Afenyo-Markin escalates pressure on Ghana Gold Board over alleged GH¢22bn financial loss

Ghana's Minority Leader, Alexander Afenyo-Markin, has intensified scrutiny of the Ghana Gold Board (GoldBod) at a parliamentary press conference, demanding the state-owned institution account for what he claims is a GH¢22 billion financial loss. The Effutu MP's remarks mark an escalation in an ongoing dispute between the Minority and GoldBod management over the institution's financial health and transparency.

Speaking on Tuesday, August 18, Afenyo-Markin declared that GoldBod bears responsibility for causing financial damage to the state and vowed that the Minority would continue pursuing the matter despite pressure from the institution's leadership. "GoldBod is responsible for causing financial loss to the state and the Minority will say this and say it firmly and boldly," he stated, signalling that the opposition will not back down from its accountability demands.

The dispute: claims versus denials

The row reflects a fundamental disagreement over GoldBod's financial standing. While Afenyo-Markin insists the institution must account for the alleged GH¢22 billion loss, GoldBod's Chief Executive Officer, Sammy Gyamfi, has flatly rejected these allegations, labelling them false. Gyamfi has pointed to the institution's audited 2025 financial statements as proof of its sound financial position, creating a credibility standoff between the two sides.

Afenyo-Markin made clear that the Minority will not be deterred by personal attacks or attempts to discredit its members in defence of the institution's record. He acknowledged that adjectives and criticism have been levelled against opposition figures but maintained that holding GoldBod accountable for public resources remains non-negotiable. "It doesn't matter the adjectives that they use to describe or to attack our personalities. We know, and the day of reckoning will come," he said.

Why it matters for Ghana

This dispute touches on one of Ghana's most sensitive economic issues: the management of public institutions and natural resource wealth. GoldBod, as the state gold marketing authority, holds significant responsibility for Ghana's gold sector revenues, which are critical to national financing and foreign exchange earnings. Any substantial loss—or even the allegation of one—raises serious questions about governance, oversight, and the stewardship of resources that could be redirected to healthcare, education, and infrastructure.

The disagreement also underscores the broader challenge of parliamentary accountability in Ghana. The Minority's role is to scrutinise government institutions and demand transparency; if GoldBod's financial statements are indeed accurate and losses non-existent, clarity through independent audit or investigation would help resolve the matter definitively. Conversely, if there are legitimate concerns about financial mismanagement, swift intervention is essential to protect state assets.

For ordinary Ghanaians, the stakes are clear: proper management of gold revenues directly affects fiscal capacity and the quality of public services. The Minority's persistence on this issue reflects a broader public concern about whether state institutions are being run efficiently and whether those in charge are truly accountable.

Next steps

The Minority has signalled that it will continue to press GoldBod on its financial records. The institution's audited statements may eventually settle the dispute, but until there is full transparency and independent validation of GoldBod's claims, questions will likely persist. Parliament may also be expected to exercise its oversight function by requesting further documentation or independent review if the allegations prove substantial enough to warrant formal investigation.