Minority Leader and Effutu MP Alexander Afenyo-Markin has raised concerns about the operations of the Ghana Gold Board (GoldBod), warning that the institution could face a major financial and governance scandal if its activities are not subjected to greater scrutiny.
The New Patriotic Party (NPP) lawmaker and lawyer cautioned GoldBod against becoming complacent, claiming that some information about its operations remains unknown to the public.
“GoldBod is a very big scandal awaiting us. There are things we know that they don’t know. They should be careful,” he warned.
His comments come amid growing concerns over the financial performance of the Bank of Ghana’s Domestic Gold Purchase Programme, which is implemented through GoldBod.
IMF Report Raises Concerns Over Gold Purchase Losses
The controversy intensified following the release of an International Monetary Fund (IMF) report indicating that losses associated with the domestic gold purchasing programme in 2025 were substantially higher than the previously reported US$214 million.
According to IMF Country Report No. 26/213, the significant expansion of the gold purchase programme during 2025 resulted in losses exceeding US$1.7 billion, representing approximately 1.5% of Ghana’s Gross Domestic Product (GDP).
The reported losses have triggered renewed calls for transparency, accountability and an independent assessment of GoldBod’s financial operations.
NPP Calls for Investigation Into GoldBod
Former Minister of State for Finance Abena Osei-Asare has also called on President John Dramani Mahama to initiate a comprehensive investigation into the reported losses.
She urged the government to examine GoldBod’s financial position and determine how the reported losses occurred.
Osei-Asare welcomed the reported decision for the Bank of Ghana to stop financing GoldBod from July 1, 2026, saying the move could help limit further pressure on public finances.
She also referenced President Mahama’s earlier position that state-owned enterprises that consistently fail to perform or generate profits could be closed down or merged.
According to her, the same principle should be applied to GoldBod if investigations establish that the institution is not delivering value to the Ghanaian economy.
Calls to Protect Ghana’s Public Finances
Osei-Asare further criticised the government over the introduction of more than eight new taxes, arguing that the measures had not generated the expected revenue targets.
She maintained that government should identify opportunities to reduce unnecessary expenditure and redirect available resources toward critical sectors of the economy.
She also argued that part of the funds associated with the reported GoldBod losses could have supported the recruitment of unemployed nurses and other essential public-sector workers.
The concerns raised by Afenyo-Markin and Osei-Asare come as GoldBod, Ghana’s gold purchasing programme and the Bank of Ghana’s financial commitments face increasing public and political scrutiny.
Calls for greater transparency are expected to continue as stakeholders seek clarification on the reported losses, GoldBod’s operations and the overall financial sustainability of Ghana’s domestic gold purchasing policy.
Source: newsthemegh.com