Minority Leader in Parliament and Member of Parliament for Effutu, Alexander Afenyo-Markin, has rejected allegations questioning his motives for demanding accountability for losses associated with the Bank of Ghana’s (BoG) Domestic Gold Purchase Programme (DGPP), calling them "false and defamatory”.

Mr Afenyo-Markin said the controversy surrounding the programme should not be allowed to shift attention from the substantive financial questions raised by the Minority, particularly concerning the reported US$1.7 billion loss under the programme in 2025 and the role of the Ghana Gold Board (GoldBod) in the transactions.

In a social media post on Saturday, August 22, the Minority Leader said he had faced sustained personal attacks over the past week after his decision to question the programme's financial implications.

“Over the past week, all manner of insults and personal attacks have been directed at me, apparently in an attempt to impugn my character and divert attention from the substantive questions I have raised,” he stated.

He said attempts had also been made to attribute improper motives to his scrutiny of the programme.

“False and defamatory allegations have also been made about my motives for questioning the losses incurred under the Bank of Ghana’s Domestic Gold Purchase Programme and the role of GoldBod in those transactions,” he revealed.

Mr Afenyo-Markin was emphatic in his rejection of the allegations.

“These allegations are entirely false, and I reject them without qualification,” he emphasised.

‘My duty is oversight’

The Minority Leader said his intervention was rooted in Parliament’s constitutional responsibility to scrutinise public institutions and demand explanations where questions arose over the use and management of public resources.

“As Minority Leader in Parliament, my responsibility is to help Parliament discharge its constitutional oversight function.”

He maintained that his questions were not driven by personal interests or any improper agenda.

“My actions have been guided solely by that responsibility. I have neither acted from any improper motive nor conducted myself inappropriately in the performance of my duties.”

The comments come against the backdrop of a public exchange between Mr Afenyo-Markin and the Chief Executive Officer of GoldBod, Sammy Gyamfi, following the Minority’s concerns about the reported loss under the DGPP.

The dispute centres on the interpretation of the reported US$1.7 billion loss and the extent of GoldBod’s involvement in the transactions.

The IMF has raised concerns about losses associated with the BoG’s domestic gold purchasing operations, putting the programme under renewed scrutiny and prompting questions about its financial implications.

GoldBod, which plays a central role in Ghana’s gold purchasing and aggregation arrangements, has meanwhile been the subject of questions over its role in the transactions and the extent to which the reported losses should be attributed to it.

Substantive issues

Mr Afenyo-Markin said the personal attacks against him appeared intended to divert public attention from the issues requiring scrutiny.

He acknowledged that public officials and institutions subjected to oversight could resist questioning but said that should not undermine Parliament’s role.

“I recognise that, in public life, those who are uncomfortable with legitimate scrutiny may push back.”

He added: “In some cases, they may resort to false allegations, personal attacks and ridicule in an effort to shift attention from the substantive issues and make the person asking the questions the subject of controversy.”

The Minority has maintained that the reported loss warrants closer examination to establish how it occurred, the institutions involved, the financial implications for the state and whether adequate safeguards were in place.

The development has also revived broader questions about the financial risks associated with the government's gold purchasing strategy and the mechanisms used to manage the transactions.