‘If you sell gold at a loss, you’re not a good trader’ – Afenyo-Markin jabs Sammy Gyamfi

Minority Leader Alexander Afenyo-Markin has warned that the operations of the Ghana Gold Board (GoldBod) could become a major scandal, urging the institution to exercise caution in its activities. The Effutu MP suggested that there were aspects of GoldBod’s operations that were not publicly known and cautioned its management against taking its current position for granted. “GoldBod is a very big scandal awaiting us.

There are things we know that they don’t know. They should be careful,” Mr Afenyo-Markin warned. His comments come amid revelations contained in an International Monetary Fund (IMF) report about some losses incurred under the Bank of Ghana’s Domestic Gold Purchase Programme, which is implemented through GoldBod.

Read Also: GoldBod has not made GH₵1.7bn loss – Prof Ebo Turkson The IMF Country Report No. 26/213 indicates that losses from the programme in 2025 were significantly higher than the US$214 million figure previously reported. According to the IMF, the substantial expansion of the programme during 2025 resulted in losses exceeding US$1.7 billion, equivalent to about 1.5% of Ghana’s Gross Domestic Product (GDP).

The Minority Leader’s warning comes against the backdrop of growing scrutiny of GoldBod’s operations and the financial implications of the gold purchasing programme by his caucus. Minority Leader Alexander Afenyo-Markin has questioned the commercial rationale behind the operations of the Ghana Gold Board (GoldBod), taking a swipe at its Chief Executive Officer, Sammy Gyamfi, over reported losses associated with Ghana’s gold purchasing operations. Speaking on Monday, August 17, Mr Afenyo-Markin argued that an institution engaged in gold trading should not be making losses, particularly given the nature of the commodity and its value on the international market.

“If you sell gold and make a loss, then you are not a good trader,” he said, in an apparent jab at Mr Gyamfi. His comments on Accra-based Peace FM come amid renewed controversy over the financial implications of the Bank of Ghana’s Domestic Gold Purchase Programme, which is implemented through GoldBod. The IMF has previously reported a US$214 million loss linked to the programme, although GoldBod has disputed characterising the figure as a loss incurred by the Board itself.

Mr Afenyo-Markin has nevertheless continued to raise concerns about GoldBod, warning that the institution could become a major scandal if its operations are not carefully scrutinised. He previously cautioned that there were issues surrounding GoldBod that the public did not know about and urged its management to “be careful”. The Minority Leader’s latest comments therefore add to the growing political scrutiny of GoldBod and its financial operations.