Alexander Afenyo-Markin, the Minority Leader and Effutu MP, has said the Ghana Gold Board (GoldBod) has made a GH¢22 billion loss to the state.
According to Afenyo-Markin, the GoldBod must account for the GH¢22 billion financial loss to the state.
He argued that the Minority would not be deterred by attacks or criticisms from GoldBod officials as they push for public accountability.
Speaking at a press conference in Parliament on Tuesday, August 18, Afenyo-Markin stated, “So they must account for the GH¢22 billion loss. It must account for it because it amounts to causing financial loss to the state”.
“GoldBod is responsible for causing financial loss to the state and the Minority will say this and say it firmly and boldly,” he said.
“It doesn’t matter the adjectives that they use to describe or to attack our personalities, and we know a day of reckoning will come,” he said.
The minority further argued that GoldBod cannot hide behind an agency role to escape accountability.
Afenyo-Markin rejected GoldBod’s claims that its role as an agent of the Bank of Ghana (BoG) shields it from responsibility for losses arising from the country’s gold trading operations.
He added, “Gold Board cannot hide behind accounting technicalities”.
“Gold Board is entitled to make the accounting point that it was purchasing gold on behalf of the Bank of Ghana. But agency does not extinguish operational responsibility,” he said.
“An agent entrusted with billions of cedis or public resources remains responsible for the quality of its execution,” he said.
Afenyo-Markin added, “If an institution earns transaction-based income for purchasing, assaying, and aggregating gold, while the financier bears the underlying trading losses, then increasing transaction volumes may increase the agent’s revenue, even where the overall programme destroys value for the principal”.
“Any responsible government confronted with these 22 billion losses should immediately investigate whether the incentive structure encouraged excessive volumes, inadequate pricing discipline, or insufficient attention to trading costs,” he said.
“We therefore reject any attempt to answer the public concerns merely by pointing to GoldBod’s reported surplus,” he said.
Meanwhile, Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), had earlier bitten back at Minority Leader Alexander Afenyo-Markin over his recent claims.
According to Sammy Gyamfi, Afenyo-Markin is a joke of a Minority Leader.
Sammy Gyamfi fired shots at Afenyo-Markin for his blatant lie that the GoldBod has made losses, stressing that it is a figment of the Minority Leader’s hallucinatory imagination.
The GoldBod CEO also cited page 16 of the audited Annual Report and Financial Statements for the year ended December 31, 2025, detailing that GoldBod recorded an operational surplus of GH¢907 million and an overall surplus of GH¢5.4 billion.
In a post on X, Sammy Gyamfi wrote, “The blatant lie being persistently peddled by Afenyo Markin that the GoldBod has made losses is only a figment of his hallucinatory imagination. What a joke of a Minority Leader he is.
Find attached page 16 of the audited Annual Report and Financial Statements of the @GhanaGOLDBOD for the year ended 31st December, 2025, disclosing an operational surplus/profit of GHS907 million and overall surplus/profit of GHS5.4 billion.
For the avoidance of doubt, this audit report was prepared and published by the Auditor-General of the Republic of Ghana. Facts are sacrosanct”.
Watch the video below:
@ghnow_ Minority Leader Alexander Afenyo-Markin has addressed the press in Parliament on concerns over reported losses linked to the Ghana Gold Board (GoldBod), questioning the institution’s financial management and calling for greater scrutiny #fyp #GHnow ♬ original sound – GHnow
@ghnow_ “You have made GH¢22 billion loss just from selling gold.” — Minority Leader quizzes GoldBod #GHnow #fyp ♬ original sound – GHnow
@ghnow_ “How Much Bail Will GoldBod Pay for the Losses?” — Minority Leader Quizzes GoldBod #GHnow #fyp ♬ original sound – GHnow
@ghnow_ “Where is the money?” Minority Leader Alexander Afenyo-Markin questions GoldBod over the reported losses linked to its gold trading operations, demanding answers on how the funds were used and who benefited from the transactions. #GHnow #fyp ♬ original sound – GHnow
