Minority saved public purse through GoldBod scrutiny – Afenyo-Markin

Minority Leader Alexander Afenyo-Markin says the Minority Caucus helped protect public funds by raising concerns about fees charged under GoldBod’s gold trading arrangements with the Bank of Ghana (BoG).

Speaking at a press briefing on August 18, Afenyo-Markin argued that the opposition’s intervention led to significant reductions in transaction fees and exposed weaknesses in the structure of the programme.

According to him, the Minority first raised concerns when fees associated with the transactions stood at about 15 per cent. He said the concerns were publicly highlighted through former Information Minister Kojo Oppong Nkrumah.

Afenyo-Markin disclosed that following the criticism, GoldBod and the Bank of Ghana convened what he described as an emergency joint board meeting and subsequently reduced the fee to 9 per cent.

“That was the first point of indication of the Minority,” he said.

He noted that the fees were later reduced again to 5 per cent after the Minority escalated the issue through a motion on the floor of Parliament.

The Minority Leader argued that the successive reductions showed that concerns raised by the opposition were valid and should not be dismissed.

“If we are ignorant, why is it that when we raised the red flag, the 15 per cent that they were charging was reduced to 9 per cent?” he asked.

Afenyo-Markin said the Minority’s actions prevented further financial losses and ensured greater scrutiny of the programme.

He also criticised what he described as attempts by GoldBod officials to attack critics rather than address the substance of the concerns being raised.

The Minority Leader further pointed to GoldBod’s recent decision to stop acting as a buying agent for the Bank of Ghana as another development that warranted closer examination.

He noted that GoldBod announced on August 11, 2026, that it had ended its role as a buying agent for the central bank and had stopped receiving BoG funds for gold purchases since March.

Afenyo-Markin maintained that the focus should remain on accountability and whether the programme delivered value for the country.

“The Minority must be commended for saving the public purse,” he said.

He also called on the government to provide a comprehensive account of the costs, risks and benefits associated with the gold trading programme.

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Dogbatse Atsu Eugene

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