Minority Leader in Parliament, Alexander Afenyo-Markin, has criticised the Ghana Gold Board (GoldBod), questioning the commercial rationale behind reported losses associated with the country’s gold purchasing operations.

Speaking on Peace FM on Monday, August 17, 2026, Afenyo-Markin argued that an institution whose core mandate is to buy and sell gold should be able to operate profitably, given the commodity’s value on the international market.

“If you sell gold and make a loss, then you are not a good trader,” he said, in an apparent criticism of GoldBod Chief Executive Officer, Sammy Gyamfi.

Banking sector strengthens as private sector credit surges - BoG Governor

His comments come amid an ongoing debate over the financial performance of the Bank of Ghana’s Domestic Gold Purchase Programme, which is implemented through GoldBod.

The International Monetary Fund (IMF) previously reported a US$214 million loss associated with the programme.

GoldBod, however, rejected the suggestion that the amount represented a loss incurred directly by the Board.

Despite the clarification, Afenyo-Markin has maintained his concerns about the institution’s operations and called for greater scrutiny of its financial dealings.

The Minority Leader had previously warned that GoldBod could become a major scandal if questions surrounding its operations were not properly addressed.

He also cautioned the management of the institution over what he described as issues that were not yet known to the public, urging them to “be careful.”

ANAS/MA

Ghana's recovery due to superior economic management - Ato Forson