Minority Leader in Parliament, Alexander Kwamena Afenyo-Markin, has accused GoldBod of causing financial losses of GH¢22 billion to the state, arguing that an attempt to shift the supposed losses to the Bank of Ghana does not change the underlying financial impact.
He said the arrangement, under which the losses are allegedly absorbed by the central bank while GoldBod continues to earn fees from its operations, raises serious questions about the government’s accounting treatment of the transactions.
His comments during a press conference in Parliament on Tuesday, August 18, 2028, come amid a political dispute over the financial performance of GoldBod and the treatment of losses arising from its operations.
Mr Afenyo-Markin rejected suggestions that the characterisation of the losses was being made solely by the Minority, insisting that the issue had been raised in the International Monetary Fund’s report.
“Losses made by GoldBod are not our characterization; that is in the IMF’s report,” he said.
According to the Minority Leader, the attempt to account for the losses through the Bank of Ghana amounts to shifting the financial burden from GoldBod to another state institution.
He described the arrangement as “disingenuous”, arguing that it may appear sound on the surface while concealing the actual substance of the transactions.
“What we are witnessing is a disingenuous accounting arrangement; clean on the surface, dirty in substance,” he said.
Mr Afenyo-Markin also questioned a business model in which GoldBod earns fees while another state institution is left to absorb the losses.
“A business model where an entity earns fees and another absorbs losses requires scrutiny. In fact, it stinks,” he said.
He further questioned the accounting justification for the arrangement, asking: “What kind of voodoo accounting is this?”
The Minority Leader linked the alleged losses to the financial position of the Bank of Ghana, claiming that the central bank was technically bankrupt and that GoldBod’s operations were the single biggest driver of its collapse in 2025.
“The Bank of Ghana is technically bankrupt, and the single biggest driver of that collapse in 2025 was GoldBod’s operations,” he said.
Mr Afenyo-Markin said the Ghanaian public would eventually determine who was being truthful about GoldBod’s financial position.
“The Ghanaian people will see who is ignorant, who is doing mischief and who is lying to the public,” he stated.
He warned that the government would ultimately have to account for the financial implications of GoldBod’s operations, insisting that transferring the alleged losses to the Bank of Ghana would not eliminate the cost to the state.