Alexander Afenyo-Markin Challenges GoldBod over GH¢22 Billion Losses Amid Accusations of Political Persecution

Minority Leader Alexander Afenyo-Markin has intensified his scrutiny of the Ghana Gold Board (GoldBod), announcing plans to file a parliamentary motion to investigate GH¢22 billion (approximately $1.7 billion) in financial losses linked to the Domestic Gold Purchase Programme. Citing findings from the International Monetary Fund (IMF), Afenyo-Markin alleges that the program, established in 2025 under the administration of President John Mahama, has resulted in significant value leakage. He argues that the current governance structure allows GoldBod to collect transaction fees while the Bank of Ghana is forced to absorb massive financial risks and exchange-rate discrepancies. According to the Minority, these lost funds represent roughly 1.5% of Ghana’s GDP and could have been better utilized for national infrastructure, healthcare, and education.

In response to these allegations, the Institute of Fiscal Policy Governance (IFPG) and GoldBod supporters have dismissed the claims as politically motivated rhetoric. The IFPG asserts that GoldBod’s 2025 audited financial statements actually demonstrate a surplus of GH5.44 billion, accusing the Minority of misleading the public by conflating the central bank's accounting with the Board's operational performance. Amidst this friction, GoldBod CEO Sammy Gyamfi has pivoted the conversation toward long-term mining reform. Speaking at the National Mining Dialogue, Gyamfi advocated for an ‐Involve, Protect, and Expand‐ (IPE) model, emphasizing the need for greater indigenous ownership and local value retention to ensure mining communities are treated as shareholders rather than mere extraction sites.

The confrontation has also taken a legalistic turn, with Afenyo-Markin warning current GoldBod executives of ‐post-regime accountability.‐ He suggested that current officials may face ‐scarier‐ bail conditions in the future, mirroring the treatment he claims is being meted out to members of the opposition New Patriotic Party (NPP). He specifically characterized the recent prosecution of NPP figures, such as former Ashanti Regional Chairman Bernard Antwi Bosiako (Chairman Wontumi), as a tactical distraction by the governing National Democratic Congress (NDC) to mask institutional incompetence. Afenyo-Markin further credited the Minority Caucus with successfully pressuring GoldBod to reduce its transaction fees from an initial 15% down to 5%, portraying the opposition as a vital protector of the public purse.

The debate over GoldBod’s effectiveness has also drawn input from civil society and religious leaders. Dr. Steve Manteaw and Archbishop Nicholas Duncan-Williams have suggested the Board is facing fierce opposition because it has successfully blocked revenue loopholes previously exploited by illegal gold exporters. Duncan-Williams shared that foreign nationals who once profited from the illicit trade have even approached him to regain access to the sector. As Parliament prepares to resume, the Minority’s impending motion for a full inquiry into the program’s risk management and pricing structures is expected to be a major legislative flashpoint, testing the transparency of the gold sector under the current administration.