Minority Leader and Effutu Member of Parliament, Alexander Afenyo-Markin, has accused the management of the Ghana Gold Board (GoldBod) of gross incompetence, following claims about losses associated with its operations.

Speaking at a Minority press conference in Parliament on Tuesday, August 18, Mr Afenyo-Markin rejected the suggestion that the reported losses could be attributed to unfavourable market conditions, arguing that gold trading does not present an inherently difficult market for a competent institution.

“These losses are not bad luck. You don’t trade in gold and make losses. They are not a difficult market. They expose the crass incompetence of the GoldBod’s management and misaligned policies of the government,” he said.

He further criticised what he described as inadequate oversight of GoldBod, arguing that the institution’s handling of the country’s gold resources raises serious concerns about accountability. “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,” Mr Afenyo-Markin said.

His comments come after GoldBod Chief Executive Officer Sammy Gyamfi rejected earlier claims that the institution had incurred losses, describing the assertion as a “blatant lie” and a product of Mr Afenyo-Markin’s “hallucinatory imagination”.

Mr Gyamfi said GoldBod’s audited 2025 financial statements showed an operational surplus of GH¢907 million and an overall surplus of GH¢5.4 billion. He said the figures were contained in the report published by the Auditor-General.