Minority Leader Alexander Afenyo-Markin has raised concerns about the operations of the Ghana Gold Board (GoldBod), warning that the institution could become embroiled in a big scandal if its activities are not carefully managed.
The Effutu Member of Parliament urged the management of GoldBod to exercise caution, suggesting that there were aspects of its operations that are not yet known 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,” Mr Afenyo-Markin warned.
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His comments come amid renewed scrutiny of GoldBod’s operations following revelations contained in a recent International Monetary Fund (IMF) report on Ghana’s Domestic Gold Purchase Programme.
The programme, implemented through GoldBod, has come under increasing attention over the financial losses associated with the government’s gold purchasing activities.
According to IMF Country Report No. 26/213, losses incurred under the Domestic Gold Purchase Programme in 2025 were significantly higher than the previously reported figure of US$214 million.
The IMF report indicates that the substantial expansion of the programme during 2025 resulted in losses exceeding US$1.7 billion, representing approximately 1.5% of Ghana’s Gross Domestic Product (GDP).
The disclosure has triggered fresh debate over the financial management of the programme and the broader operations of GoldBod.
The development has also drawn a response from economists and officials who have challenged interpretations of the IMF figures.
Mr Afenyo-Markin’s warning comes as the Minority in Parliament intensifies its scrutiny of GoldBod and the financial implications of the Domestic Gold Purchase Programme.
The Minority Leader did not provide details of the specific issues he claimed were known to his side but not publicly known.
His remarks, however, are likely to fuel further calls for transparency and accountability in the management of Ghana’s gold purchasing programme.
GoldBod was established as the central institution responsible for regulating and coordinating Ghana’s gold trading activities, with the government positioning the institution as a key component of efforts to maximise the country’s returns from its gold resources.
The board’s activities have increasingly become a subject of political debate, particularly over the scale of gold purchases, financing arrangements and their implications for public finances.
The latest controversy is expected to heighten calls for GoldBod and the government to provide further clarification on the figures contained in the IMF report and explain the financial position of the Domestic Gold Purchase Programme.
For the Minority, the disclosures reinforce concerns about the sustainability and accountability of the programme.
Mr Afenyo-Markin’s warning also places renewed focus on the need for GoldBod to operate with greater transparency as it assumes a central role in Ghana’s gold trading sector.
Myjoyonline.com