Minority Leader Alexander Afenyo-Markin has raised concerns over the operations of the Ghana Gold Board (GoldBod), warning that the institution could become the subject of a major scandal if emerging concerns surrounding its activities are not addressed.
The Effutu MP claimed the Minority was aware of developments concerning GoldBod that were not yet in the public domain and urged the institution’s management to exercise caution in its operations.
“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 said.
He did not provide details of the information he claimed the Minority possessed or specify the aspects of GoldBod’s operations that formed the basis of his warning.
His comments come amid increased scrutiny of Ghana’s gold purchasing arrangements following disclosures contained in an International Monetary Fund (IMF) report.
IMF Country Report No. 26/213 indicates that losses associated with the Bank of Ghana’s Domestic Gold Purchase Programme in 2025 were significantly higher than the US$214 million figure previously reported.
According to the report, the substantial expansion of the programme during 2025 resulted in losses exceeding US$1.7 billion, equivalent to approximately 1.5 per cent of Ghana’s Gross Domestic Product (GDP).
The development has intensified debate over the financial implications of the programme and prompted calls for greater transparency and accountability in its implementation.
The Minority has increasingly raised questions about GoldBod’s operations and the broader framework governing the purchase and trading of gold.
Mr Afenyo-Markin’s latest comments signal that the Minority could intensify its scrutiny of the institution as it seeks further information on its operations and the financial implications of the gold purchasing programme.
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GoldBod was established as part of the government’s efforts to regulate and formalise the gold trading sector, improve foreign exchange mobilisation and strengthen Ghana’s management of its gold resources.
The Minority Leader, however, maintains that the institution must operate with greater caution and transparency amid growing public scrutiny.
