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August 18, 2026
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GoldBod cannot hide behind agency role to escape accountability – Afenyo-Markin
Money
Policy
Key Points
- Minority Leader Alexander Afenyo-Markin rejects GoldBod’s argument that its role as an agent for the Bank of Ghana (BoG) absolves it of responsibility for losses in gold trading operations.
- Afenyo-Markin asserts that GoldBod, despite its agency relationship, retains operational responsibility for transactions involving billions of cedis in public resources.
- The Minority demands detailed explanations from GoldBod regarding gold prices, premiums, off-taker selection, sales discounts, service charges, and risk management.
- Concerns are raised about a potential “moral hazard” if GoldBod earns transaction-based income while the BoG bears underlying trading losses, potentially incentivizing excessive transactions.
- Afenyo-Markin calls for an investigation into whether the incentive structure contributed to reported 22 billion cedis in losses, dismissing GoldBod's reported surplus as an insufficient defense.
Why This Matters
This issue is highly significant for Ghana as it directly impacts the financial accountability and transparency of state institutions managing critical national resources, specifically in the gold sector. The alleged 22 billion cedis in losses and concerns about potential moral hazard raise serious questions about financial governance and the prudent use of public funds, which can undermine public trust and economic stability.
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