‘GoldBod is a very big scandal awaiting us; there are things we know that they don’t know’ – Osahen Afenyo-Markin

Minority Leader Alexander Afenyo-Markin has cautioned the Ghana Gold Board (GoldBod) against becoming complacent, suggesting that some aspects of its operations may not be known to the public.

Osahen Afenyo-Markin claimed that there were issues surrounding the institution that could emerge as a major scandal if not properly addressed.

“GoldBod is a very big scandal awaiting us. There are things we know that they don’t know. They should be careful,” he warned.

His comments come amid renewed scrutiny of GoldBod’s operations following revelations in an International Monetary Fund (IMF) report concerning losses associated with the Bank of Ghana’s Domestic Gold Purchase Programme, which is implemented through GoldBod.

The IMF Country Report No. 26/213 indicates that losses recorded under the programme in 2025 were substantially higher than the previously reported figure of US$214 million.

According to the IMF, the significant expansion of the gold purchase programme during 2025 resulted in losses exceeding US$1.7 billion, representing approximately 1.5 per cent of Ghana’s Gross Domestic Product (GDP).

The revelation has intensified questions over the financial implications of the programme and the manner in which GoldBod’s operations are being managed.

Osahen Afenyo-Markin’s warning comes as his Minority caucus continues to scrutinise the activities of GoldBod and the financial impact of the government’s gold purchasing arrangements.