The Minority in Parliament has maintained that the latest response from the Ghana Gold Board (GoldBod) does not disprove the reported GH¢22 billion loss under the Domestic Gold Purchase Programme in 2025.
In a statement issued on Wednesday, August 19, 2026, Minority Leader Alexander Afenyo-Markin said the GoldBod’s response “confirms more than it rebuts” the concerns raised by the Minority at a press conference on Tuesday.
According to the Minority, GoldBod’s Chief Executive has not disputed the International Monetary Fund’s finding that the state incurred a loss of US$1.7 billion, equivalent to about GH¢22 billion, under the programme.
The Minority argued that regardless of which state institution’s balance sheet carries the loss, the money remains public funds and must be accounted for.
On fees paid to GoldBod, the Minority said the figures provided by the Chief Executive show that the agency received about GH¢133 billion in advances in 2025 and was paid an assay fee of 0.258 percent and a service fee of 0.5 percent.
It said the fees amounted to about GH¢1 billion, while GoldBod reported an operational surplus of GH¢907 million.
The Minority contended that the operational surplus is smaller than the fee income generated from a programme that, according to the IMF, resulted in a GH¢22 billion loss to the state.
The statement also accused GoldBod of taking credit for positive economic developments, including the scaling up of the Domestic Gold Purchase Programme, the appreciation of the cedi, an increase in reserves from US$8.9 billion to US$13 billion, and declining inflation.
It questioned how the institution could claim credit for the benefits while distancing itself from the costs associated with the programme.
The Minority further raised concerns about the financing of the Gold for Reserves and Assets Programme, popularly known as GNARAP.
It noted that, according to the GoldBod Chief Executive, responsibility for GNARAP implementation moved from the Bank of Ghana to the Ministry of Finance in July 2026, while GoldBod began seeking independent funding from August.
The Minority described three funding arrangements within six months as an unsettled model and said it would continue to scrutinise the development.
It therefore insisted that the GH¢22 billion reported loss must be accounted for, describing it as a financial loss to the Republic.
The Minority Leader also criticised the tone used by the GoldBod Chief Executive in responding to the Minority’s concerns, saying references to a “brothel” were inappropriate in a statement concerning public accountability.
The Minority has consequently renewed its call for clarity on the financial performance of the Domestic Gold Purchase Programme and accountability for the reported losses.
Ghana|Atinkaonline.com|Vincent Kwofie