Minority Leader Afenyo-Markin Demands Full Parliamentary Inquiry into Alleged $1.7 Billion Gold Trading Losses

Minority Leader Alexander Afenyo-Markin has announced plans to initiate a full parliamentary inquiry into a reported GH₵22 billion (US$1.7 billion) loss linked to the Bank of Ghana’s Domestic Gold Purchase Programme (DGPP). Citing findings from an International Monetary Fund (IMF) report, the Minority Caucus asserts that these significant losses represent approximately 1.5% of Ghana’s GDP and require immediate transparency. The dispute centers on the Ghana Gold Board (GoldBod) and its role in managing the central bank’s gold-trading strategy, with the Minority demanding clarity on transaction terms, discount approvals, and the identities of off-takers involved in the deals.

The call for an inquiry has sparked a heated public exchange between Afenyo-Markin and GoldBod CEO Sammy Gyamfi. Gyamfi has vehemently denied the allegations of loss, claiming that GoldBod recorded an operational surplus in its 2025 financial statements and accusing the Minority Leader of acting as an "extortionist." In response, Afenyo-Markin has dismissed these claims as defamatory distractions intended to shield public officials from legitimate oversight. He has signaled his intent to pursue legal action against Gyamfi for character assassination while maintaining that his inquiries are a constitutional duty. Deputy Minority Leader Patricia Appiagyei reinforced this stance, stating the caucus would use formal parliamentary channels to address Gyamfi’s conduct and ensure public assets are managed with accountability.

External observers have weighed in on the escalating tension, with Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers (COPEC), advising Gyamfi to view the Minority’s scrutiny as a legitimate opportunity for operational improvement rather than a personal attack. Meanwhile, the friction has fueled political speculation regarding the Minority Leader's standing within his own party. Lamtiig Apanga, Deputy CEO of the Gaming Commission, suggested that the NPP’s 2024 electoral defeat and Afenyo-Markin’s current aggressive stance might lead to a leadership shakeup. Despite these external pressures and investigative journalist Manasseh Azure Awuni’s concerns over the vitriolic nature of the debate, Afenyo-Markin insists he remains focused on the substantive financial issues of the gold program.

The proposed inquiry aims to uncover the specifics of how the US$1.7 billion loss occurred, including the financial decisions made by both GoldBod and the Bank of Ghana. As the government reportedly moves away from Bank of Ghana funding toward separate financing for GoldBod, the Minority continues to press for a full reconciliation of the IMF’s findings with the institution’s audited reports. The outcome of this parliamentary push will likely serve as a critical test for the Mahama administration’s commitment to transparency and the protection of Ghana’s gold reserves.