Amanze Chinonye
Ghana’s parliamentary Minority Leader, Alexander Afenyo-Markin, has called for a full inquiry into a reported $1.7 billion loss linked to the Bank of Ghana’s Domestic Gold Purchase Programme, saying taxpayers deserve a detailed account of how the loss was incurred, Prime Business Africa reports.
Afenyo-Markin, who leads the opposition caucus in Parliament, in a Statement issued on Sunday, August 23, 2026 also rejected what he described as false and defamatory allegations about his motives for questioning the programme and the role of the Ghana Gold Board, known as GoldBod.
Join our WhatsApp ChannelHe said his scrutiny of the programme was part of Parliament’s constitutional oversight responsibilities and was not motivated by any improper interest.
READ ALSO :
Ghana GoldBod CEO challenges opposition leader over $1.7 billion loss claims
The dispute centres on a reported loss of about $1.7 billion, which Afenyo-Markin said the International Monetary Fund had attributed to the programme in 2025. He put the equivalent value at about 22 billion Ghanaian cedis.
“Whichever institution’s balance sheet carries that figure, it represents public money,” Afenyo-Markin said in a statement.
He called for the authorities to disclose the identities of the programme’s off-takers, the discounts applied to their purchases, who authorised those discounts and the fees generated from the transactions.
He also called for the reported loss to be disaggregated to establish how much resulted from foreign-exchange differentials, the prices at which GoldBod bought and sold gold, and the management decisions taken during the transactions.
READ MORE :
GoldBod’s 2025 Numbers: What Ghana’s Gold Programme Delivered and What It Cost
Afenyo-Markin said the Minority Caucus would initiate the necessary parliamentary processes to investigate the matter and publish its sources so Ghanaians could assess the evidence independently.
The claims have triggered a broader dispute over the financial performance of GoldBod and the interpretation of losses associated with the gold purchase programme. GoldBod has rejected the opposition’s characterisation of its financial position, pointing instead to reported operating and overall surpluses.
Afenyo-Markin said the disagreement should be resolved through documentary evidence and parliamentary scrutiny rather than personal attacks.
He also said he would pursue legal remedies over statements he considered defamatory but insisted that the controversy would not distract him from investigating the programme.
The proposed inquiry could bring greater scrutiny to the programme’s pricing arrangements, foreign-exchange exposure, counterparties, discounts and financial reporting, as Ghana faces continued calls for greater transparency in the management of public funds.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
