GoldBod is a major scandal waiting to happen – Afenyo-Markin claims

Minority Leader Alexander Kwamena Afenyo-Markin has warned that the operations of the Ghana Gold Board (GoldBod) could become a major scandal, urging the institution’s management to exercise caution in its activities.

The Effutu Member of Parliament on August 17, 2026, said there were aspects of GoldBod’s operations that were not publicly known and cautioned management against taking 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,” Afenyo-Markin warned.

His comments come amid revelations in an International Monetary Fund (IMF) report regarding losses incurred under the Bank of Ghana’s Domestic Gold Purchase Programme, which is implemented through GoldBod.

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The latest IMF Country Report No. 26/213 indicated that losses from the programme in 2025 were significantly higher than the previously reported figure of US$214 million.

According to the report, the substantial expansion of the programme during 2025 resulted in losses exceeding US$1.7 billion, equivalent to about 1.5% of Ghana’s Gross Domestic Product (GDP).

The revelation has since triggered renewed scrutiny of the financial implications of the gold purchasing programme and the operations of GoldBod.

MA