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

The Effutu MP suggested that there were aspects of GoldBod’s operations that were not publicly known and cautioned its management against taking its current position for granted.

“GoldBod is a very big scandal awaiting us. There are things we know that there are things that they don’t know. They should be careful,” Mr Afenyo-Markin said.

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

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

According to the IMF, 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 Minority Leader’s warning comes against the backdrop of growing scrutiny of GoldBod’s operations and the financial implications of the gold purchasing programme by his caucus.