Afenyo-Markin: GoldBod officials will face accountability over losses

Minority Leader Alexander Afenyo-Markin has warned officials of the Ghana Gold Board (GoldBod) that they could be held accountable over reported losses incurred under the Bank of Ghana’s Domestic Gold Purchase Programme (DGPP).

According to the Minority Leader, the opposition will continue to demand answers over what it describes as significant financial losses to the state and will not be deterred by criticism or attacks directed at its members.

Speaking to journalists on Tuesday, August 18, Afenyo-Markin said those responsible for decisions surrounding the programme would eventually have to account for their actions.

“The Minority will say this firmly and boldly. It doesn’t matter the adjectives you will use to attack our personality. We know that a day of reckoning will come. They should remember that post-regime accountability awaits them,” he said.

His comments follow an August report by the International Monetary Fund (IMF), which disclosed that the Bank of Ghana’s Domestic Gold Purchase Programme, implemented through GoldBod, recorded losses of more than $1.7 billion in 2025.

The IMF said the losses amounted to approximately 1.5% of Ghana’s Gross Domestic Product (GDP), raising concerns about the financial implications of the programme despite its role in strengthening the country’s foreign exchange reserves.

The Domestic Gold Purchase Programme has been a key component of Ghana’s efforts to build up its foreign exchange reserves through gold purchases from domestic producers. GoldBod has played a central role in the implementation of the government’s gold-for-reserves strategy.

However, the reported losses have become a major point of political debate, with the Minority demanding greater transparency and accountability over how the programme was managed and the financial consequences for the state.

Minority demands answers

Afenyo-Markin maintained that the Minority would continue to scrutinise the programme and demand explanations from GoldBod and the government.

He argued that the reported losses were too significant to be ignored and insisted that public officials responsible for managing state resources must be prepared to account for their decisions.

The Minority Leader said political criticism would not prevent the opposition from raising questions about the programme or seeking clarity on the circumstances that led to the losses.

He further cautioned officials currently responsible for the programme against assuming that they would permanently escape scrutiny.

According to him, accountability should extend beyond the immediate political cycle, particularly where decisions involve substantial public funds.

“The Minority will say this firmly and boldly. It doesn’t matter the adjectives you will use to attack our personality. We know that a day of reckoning will come. They should remember that post-regime accountability awaits them,” he reiterated.

IMF report fuels debate

The IMF’s reported figure of more than $1.7 billion in losses has intensified discussions about the cost and effectiveness of Ghana’s domestic gold purchasing strategy.

The programme was designed to increase the Bank of Ghana’s foreign exchange reserves by purchasing gold domestically and using the proceeds to strengthen the country’s reserve position.

The IMF, however, noted that the scaling-up of the programme resulted in substantial losses during 2025.

The revelation has prompted renewed questions about the structure of the programme, the pricing of gold purchases, the risks involved and the extent to which the financial benefits of reserve accumulation outweighed the costs incurred.

For the Minority, the issue goes beyond the financial performance of the programme and raises broader questions about accountability in the management of public resources.

Afenyo-Markin’s warning signals that the opposition intends to keep the matter on the national agenda and continue demanding answers from the institutions and officials involved.

He maintained that those who exercise authority over public finances must understand that their decisions can be reviewed even after they leave office.

The Minority Leader’s comments also come amid growing political scrutiny of GoldBod and the government’s broader economic policies, particularly those involving foreign exchange reserves, gold purchases and public finances.

While supporters of the gold purchasing programme have highlighted its contribution to reserve accumulation and the broader objective of strengthening Ghana’s external position, the reported losses have provided the opposition with grounds to question its financial sustainability.

Afenyo-Markin said the Minority would therefore continue to press for explanations and insist that the public deserves to understand how such substantial losses were incurred.

He warned that criticism of the opposition would not stop it from performing its oversight responsibilities.

The Minority Leader’s position is that accountability should not be limited to political statements or parliamentary debates but should ultimately include scrutiny of the decisions taken by individuals entrusted with managing public funds.

As the debate over the Domestic Gold Purchase Programme continues, the IMF’s assessment is likely to remain a key reference point in discussions about the financial performance of Ghana’s gold-for-reserves strategy.

For Afenyo-Markin and the Minority, the central issue remains whether those responsible for the reported losses can provide satisfactory explanations and whether appropriate accountability will follow.

His warning that a “day of reckoning” will come suggests that the opposition intends to pursue the matter beyond the current political moment and revisit the decisions surrounding the programme when the opportunity for formal accountability arises.