The Minority Leader, Alexander Afenyo-Markin, has raised concerns over a reported $214 million loss at the Ghana Gold Board (GoldBoD), warning that it represents a financial loss to the state and urging the Bank of Ghana to act immediately.
Speaking at a press conference on Monday, January 26, Afenyo-Markin cited the International Monetary Fund’s (IMF) September 2025 report, which highlighted the substantial losses.
He suggested that there seems to be confusion over accountability between the Bank of Ghana and GoldBoD, emphasizing that the central bank cannot engage in financial activities, profit from them, and then shift the blame when problems 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.
He questioned the rationale behind the central bank providing funds to GoldBoD for gold purchases, only for losses to arise due to exchange rate fluctuations.
He also expressed concern over the payment of fees that the bank is not legally required to cover.
“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) has confirmed that the Ghana Gold Board (GoldBoD) recorded losses of around US$214 million under the government’s gold purchase programme.
This figure was highlighted in the Staff Report for the Fifth Review of Ghana’s IMF-supported programme.
