Minority Leader and Effutu Member of Parliament, Alexander Afenyo-Markin, has questioned the commercial rationale behind the operations of the Ghana Gold Board (GoldBod), arguing that an institution engaged in gold trading should not be recording losses.
Mr Afenyo-Markin also took a swipe at GoldBod Chief Executive Officer, Sammy Gyamfi, over reported losses associated with Ghana’s gold purchasing operations.
Speaking on Accra-based Peace FM on Monday, August 17, the Minority Leader said the nature and value of gold on the international market made losses from gold trading particularly concerning.
“If you sell gold and make a loss, then you are not a good trader,” he said.
His comments come amid renewed controversy over the financial implications of the Bank of Ghana’s Domestic Gold Purchase Programme, which is implemented through GoldBod.
The International Monetary Fund (IMF) has previously reported a US$214 million loss linked to the programme. GoldBod, however, has disputed the characterisation of the figure as a loss incurred directly by the Board.
Despite the explanation, Mr Afenyo-Markin has continued to raise concerns about GoldBod’s operations and the financial risks associated with the gold purchasing programme.
The Minority Leader previously warned that GoldBod could become a major scandal if its operations were not subjected to careful scrutiny.
He also claimed that there were aspects of the institution’s operations that were not known to the public and urged its management to exercise caution.
Mr Afenyo-Markin’s latest remarks add to growing political scrutiny of GoldBod, particularly over the financial performance and accountability of Ghana’s domestic gold purchasing operations.
