The Minority Caucus in Parliament has demanded full accountability for what it describes as a GH¢22 billion financial loss incurred under the Ghana Gold Board’s (GoldBod) Domestic Gold Purchase Programme (DGPP) in 2025.
The call follows a response issued by the Chief Executive Officer of GoldBod to concerns raised by the Minority over the Board’s financial and operational performance.
In a statement signed by Minority Leader Osahen Alexander Afenyo-Markin on Wednesday, August 19, 2026, the Caucus said the GoldBod’s response had failed to adequately address the financial concerns raised.
According to the Minority, the Chief Executive did not dispute the International Monetary Fund’s (IMF) reported finding of a US$1.7 billion, equivalent to about GH¢22 billion, loss under the Domestic Gold Purchase Programme in 2025.
“The loss is admitted,” the Minority said, arguing that the key issue was now to establish responsibility and ensure accountability for the use of public funds.
The Caucus also questioned GoldBod’s reported operational surplus of GH¢907 million, arguing that the figure should be considered alongside the fees collected from the programme.
The Minority cited figures provided by the GoldBod CEO indicating that the Board accounted for 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 argued that, based on those figures, GoldBod earned approximately GH¢1 billion in fees from the programme.
The Caucus therefore maintained that the reported operational surplus was smaller than the fees generated, insisting that the agency’s fee income should not be presented as evidence of an operational surplus without accounting for the wider financial position of the programme.
The Minority further challenged GoldBod’s position on the benefits of the DGPP.
It said the Board had taken credit for developments including the scaling up of the programme, a reported 41 percent appreciation of the cedi, an increase in foreign exchange reserves from US$8.9 billion to US$13 billion, and a decline in inflation.
According to the Caucus, an institution that takes credit for the positive outcomes associated with the programme cannot distance itself from responsibility when the financial costs are considered.
The Minority also raised concerns over the funding arrangements for the Ghana Accelerated National Response Plan (GANRAP), saying the responsibility for implementation costs had shifted from the Bank of Ghana to the Ministry of Finance in July 2026 and subsequently to GoldBod in August.
It described the movement of responsibility among institutions within six months as an unsettled funding model requiring further scrutiny.
“The GH¢22 billion losses as reported by the IMF Sixth Country report, numbered 26/213 issued in August 2026, amount to a financial loss to the Republic. It must be accounted for,” the statement said.
The Minority also criticised the tone of the GoldBod CEO’s response, particularly his reference to a “brothel,” arguing that such language was inappropriate in a public statement concerning the management of public funds.
The Caucus said Ghanaians were seeking clear figures and explanations regarding the programme and insisted that those figures remained outstanding.
The Minority’s latest response is likely to intensify calls for greater transparency over the financial performance of the Domestic Gold Purchase Programme and the extent to which public funds may have been exposed to losses.
Story By: Eric Boateng
