejects claims of losses
The comments come at a time when there is growing disagreement over GoldBod’s financial performance.
GoldBod CEO, Sammy Gyamfi, has rejected claims that the institution recorded losses. He said GoldBod’s audited 2025 financial statements show that the institution actually made significant surpluses.
According to Mr Gyamfi, the financial statements show an operational surplus of GH¢907 million and an overall surplus of GH¢5.4 billion.
He described Mr Afenyo-Markin’s claims as a “blatant lie” and the result of his “hallucinatory imagination”.
The disagreement has now put renewed focus on GoldBod’s finances and how Ghana’s gold resources are being managed.
While Mr Afenyo-Markin is calling for more scrutiny and accountability, GoldBod insists that its audited accounts show that the institution made substantial surpluses rather than losses.
At the heart of the disagreement is how GoldBod’s financial figures and trading results should be understood and interpreted.
