GoldBod cannot pocket fees and disclaim losses – Afenyo-Markin fires back
Minority Leader Alexander Kwamena Afenyo-Markin has launched a scathing attack on the Ghana Gold Board (GoldBod), accusing the state gold-trading entity of attempting to have it both ways in the wake of a staggering GH¢22 billion ($1.7 billion) trading loss.
According to documents making rounds in Parliament, GoldBod recorded massive losses under its gold purchase and export programme, a revelation that has sparked outrage across the political divide. While management at GoldBod has argued that it acts only as an agent and therefore cannot be held liable for market losses, Afenyo-Markin says that position is legally untenable and morally dishonest.
Speaking on the floor of Parliament and later in an interview on Thursday, the Effutu MP argued that GoldBod cannot collect assay fees, trading margins and service charges running into millions of cedis when gold prices were favourable, and then turn around to disown losses when the market turns.
“You cannot pocket the fees and disclaim the losses. That is not how agency works. If you are an agent, you account for both profit and loss. You cannot choose profit alone,” he stated.
The Minority Leader said the GH¢22 billion loss raises serious questions about value-for-money, risk management, and the actual benefit of the much-touted Gold-for-Oil and Gold Purchase programmes introduced to stabilize the cedi.
He is demanding a full parliamentary probe into GoldBod’s operations, including its pricing model, off-taker agreements, and the use of intermediaries. He also wants the Auditor-General to conduct a special audit of all gold transactions from 2023 to date.
Government communicators have defended GoldBod, insisting the losses are largely unrealized and due to global price volatility and foreign exchange fluctuations, not mismanagement.
But for the Minority, this explanation is insufficient. Afenyo-Markin warned that if GoldBod is allowed to operate without accountability, Ghana risks losing the very foreign exchange the programme was meant to protect.
The controversy is expected to dominate Parliament next week when the Mines and Energy Committee presents its report. Civil Society Organisations have also joined calls for transparency, arguing that gold is a sovereign asset and Ghanaians deserve full disclosure.
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