The Minority Caucus in Parliament has rejected the Ghana Gold Board’s response to its concerns over the financial and operational performance of the institution, insisting that the government’s explanation has failed to account for an alleged GH¢22 billion loss under the Domestic Gold Purchase Programme (DGPP).
In a statement issued on Wednesday, August 19, 2026, and signed by Minority Leader Osahen Alexander Kwamena Afenyo-Markin, the Minority said the response by the Chief Executive of the Ghana Gold Board, following its press conference on Tuesday, had raised further questions rather than addressed the concerns.
“The GoldBod’s statement this morning confirms more than it rebuts,” the Minority stated.
The Caucus said the GoldBod chief executive had not disputed what it described as the International Monetary Fund’s (IMF) finding of a US$1.7 billion loss under the DGPP in 2025.
“The Chief Executive does not dispute the IMF’s finding that there is a loss of US$1.7 billion (22 billion Ghana cedis) under the Domestic Gold Purchase Programme in 2025. He disputes only who should be blamed,” the statement said.
According to the Minority, the question of which state institution ultimately carries the loss does not change the fact that public funds are involved.
“This is public money, whichever State balance sheet it sits on,” it added.
Challenge to GoldBod’s fee calculations
The Minority also seized on figures provided by the GoldBod chief executive regarding fees earned from the DGPP.
It said the Chief Executive had indicated that GoldBod accounted for approximately GH¢133 billion in advances during 2025 and received an assay fee of 0.25 per cent and a service fee of 0.5 per cent.
“On those figures, the GoldBod earned in the region of GHS1 billion in fees from this programme,” the Minority stated.
It further noted that GoldBod had reported an operational surplus of GH¢907 million for the period.
The Minority argued that the figures raise questions about whether the reported operational surplus can properly be presented as an indication of the programme’s financial performance.
“The plain implication of his own numbers is that the operational surplus he is celebrating is smaller than the fee income he collected from a programme that lost the state 22 billion Ghana Cedis,” the statement said.
The Caucus went further to argue that removing the agency fees from the calculation would leave little or no operational surplus.
“Strip out the agency fees and there is no operational surplus to speak of. That is the point he did not address, and it is the point he must now address,” it said.
‘Cannot claim the upside and disown the downside’
The Minority also challenged GoldBod’s position on the broader economic benefits associated with the DGPP.
According to the Caucus, the GoldBod’s statement credited the expansion of the programme with contributing to a 41 per cent appreciation of the cedi, an increase in Ghana’s reserves from US$8.9 billion to US$13 billion, and a reduction in inflation.
The Minority argued that GoldBod could not take credit for positive economic outcomes while distancing itself from financial losses associated with the programme.
“The same statement credits the scaling up of the DGPP with the 41 per cent cedi appreciation, the rise in reserves from US$8.9 billion to US$13 billion, and the fall in inflation,” the statement said.
It added: “An institution that claims authorship of the benefits cannot describe itself as a passive agent when the costs are counted.”
Changing funding arrangements
The Caucus also raised concerns about the shifting arrangements for financing the Ghana National Assay and Refinery Project (GANRAP).
It said that, according to the GoldBod chief executive, responsibility for the implementation cost had moved from the Bank of Ghana to the Ministry of Finance in July 2026, while GoldBod was seeking to independently raise funds from August 2026.
“Three funding arrangements in six months is not a settled model. We view this with curious eyes,” the Minority stated.
The Minority insisted that the alleged GH¢22 billion loss identified in the IMF’s August 2026 Sixth Country Report must be properly accounted for.
“The 22 billion Ghana cedis 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 declared.
GoldBod CEO’s ‘brothel’ comment
The Minority also criticised the tone of the GoldBod Chief Executive’s response, particularly a reference to a brothel, describing the remark as inappropriate for a public official responding to questions about public finances.
“Finally, a word on tone. The Chief Executive’s reference to a brothel, does not belong in a statement issued by a Public Officer accounting for public funds,” the Minority said.
The Caucus argued that the public was seeking financial information and accountability rather than personal attacks.
“Ghanaians asked for figures. They were given insults. The figures are still outstanding,” it stated.
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