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‘GoldBod is a very big scandal awaiting us’ – Afenyo-Markin
August 17, 2026
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‘GoldBod is a very big scandal awaiting us’ – Afenyo-Markin

Money
Policy
Growth

Key Points

  • Minority Leader Alexander Afenyo-Markin has warned that the operations of the Ghana Gold Board (GoldBod) are a major scandal in waiting.
  • Afenyo-Markin suggested there are undisclosed aspects of GoldBod’s activities and urged caution from its management.
  • His comments follow an IMF report revealing significant losses from the Bank of Ghana’s Domestic Gold Purchase Programme, implemented via GoldBod.
  • The IMF report indicates losses from the programme in 2025 exceeded US$1.7 billion, equivalent to about 1.5% of Ghana’s GDP.
  • The warning comes amid growing scrutiny from the Minority caucus regarding GoldBod’s operations and the financial implications of the gold purchasing programme.

Why This Matters

This article highlights potential financial mismanagement and lack of transparency within a key state-backed institution, GoldBod, and its role in the Domestic Gold Purchase Programme. The reported losses of over US$1.7 billion (1.5% of GDP) are substantial and directly impact Ghana's fiscal health, public debt, and economic stability. Such revelations could erode public trust, deter foreign investment, and complicate Ghana's ongoing efforts to secure financial recovery and meet IMF program conditions.

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