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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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August 24, 2026
GoldBod denies GH¢1bn BoG overdraft claim, demands retraction and apology from Boako
- The Ghana Gold Board (GoldBod) has vehemently denied claims by MP Dr. Gideon Boako that it owes the Bank of Ghana (BoG) a GH¢1 billion overdraft.
- Dr. Boako, a Deputy Ranking Member on Parliament’s Finance Committee, questioned GoldBod's reported GH¢907 million profit, stating an outstanding overdraft would reflect a loss.
- GoldBod labeled Dr. Boako’s claim as “totally false,” a “deliberate and malicious smear campaign,” and demanded a retraction and apology.
- This dispute is set against a broader political and economic debate concerning GoldBod’s financial performance and the accounting treatment of GH¢22 billion losses from the Domestic Gold Purchase Programme (DGPP).
- GoldBod asserts it has never taken any loan, overdraft, or debt instrument from the Bank of Ghana or any financial institution since its establishment.
August 24, 2026
GoldBod losses remain key on Minority agenda as Parliament reconvenes – Afenyo-Markin
- The NPP Minority Leader, Alexander Afenyo-Markin, reaffirmed the caucus's commitment to investigate a reported US$1.7 billion loss linked to the Bank of Ghana’s Domestic Gold Purchase Programme and the Ghana Gold Board (GoldBod).
- This commitment was reiterated after Afenyo-Markin met with NPP flagbearer Dr Mahamudu Bawumia in Accra.
- Dr Bawumia commended the Minority Caucus for its accountability efforts and encouraged their continued work.
- The reported loss, equivalent to about 1.5% of Ghana’s GDP, will be a key issue for the Minority as Parliament reconvenes.
- The Minority is resolute in pursuing the matter to get answers for the Ghanaian public regarding the circumstances of the loss.
August 23, 2026
Why celebrate $2.62bn FDI while losing $1.7bn under the Domestic Gold Programme? IERPP asks
- The Institute of Economic Research and Public Policy (IERPP) welcomes Ghana's US$2.62 billion Foreign Direct Investment (FDI) as a sign of investor confidence.
- However, IERPP tempers this optimism with concern over an estimated GH¢22 billion (US$1.7 billion) loss from the Domestic Gold Purchase Program (DGPP).
- The DGPP loss is significant, equating to about 65 cents for every US$1 of FDI attracted, highlighting a major resource management issue.
- IERPP emphasizes that while FDI is crucial, it cannot substitute for prudent management and protection of existing public resources.
- The Institute calls for greater transparency, a clear breakdown of DGPP losses, and intense scrutiny from accountability institutions, Parliament, and civil society.