Minority Leader and Effutu MP, Alexander Afenyo-Markin, has raised concerns about the financial management of the Ghana Gold Board (GoldBod), arguing that an institution whose core business is gold trading should not be reporting losses.
Speaking at a Minority press conference in Parliament on Tuesday, August 18, Mr Afenyo-Markin said the reported losses could not be explained simply by unfavourable market conditions, insisting that gold trading offered significant opportunities to make profits.
“These losses are not bad luck. You don’t trade in gold and make losses. They are not a difficult market,” he said.
According to the Minority Leader, the figures presented by the Minority point to what he described as serious management shortcomings and policy failures at GoldBod.
“They expose the crass incompetence of the GoldBod’s management and misaligned policies of the government,” he said.
Mr Afenyo-Markin also questioned the level of oversight over GoldBod and called for closer scrutiny of the institution’s operations and the management of Ghana’s gold resources.
“No serious institution loses this money by accident. This is what happens when an untouchable few are handed the nation’s gold with no one watching,” he said.
The Minority Leader’s comments come amid an ongoing dispute over GoldBod’s financial performance.
GoldBod Chief Executive Officer, Sammy Gyamfi, has rejected claims that the institution recorded losses, arguing that its audited 2025 financial statements present a different picture.
Mr Gyamfi said the audited statements show an operational surplus of GH¢907 million and an overall surplus of GH¢5.4 billion.
He described Mr Afenyo-Markin’s claims as a “blatant lie” and attributed them to what he called the Minority Leader’s “hallucinatory imagination”.
The opposing claims have renewed debate over GoldBod’s financial performance and the management of Ghana’s gold resources.
While Mr Afenyo-Markin is calling for greater accountability and scrutiny of GoldBod’s finances, the institution maintains that its audited accounts show that it generated substantial surpluses rather than losses.
The disagreement therefore centres on the interpretation of GoldBod’s financial statements and the actual performance of its gold trading operations.
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