Ghana's Minority Leader, Alexander Kwamena Afenyo-Markin, has accused the government of failing to provide the Auditor-General with complete financial data on the Ghana Gold Board’s (GoldBod) operations. This alleged omission may explain the stark contrast between GoldBod’s reported surplus and the $1.7 billion in losses identified by the International Monetary Fund (IMF).
Mr. Afenyo-Markin stated that some costs from GoldBod’s transactions were absorbed by the Bank of Ghana (BoG). These significant expenses were not fully included in the Auditor-General’s assessment. He argued that a true evaluation of GoldBod’s financial health must account for all costs borne by the central bank. This includes expenses beyond GoldBod’s own accounting records.
This development fits into Ghana’s broader economic narrative of fiscal transparency and public debt management. The country has been working to stabilize its economy under an IMF programme. Accurate reporting of state-owned enterprise finances is crucial for investor confidence and fiscal planning. The alleged GHS 22 billion loss, equivalent to 1.5 percent of Ghana’s Gross Domestic Product (GDP), highlights potential vulnerabilities in public finance oversight. Previous reports have often raised questions about the financial health of state entities.
“We concede that it is the Auditor-General that has conducted an audit, but it was not given access to the full picture,” Mr. Afenyo-Markin told the Parliamentary Press Corps. He emphasized that if the Auditor-General had known about the costs borne by the Bank of Ghana, it would not have declared a surplus in GoldBod’s reporting. This statement directly challenges the integrity of the audit findings.
The implications are significant for Ghana’s financial stability and its ongoing engagement with international partners. Decision-makers will likely face pressure to conduct a more comprehensive review of GoldBod’s operations. Markets will watch closely for clarity on the true financial impact of the Domestic Gold Purchase Programme. This situation could influence future policy decisions regarding state-owned enterprises and central bank interventions. It also raises questions about accountability for public funds.
The Minority Leader’s comments follow an August 2025 IMF report. This report indicated that the BoG’s Domestic Gold Purchase Programme, implemented through GoldBod, recorded alleged losses exceeding $1.7 billion in 2025. This amount translates to approximately GHS 22 billion, a substantial sum for the national economy. The IMF report specifically highlighted these losses as a percentage of Ghana’s GDP, underscoring their macroeconomic importance. This concern from the IMF prompted the Minority Leader's detailed address.
Mr. Afenyo-Markin noted that the Auditor-General’s report showed GoldBod recorded an operational surplus of GHS 909.7 million. It also reported an overall surplus of GHS 5.44 billion for the 2025 financial year. However, he stressed that these figures do not reflect the complete financial reality. He argued that pointing to GoldBod’s reported surplus without including costs absorbed by the Bank of Ghana does not adequately address concerns. These concerns surround the programme’s actual financial performance and its impact on the national budget. The discrepancy between reported surpluses and alleged losses creates a significant information gap.
“Any responsible government confronted with this GH¢22 billion loss should immediately investigate whether the incentive structure encouraged excessive volumes, inadequate pricing discipline, or insufficient attention to trading costs,” Mr. Afenyo-Markin stated. This call for investigation suggests potential mismanagement or systemic issues within the programme. It highlights the need for a thorough examination of GoldBod’s operational practices. Such an investigation would aim to prevent future financial discrepancies and protect public resources. The Minority Leader is advocating for greater transparency and accountability in public sector financial management.
The Minority Leader is now calling for a broader review of GoldBod’s operations. This review should include its pricing decisions, trading volumes, and transaction costs. Such an in-depth examination would provide a clearer picture of the programme’s financial health. It would also help to identify any areas of inefficiency or potential malfeasance. The outcome of this review will be critical for restoring public trust and ensuring fiscal prudence. It could also lead to reforms in how state entities report their financial activities.