Minority Leader Alexander Afenyo-Markin has intensified his criticism of the Ghana Gold Board (GoldBod), accusing its management of incompetence and questioning the policies underpinning the institution’s operations.

Addressing a press conference by the Minority in Parliament on Tuesday, August 18, the Effutu MP said the losses being attributed to GoldBod could not reasonably be explained as the result of market conditions.

“These losses are not bad luck. You don’t trade in gold and make losses. They are not a difficult market,” Mr Afenyo-Markin said, arguing that the reported financial performance points to deeper problems within the institution.

He accused GoldBod’s management of being responsible for what he described as significant financial losses and blamed the government for adopting policies that, in his view, are not properly aligned with the interests of the country.

“They expose the crass incompetence of the GoldBod’s management and misaligned policies of the government. No serious institution loses this money by accident,” he said.

Mr Afenyo-Markin also raised concerns about oversight and accountability in the management of Ghana’s gold resources, alleging that a small group of people had been given significant control without adequate scrutiny.

“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 follow a public rebuttal by GoldBod CEO Sammy Gyamfi, who has denied that the institution recorded losses.

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