Minority Leader Alexander Afenyo-Markin has stood firm in the face of intense criticism, insisting that his questions over the Bank of Ghana's Domestic Gold Purchase Programme (DGPP) will not be silenced. The programme has been at the centre of a heated public exchange between the Minority Leader and the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi.
GoldBod Losses at Centre of Parliament's Scrutiny
The Minority Leader has been questioning the programme's reported losses of US$1.7 billion, equivalent to about GH¢22 billion, associated with the DGPP in 2025. The International Monetary Fund (IMF) has identified the DGPP as a source of significant financial risk to the Bank of Ghana, and said losses associated with the programme and GoldBod-related activities should ultimately be transparently brought onto the national budget.
In a statement posted on social media on Saturday, August 22, Mr Afenyo-Markin said his questioning of the programme and the role of GoldBod was part of Parliament's constitutional oversight responsibility and was not motivated by any personal or political agenda. He said his position was anchored in Parliament's constitutional mandate to scrutinise public expenditure and hold institutions exercising public authority accountable.
GoldBod's Response to Minority's Concerns
The Chief Executive Officer of GoldBod, Sammy Gyamfi, has rejected the characterisation of the US$1.7 billion figure as a loss incurred by GoldBod. Mr Gyamfi has pointed to GoldBod's audited 2025 financial statements, which show an operational surplus of GH¢907 million and an overall surplus of more than GH¢5.4 billion. He has also maintained that GoldBod's role under the 2025 DGPP was primarily to purchase and aggregate gold on behalf of the central bank and that it was not involved in the subsequent sale of the gold, determination of selling prices or negotiation of off-take agreements.
Minority Leader Undeterred by Backlash
Mr Afenyo-Markin said he would not be deterred by the backlash. He accused unnamed persons of attempting to change the subject of the debate by making the person raising the questions the focus of public controversy. "Over the past week, all manner of insults and personal attacks have been directed at me, apparently in an attempt to impugn my character and divert attention from the substantive questions I have raised," he stated.
The Minority Leader said his duty is to ensure that Parliament discharges its constitutional oversight function, and that his actions have been guided solely by that responsibility. He insisted that the attacks on his character were entirely false, and that he would not be swayed by attempts to shift attention away from the substantive issues.
What's Next for the Gold Purchase Programme?
The dispute has widened into a broader debate about the financial cost of the country's gold-for-reserves strategy, the role of GoldBod, and the extent to which the economic benefits of the programme justify the losses recorded by the central bank. For Mr Afenyo-Markin, however, the immediate issue remains accountability. His latest response signals that the Minority intends to continue pursuing the matter despite the escalating political exchanges surrounding it.
Source: Joy Online
