Minority Leader in Parliament, Alexander Afenyo-Markin, says the Minority Caucus will pursue the necessary parliamentary processes to secure a full inquiry into the reported GH¢22 billion loss associated with the Bank of Ghana’s (BoG) Domestic Gold Purchase Programme (DGPP).

Mr Afenyo-Markin, who is also the Member of Parliament for Effutu, said the Minority would focus on establishing how the reported US$1.7 billion loss arose, the institutions and individuals involved in the transactions, and the financial decisions that resulted in the loss.

The comments follow an escalating war of words between the Minority Leader and the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, over the IMF-reported loss and GoldBod’s role in the transactions.

In a Facebook post on Saturday, August 22, Mr Afenyo-Markin said regardless of which institution's balance sheet ultimately carried the loss, the money involved was public funds and, therefore, subject to parliamentary scrutiny.

“I remain focused. I will continue working with the Minority Caucus to initiate the necessary parliamentary processes for a full inquiry into the reported GH¢22 billion loss arising from the trading done by the GoldBod and reflected in the books of the Bank of Ghana.”

‘Ghanaians deserve answers’

Mr Afenyo-Markin said the IMF's reported figure raised a number of questions that, in his view, required answers in the public interest.

“The International Monetary Fund has reported a loss of approximately US$1.7 billion under this programme in 2025.”

He said the Minority wanted details of the transactions, including the identities of the off-takers, discounts applied to gold purchases and the authority under which such discounts were approved.

“Whichever institution’s balance sheet carries that figure, it represents public money.”

He added:

“Ghanaians are, therefore, entitled to know who the off-takers were, what discounts were applied to their purchases, on whose authority those discounts were approved, and what fees were earned from the transactions.”

According to him, the Minority also wants the reported loss broken down to establish the specific factors that contributed to it.

“They are equally entitled to a full disaggregation of the US$1.7 billion: how much arose from foreign-exchange differentials; how much resulted from the prices at which GoldBod bought and sold the gold; and what considerations informed the management decisions behind those transactions.”

‘Put evidence in public domain’

Mr Afenyo-Markin said the Minority intended to put the questions and supporting evidence before Parliament and the public rather than rely on political claims or personal assertions.

“These questions belong in the public record.”

He said the Minority would publish its sources and place the information before the public to enable Ghanaians to assess the evidence for themselves.

“The Minority will continue to place them there, in writing and with our sources published, so that every Ghanaian can examine the evidence and arrive at an informed judgment, rather than merely take my word or anyone else’s.”

The statement comes amid a broader debate over the financial performance and structure of the DGPP, under which the central bank purchased gold domestically as part of efforts to build reserves and support the country's foreign exchange position.

GoldBod has played a significant role in Ghana's domestic gold purchasing arrangements, making its operations a key part of the political and public debate surrounding the programme.

The dispute has centred partly on whether the reported loss should be attributed to GoldBod or the Bank of Ghana and how the transactions were structured.

Mr Afenyo-Markin, however, said the identity of the institution recording the loss should not prevent Parliament from investigating the underlying transactions.

Legal action

The Minority Leader also disclosed that he intended to pursue legal remedies over statements he described as defamatory.

“On the defamatory statements made against me personally, I intend to pursue the appropriate legal remedies.”

He, however, sought to distinguish the personal dispute from the Minority's substantive concerns about the gold programme.

“Meanwhile, my attention, and that of the Caucus I lead, remains firmly focused on the programme, the decisions taken and the public funds involved.”

The latest development is likely to intensify calls for greater disclosure around the DGPP, particularly concerning the pricing of gold, off-take arrangements, foreign exchange exposures, fees and the decision-making processes behind the transactions.