GoldBod did not record GH¢22bn loss – Institute of Fiscal Policy Governance rejects Minority’s claims as propaganda

Minority Leader and Effutu MP, Alexander Afenyo-Markin, has expressed serious concerns about the financial management of the Ghana Gold Board (GoldBod). Speaking at a press conference on Tuesday, August 18, Mr Afenyo-Markin questioned how an institution focused on gold trading could be reporting losses. He emphasized that trading gold should generate profits, not losses, and that these financial setbacks were not merely due to unfavorable market conditions.

According to Afenyo-Markin, these losses indicate significant management failures and policy mistakes at GoldBod, suggesting a lack of oversight in the handling of Ghana's gold resources. He called for increased scrutiny of the institution's operations, arguing that no reputable entity would lose such substantial sums unintentionally.

In response, GoldBod's CEO, Sammy Gyamfi, dismissed the claims of losses, stating that the board's audited 2025 financial statements reveal an operational surplus of GH¢907 million and an overall surplus of GH¢5.4 billion. Gyamfi dismissed Afenyo-Markin's allegations as a "blatant lie" and accused him of "hallucinatory imagination."

This dispute has reignited discussions about the financial health of GoldBod and the management of Ghana's gold resources, with the minority leader pushing for greater accountability and transparency in the institution's financial disclosures.