‘You don’t get to keep the fees and disown the costs’ – Afenyo-Markin challenges GoldBod
Minority Leader Alexander Afenyo-Markin has challenged the Ghana Gold Board (GoldBod) to explain the financial arrangements surrounding its gold purchasing and trading operations, insisting that the institution cannot claim the benefits of the transactions while leaving associated losses to the Bank of Ghana.
Afenyo-Markin, the Minority Leader and Effutu MP, has questioned GoldBod, the Ghana Gold Board, about the financial dealings behind its gold purchasing and trading activities. He argued that GoldBod cannot profit from transaction-related fees while forcing the Bank of Ghana (BoG) to absorb any losses. Speaking at a press conference in Parliament, Afenyo-Markin emphasized that his concerns were aimed at safeguarding public interest and were not personal attacks on GoldBod officials.
He stressed that GoldBod must account for both the income and expenses resulting from the transactions it facilitates.
His remarks came after the International Monetary Fund (IMF) released a report highlighting substantial losses incurred under the Bank of Ghana's Domestic Gold Purchase Programme, facilitated through GoldBod. The IMF noted that the rapid growth of the programme in 2025 led to losses surpassing US$1.7 billion, which is about 1.5% of Ghana's GDP.
Afenyo-Markin demanded that GoldBod reveal the names of the buyers and explain the fee structures tied to these transactions. He highlighted that the Minority's concerns were based on IMF findings, not opposition-created data.
Additionally, Afenyo-Markin questioned why the losses from gold purchases, pricing, and sales should stay on the BoG's balance sheet while GoldBod earns credit for revenue and foreign exchange from the programme. He insisted that the public has a right to understand the transaction structures, discounts given to off-takers, and who benefits from the gold sales.
The Minority Leader insisted that these matters needed thorough investigation, arguing that financial risks from Ghana's gold trading operations should not be shifted to the central bank and the taxpayer. His comments reflect a growing conflict between the Minority and GoldBod over the financial health and governance of Ghana's gold trading operations.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
