Minority Leader and Effutu MP, Alexander Afenyo-Markin, has questioned the financial management of the Ghana Gold Board (GoldBod), arguing that an institution trading in gold should not be recording losses.

Speaking at a Minority press conference in Parliament on Tuesday, August 18, Mr Afenyo-Markin said the reported losses could not simply be attributed to market conditions, insisting that the gold trade presented opportunities for profitability.

“These losses are not bad luck. You don’t trade in gold and make losses. They are not a difficult market,” he said.

He argued that the figures, as presented by the Minority, pointed instead to what he described as serious management and policy failures at GoldBod.

“They expose the crass incompetence of the GoldBod’s management and misaligned policies of the government,” he said.

Mr Afenyo-Markin also questioned the level of oversight over GoldBod and called for greater scrutiny of how the country’s gold resources are being managed.

“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,” he said.

GoldBod rejects claims of losses

The Minority Leader’s comments come amid a sharp dispute over GoldBod’s financial performance.

GoldBod Chief Executive Officer, Sammy Gyamfi, has rejected claims that the institution recorded losses, saying its audited 2025 financial statements show a different financial position.

Mr Gyamfi said the statements recorded an operational surplus of GH¢907 million and an overall surplus of GH¢5.4 billion.

He described claims by Mr Afenyo-Markin to the contrary as a “blatant lie” and a product of his “hallucinatory imagination”.

The conflicting claims have brought renewed attention to GoldBod’s financial performance and the management of Ghana’s gold resources.

While Mr Afenyo-Markin is demanding greater accountability and scrutiny, GoldBod maintains that its audited financial statements demonstrate that the institution generated substantial surpluses rather than losses.

The dispute is therefore centred not only on GoldBod’s financial performance but also on how its accounts and trading results should be interpreted.