Minority Leader and Effutu MP, Alexander Afenyo-Markin, has challenged the Ghana Gold Board (GoldBod) to explain the financial arrangements underpinning its gold purchasing and trading operations, arguing that the institution cannot benefit from transaction-related fees while leaving associated losses with the Bank of Ghana (BoG).

Speaking at a press conference in Parliament on Tuesday, August 18, Mr Afenyo-Markin said the Minority's concerns were driven by the need to protect the public interest and were not intended as personal attacks on GoldBod officials.

He argued that GoldBod should account for both the revenue and costs arising from the transactions it facilitates.

“You don’t get to keep the fees and disown the costs,” he said.

Mr Afenyo-Markin's comments follow findings contained in an International Monetary Fund (IMF) report on Ghana regarding losses incurred under the Bank of Ghana's Domestic Gold Purchase Programme, which is implemented through GoldBod.

According to the IMF, the significant expansion of the programme in 2025 resulted in losses exceeding US$1.7 billion, equivalent to about 1.5% of Ghana's GDP.

The Minority Leader questioned the circumstances surrounding the sale of gold to off-takers at discounted prices and called on GoldBod to disclose the identities of the buyers and clarify the fee arrangements associated with the transactions.

He stressed that the Minority's concerns were based on findings contained in the IMF report rather than figures generated by the opposition.

Mr Afenyo-Markin also questioned why losses arising from gold purchases, pricing and sales decisions should remain on the Bank of Ghana's balance sheet while GoldBod receives credit for revenue and foreign exchange generated through the programme.

He said the public deserved clear answers about the structure of the transactions, the discounts granted to off-takers and the parties that ultimately benefited from the gold sales.

The Minority Leader maintained that the matter required proper scrutiny, arguing that financial risks arising from the country's gold trading operations should not simply be transferred to the central bank and, ultimately, the taxpayer.

The comments form part of an escalating dispute between the Minority and GoldBod over the financial performance and management of Ghana's gold trading operations.