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Afenyo-Markin has challenged GoldBod over reported losses, arguing that an institution involved in gold trading should not be recording significant losses and calling for greater scrutiny of the management of Ghana’s gold resources.
The Minority Leader and Effutu MP made the comments at a Minority press conference in Parliament on Tuesday, August 18, where he questioned GoldBod’s financial management and the policies guiding its operations.
“These losses are not bad luck. You don’t trade in gold and make losses. They are not a difficult market,” he said.
Afenyo-Markin questions GoldBod’s financial management
Afenyo-Markin argued that the reported figures should not simply be blamed on market conditions, suggesting that the losses point to deeper management and policy problems at GoldBod.
He accused the institution’s management of what he described as “crass incompetence” and criticised what he called misaligned government policies.
“They expose the crass incompetence of the GoldBod’s management and misaligned policies of the government,” he said.
The Minority Leader also raised concerns about oversight, questioning how Ghana’s gold resources are being managed and whether sufficient checks are in place to protect the country’s financial interests.
“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 rejects claims of losses
The Afenyo-Markin GoldBod losses dispute comes amid conflicting accounts of the institution’s financial performance.
GoldBod Chief Executive Officer Sammy Gyamfi has rejected claims that the institution recorded losses, insisting that its audited 2025 financial statements present a significantly different picture.
According to Mr Gyamfi, the financial statements recorded an operational surplus of GH¢907 million and an overall surplus of GH¢5.4 billion.
He described Afenyo-Markin’s claims as a “blatant lie” and attributed them to what he called the Minority Leader’s “hallucinatory imagination”.
GoldBod financial performance sparks fresh debate
The conflicting positions have renewed attention on GoldBod’s financial performance and the management of Ghana’s gold resources.
While Afenyo-Markin is demanding greater accountability and scrutiny, GoldBod maintains that its audited financial statements show substantial surpluses rather than losses.
The disagreement also raises questions about how GoldBod’s trading results and financial accounts should be interpreted.
At the centre of the dispute is therefore not only whether GoldBod made losses, but also how the different financial figures being cited by the two sides are calculated and presented.
The controversy is expected to fuel further political and public debate over GoldBod’s operations, financial management and the broader role of the institution in Ghana’s gold sector.
