GoldBod Cannot Make Losses Trading Gold – Afenyo-Markin

Minority Leader and Effutu MP Alexander Afenyo-Markin has insisted that the Ghana Gold Board (GoldBod) cannot legitimately record losses while trading gold, attributing any shortfalls to management failures and government policy shortcomings.

Speaking at a Minority press conference in Parliament on Tuesday, August 18, 2026, Afenyo-Markin rejected the idea that market conditions explained the figures.

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

“They expose the crass incompetence of the GoldBod’s management and misaligned policies of the government. 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 added.

Afenyo-Markin called for greater parliamentary scrutiny of GoldBod’s operations and the management of Ghana’s gold resources.

GoldBod Chief Executive Officer Sammy Gyamfi has rejected claims of losses. He said the board’s audited 2025 financial statements show an operational surplus of GH¢907 million and an overall surplus of GH¢5.4 billion. Gyamfi described contrary assertions as a “blatant lie.”

The conflicting positions centre on the interpretation of GoldBod’s accounts and its role in the Domestic Gold Purchase Programme.