Minority Leader and Member of Parliament for Effutu, Alexander Afenyo-Markin, has cautioned that the operations of the Ghana Gold Board (GoldBod) could become a major scandal, urging the institution’s management to exercise greater caution.
Mr Afenyo-Markin suggested that there were aspects of GoldBod’s operations that had not been made public and warned the management not to take its current position for granted.
“GoldBod is a very big scandal awaiting us. There are things we know that they don’t know. They should be careful,” he said.
His comments come amid growing scrutiny of GoldBod and the financial implications of the Bank of Ghana’s Domestic Gold Purchase Programme, which is implemented through the institution.
The concerns have intensified following revelations contained in an International Monetary Fund (IMF) report on losses recorded under the gold purchasing programme.
The IMF Country Report No. 26/213 indicates that losses incurred under the programme in 2025 were significantly higher than the previously reported figure of US$214 million.
According to the IMF, the substantial expansion of the Domestic Gold Purchase 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 IMF findings have sparked renewed debate over the financial implications of the programme and the operations of GoldBod.
However, separate commentary on the matter has disputed the characterisation of the reported figure as a direct GoldBod loss.
Mr Afenyo-Markin’s warning comes as the Minority caucus continues to scrutinise GoldBod’s activities and the financial consequences of the government’s gold purchasing programme.
He urged the institution to exercise caution in its operations as questions continue to emerge over the programme’s financial performance and accountability.
