Minority Leader Alexander Afenyo-Markin has questioned the financial management of the Ghana Gold Board (GoldBod), insisting that an institution established to trade in gold should not be reporting losses.

Speaking at a Minority press conference in Parliament on Tuesday, August 18, 2026, the Effutu MP said the reported losses could not simply be blamed on difficult market conditions.

He argued that the gold trade presents significant opportunities for profit and therefore called for greater scrutiny of GoldBod’s financial activities.

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

According to him, the figures cited by the Minority raise questions about the competence of GoldBod’s management and the policies governing the institution.

“They expose the crass incompetence of the GoldBod’s management and misaligned policies of the government,” he alleged.

Mr Afenyo-Markin further called for stronger oversight of GoldBod, particularly regarding the management of Ghana’s gold resources.

“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 said.

GoldBod disputes Minority’s figures

GoldBod Chief Executive Officer Sammy Gyamfi has, however, rejected the Minority’s claim that the institution recorded losses.

Mr Gyamfi said GoldBod’s audited 2025 financial statements tell a different story, showing an operational surplus of GH¢907 million and an overall surplus of GH¢5.4 billion.

He dismissed Mr Afenyo-Markin’s allegations as a “blatant lie” and attributed them to what he described as the Minority Leader’s “hallucinatory imagination”.

The conflicting positions have reignited debate over GoldBod’s financial performance and the management of Ghana’s gold trading sector.

While the Minority is demanding greater accountability and transparency, GoldBod maintains that its audited accounts show that the institution generated substantial surpluses rather than losses.

The controversy now centres on the interpretation of GoldBod’s financial statements and what the figures ultimately reveal about the institution’s performance.