Minority Leader and Effutu MP, Alexander Afenyo-Markin, has challenged the Ghana Gold Board (GoldBod) to explain how its gold purchasing and trading operations are structured, particularly how transaction fees and losses are shared with the Bank of Ghana (BoG).
Speaking at a press conference in Parliament on Tuesday, August 18, Mr Afenyo-Markin said the Minority’s concerns were aimed at protecting the public interest and were not personal attacks on GoldBod officials.
He argued that GoldBod should account for both the income generated and the costs incurred from the transactions it facilitates.
“You don’t get to keep the fees and disown the costs,” he said.
His comments follow findings in an International Monetary Fund (IMF) report on Ghana concerning losses under the Bank of Ghana’s Domestic Gold Purchase Programme, which is implemented through GoldBod.
According to the IMF, the programme’s significant expansion in 2025 resulted in losses of more than US$1.7 billion, equivalent to about 1.5% of Ghana’s GDP.
Mr Afenyo-Markin questioned why gold was sold to off-takers at discounted prices and called on GoldBod to disclose the identities of the buyers and explain the fees charged on the transactions.
He stressed that the Minority’s concerns were based on the IMF’s findings and not figures produced by the opposition.
The Minority Leader also questioned why losses linked to gold purchases, pricing and sales decisions should remain on the Bank of Ghana’s balance sheet while GoldBod receives credit for revenue and foreign exchange generated through the programme.
He said Ghanaians deserved clear answers on the transaction structure, discounts given to off-takers and who ultimately benefited from the gold sales.
Mr Afenyo-Markin maintained that the issue requires proper scrutiny, warning that financial risks from the country’s gold trading operations should not simply be shifted to the central bank and, ultimately, the taxpayer.
The comments come amid growing tensions between the Minority and GoldBod over the management and financial performance of Ghana’s gold trading operations.
