Minority Leader Alexander Afenyo-Markin has urged the government to strengthen oversight and tighten operational controls at the Ghana Gold Board (GoldBod) to prevent potential financial losses and protect the country’s economic gains.
Mr Afenyo-Markin said the relative stability of the Ghana cedi was a positive development that should be maintained through prudent economic management. However, he cautioned that weaknesses in GoldBod’s operations could undermine the progress made in stabilising the economy.
He called for practical measures to identify and close loopholes within GoldBod and ensure greater accountability in the management of Ghana’s gold resources.
Afenyo-Markin Raises Concerns Over GoldBod Operations
Speaking to journalists in Accra on Monday, August 31, the Minority Leader said his concerns about GoldBod were not motivated by personal or partisan political interests.
According to him, the issues surrounding the domestic gold purchase programme are important to Ghana’s economy and could have serious consequences if financial losses are not addressed.
He therefore called on the government to review the programme, identify weaknesses and introduce measures to prevent further losses.
Mr Afenyo-Markin stressed that any financial losses associated with GoldBod could eventually place additional pressure on Ghana’s economy and public finances.
Calls for Transparency in Gold Purchases
The Minority Leader also demanded greater transparency regarding the operations of the Ghana Gold Board.
He said Ghanaians should have clear information about the prices GoldBod pays for gold, commissions involved in gold transactions, bonuses offered and the prices at which gold is eventually sold to off-takers.
He further called for transparency concerning any losses recorded throughout the gold purchasing and selling process.
Mr Afenyo-Markin also questioned how much bullion was eventually sold by the Bank of Ghana (BoG) following assaying and other stages of the gold trading process.
He said the concerns are consistent with issues raised by the International Monetary Fund (IMF) regarding the implementation of Ghana’s domestic gold purchase programme.
GoldBod Concerns Are Not NPP-NDC Politics
Mr Afenyo-Markin rejected suggestions that the concerns raised about GoldBod should be viewed simply as another political dispute between the New Patriotic Party (NPP) and the National Democratic Congress (NDC).
He argued that the issue directly affects Ghana’s economy and the livelihoods of ordinary citizens.
According to the Minority Leader, the government has cited limited fiscal space when discussing employment opportunities, infrastructure development and other public services.
He therefore questioned how significant financial losses could be allowed to occur while government continues to face funding challenges.
Mr Afenyo-Markin cited a figure of approximately GH¢22 billion, which he claimed was being lost, and called for greater scrutiny of the gold purchasing programme.
Opportunity Cost Argument Must Be Examined
The Minority Leader acknowledged that every economic policy comes with an opportunity cost.
However, he said the concerns raised by the IMF suggest that the reported losses associated with the domestic gold purchase programme go beyond what could ordinarily be considered the normal economic cost of implementing a policy.
He maintained that the government must therefore take another look at the programme and address any financial leakages.
Afenyo-Markin Welcomes Broader GoldBod Investigation
Mr Afenyo-Markin also welcomed calls for a broader investigation into GoldBod’s operations, including activities dating back to the beginning of the domestic gold purchase programme.
He said there should be no objection to extending an investigation beyond 2025 if doing so would provide a comprehensive understanding of the programme’s implementation and financial impact.
According to him, a wider review could help policymakers identify weaknesses, improve future economic policies and strengthen public accountability.
He urged political leaders to elevate the discussion beyond partisan politics and focus on issues that serve Ghana’s national interest.
The latest debate over GoldBod comes amid broader discussions about Ghana’s gold sector, foreign exchange reserves, cedi stability, public finances and economic management, making transparency and accountability in the country’s gold trade increasingly important.
Source: newsthemegh.com