Minority Leader and Member of Parliament for Effutu, Alexander Kwamena Afenyo-Markin, has said that he has no personal issue with the Ghana Gold Board (GOLDBOD) and will praise the institution if it performs well.

His comments come amid his criticism of the gold purchase programme and claims that the programme has resulted in major losses.

Speaking on Peace FM on Monday, August 17, 2026, Afenyo-Markin said his criticism of GOLDBOD should not be seen as envy or bitterness because he is willing to acknowledge its successes.

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“I don't envy success because I have seen success. I celebrate success, so, I don't envy success. If GOLDBOD is doing well, I will be one of the few or one of the many who would come and praise GOLDBOD, but GOLDBOD is failing. GOLDBOD is failing.,” he said.

The Effutu MP cited what he said was an International Monetary Fund (IMF) assessment that the gold purchase programme had led to GH¢22 billion in losses.

“It's not me who is saying it. It is the IMF that is saying it. The IMF is saying that the gold purchase program has led to a total of 22 billion in losses,” he indicated.

Afenyo-Markin also questioned GOLDBOD’s role as both a regulator and buyer of gold from small-scale miners.

He said the institution’s dealings with aggregators had also raised concerns over the fees paid to them for supplying gold.

According to him, aggregators were initially paid a 15% fee, which was later reduced after the Minority raised concerns.

“When they engage these aggregators who provide them with the gold, they started by paying them 15%. When the minority raised this concern, immediately GOLDBOD and the Bank of Ghana held an emergency board meeting and reviewed the fees to 9%. That is the first point that the minority was vindicated,” he stated.

He said the fee was later reduced from 9% to 5% after the Minority raised the matter in Parliament.

“When we raised the issue on the floor, they did a further review from 9% to 5% then, eventually, the governor announced an exit by saying that the Bank of Ghana will not finance that transaction again,” he noted.

The lawmaker added that the changes showed that the concerns raised by the Minority were not without basis.

He rejected suggestions that his criticism of GOLDBOD was driven by ignorance or personal bitterness.

“So, it would be wrong for you to describe me as ignorant, petty, or bitter. Because if what I am saying is not true, why did you review the fees from 15% to 9%?” he stated.

The Minority Leader also raised concerns about plans to include the cost of financing the gold purchase programme in the 2027 national budget.

“What they are doing now is that they are even budgeting, putting in the 2027 budget, the costs of financing this gold purchase program. We are yet to see the figures,” he said.

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He called for the issue to be treated seriously and warned against attempts to dismiss his concerns through personal attacks.

“We do not want anybody to attempt to trivialize it. Then, people will be hired on social media to go and insult Afenyo-Markin,” he warned.



MAG/VPO

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