The Minority in Parliament has renewed its demand for accountability over an alleged GH¢22 billion (US$1.7 billion) loss under the Ghana Gold Board’s (GoldBod) Domestic Gold Purchase Programme in 2025.
In a statement issued on Wednesday, August 19, 2026, Minority Leader Osahene Alexander Afenyo-Markin said the response by the Chief Executive Officer of GoldBod to the Minority’s earlier concerns had failed to adequately address key issues surrounding the reported loss.
The Minority said the GoldBod CEO did not dispute the International Monetary Fund’s (IMF) finding of a US$1.7 billion loss but instead challenged who should bear responsibility for the loss.
According to the Minority, the matter involves public funds and therefore requires a clear explanation and accountability.
The Minority also questioned GoldBod’s financial figures, particularly the fees it reportedly received from the Domestic Gold Purchase Programme.
It said GoldBod accounted for approximately GH¢133 billion in advances in 2025, with an assay fee of 0.258 percent and a service fee of 0.5 percent. The Minority argued that, based on those figures, the agency’s reported GH¢907 million operational surplus appeared smaller than the fees collected from the programme.
“Strip out the agency fees and there is no operational surplus to speak of,” the statement said.
The Minority further challenged what it described as conflicting positions regarding GoldBod’s contribution to Ghana’s economic gains, including the strengthening of the cedi, increased reserves and falling inflation.
It argued that an institution taking public credit for such outcomes could not simultaneously present itself as merely a passive agent when the associated costs were being considered.
On funding, the Minority said the position surrounding the Ghana Gold for Reserves and National Production (G4R/GANRAP) implementation had also changed.
According to the statement, responsibility for funding the programme moved from the Bank of Ghana to the Ministry of Finance in July 2026, while GoldBod was seeking to raise funds independently from August.
The Minority described the development as an unsettled funding model, noting that there had been three different funding arrangements within six months.
The statement concluded by insisting that the reported GH¢22 billion loss constitutes a financial loss to the Republic and must be properly accounted for.
The Minority also criticised the tone used by the GoldBod CEO in responding to its concerns, saying Ghanaians had asked for figures and deserved clear answers rather than insults.
