{
  "id": 1699472,
  "title": "GoldBod cannot hide behind agency role to escape accountability – Afenyo-Markin",
  "url": "https://urgent.news/2026/08/18/goldbod-cannot-hide-behind-agency-role-to-escape-accountability",
  "topic": "world",
  "section": "World",
  "published": "2026-08-18T11:37:37.000Z",
  "source": {
    "name": "MyJoyOnline Ghana",
    "slug": "myjoyonline-ghana",
    "url": "https://www.myjoyonline.com/goldbod-cannot-hide-behind-agency-role-to-escape-accountability-afenyo-markin/"
  },
  "original_language": "en",
  "account": "Minority Leader Alexander Afenyo-Markin, representing Effutu, has challenged GoldBod's claim that its status as an agent of the Bank of Ghana (BoG) protects it from liability for losses incurred in Ghana's gold trading operations. Speaking at a press conference in Parliament on August 18, Afenyo-Markin insisted that GoldBod could not rely on accounting classifications or its agency relationship with the central bank to avoid scrutiny over the transactions. He emphasized that the arrangement did not exempt the institution from operational responsibility. Acknowledging GoldBod's role in purchasing gold on behalf of the BoG, Afenyo-Markin stressed that such agency does not absolve the institution of the duty to account for the quality of its execution and decisions made in carrying out its mandate. He further questioned the lack of detailed explanations regarding the gold transactions, requesting information on the prices paid for gold, how those prices were determined, any premiums paid, the selection of international off-takers, discounts at which gold was sold, and the commercial and transactional risks assumed. Afenyo-Markin pointed out the potential for a 'moral hazard' if GoldBod earned transaction-based income while the BoG bore the trading losses, arguing that this could incentivize the agent to increase transaction volumes even if it didn't generate value for the financier. He suggested that the reported losses should prompt an investigation into whether the incentive structure contributed to excessive volumes, inadequate pricing discipline, or insufficient attention to trading costs. Afenyo-Markin rejected claims that the institution's reported surplus could address public concerns, insisting that the government must thoroughly investigate the arrangement if the losses are substantial.",
  "summary": "The Minority Leader in Parliament, Alexander Afenyo-Markin, has called on Goldbod to account for its role in gold transactions financed by the Bank of Ghana, insisting that the institution cannot hide behind accounting technicalities.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "MyJoyOnline Ghana",
        "title": "GoldBod ‘Losses’: We’re not ignorant, we know our job – Afenyo-Markin",
        "url": "https://urgent.news/2026/08/18/goldbod-losses-were-not-ignorant-we-know-our-job-afenyo-markin",
        "published": "2026-08-18T11:48:35.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}