The Minority Leader, Alexander Afenyo-Markin, has sounded the alarm over a reported $214 million loss involving the Ghana Gold Board (GoldBoD), warning that the situation constitutes a financial loss to the state and calling on the Bank of Ghana to take immediate action.

Speaking at a press conference on Monday, January 26, Afenyo-Markin referred to the International Monetary Fund’s (IMF) September 2025 report, which flagged the substantial losses.

He suggested that there appears to be confusion over accountability between the Bank of Ghana and the GoldBoD, stressing that the central bank cannot participate in financial activities, benefit from them, and then shift the blame when issues arise.

“We want to tell the central bank: participating in the activities, being part of the feast, and when there are issues, you run away and you want to put the blame squarely at the feet of GoldBoD will not wash,” he stated.

According to the Minority Leader, the IMF report indicates that the losses arose due to the Bank of Ghana’s failure to safeguard state funds.

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He questioned the logic of the central bank providing funds to GoldBoD for gold purchases, only for losses to occur as a result of exchange rate fluctuations.

He also raised concerns over payments of fees that the bank is legally not obliged to make.

“How can there ever be a justification that in rolling out a policy, there is an economic cost? Let me remind the central bank that His Lordship Justice Afreh, of blessed memory, in the Solomey case laid down the ground rules, especially the true definition of causing financial loss. The central bank must not forget this. What is happening amounts to a financial loss to the state,” Afenyo-Markin said.

He further revealed that respected senior legal experts within the government had warned of the potential risks, information that has been confirmed to him.

“We therefore urge the central bank to immediately take steps to address this,” he added.

The International Monetary Fund (IMF) reiterated its position that the Ghana Gold Board (GoldBod) incurred losses of approximately US$214 million under the government’s gold purchase programme.

The figure was highlighted in the Staff Report for the Fifth Review of Ghana’s IMF-supported programme.