Alexander Kwamena Afenyo-Markin, the minority leader in parliament, has rejected what he calls a campaign of insults, personal attacks, and defamatory accusations directed at him after he decided to demand explanations for alleged losses related to the Bank of Ghana’s Domestic Gold Purchase Program (DGPP).
The Effutu Member of Parliament claimed that the attacks were an attempt to deflect public attention from the serious financial concerns he had brought up regarding the program and the function of the Ghana Gold Board (GoldBod) in a statement put on X on Saturday, August 22, 2026.
Afenyo-Markin said his stance was only driven by Parliament’s constitutional duty to examine how public funds are used.
He stated that it is his duty to assist Parliament in carrying out its constitutional oversight role. He insisted that he had not done anything wrong or pursued the matter for any political or personal gain.
He went on to say that the Minority Caucus would proceed with starting the required legislative procedures for a thorough investigation into the purported GH¢22 billion loss related to gold trading under the scheme.
The dispute revolves around a reported loss of over US$1.7 billion related to the Bank of Ghana’s Domestic Gold Purchase Program in 2025.
The Minority has called for more openness regarding the structure of the deals and who ultimately paid the fees, citing the figure on multiple occasions.
But one of the main points of contention is the difference between a loss on GoldBod’s own books and a loss recognized by the Bank of Ghana under the DGPP.
Afenyo-Markin contends that since the money involved ultimately belongs to the state, the matter is still one of public accountability. He wants the public and Parliament to know who took the gold, what discounts they received, who approved the discounts, and how much money was made from the deals.
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He also requests a thorough analysis of the US$1.7 billion figure that was presented.
The Minority Leader claims that such a breakdown should show how much of the loss came from foreign exchange differences, how much was related to the prices at which gold was bought and sold, and what factors affected the management choices made during the transactions.
The claim that GoldBod suffered a GH¢22 billion loss in 2025 has been categorically denied by GoldBod CEO Sammy Gyamfi.
GoldBod claims that its audited financial accounts for the year ending December 31, 2025, showed an overall surplus of more than GH¢5.4 billion and an operational surplus of over GH¢907 million.
Beyond the financial dispute, Afenyo-Markin has vowed to take legal action. He declared that he will seek “necessary legal measures” for remarks he believes to be defamatory.
The announcement coincides with an escalating argument between GoldBod CEO Sammy Gyamfi and Afenyo-Markin. Gyamfi has stated that he is ready to defend himself in court and has challenged the Minority Leader to file a lawsuit over his remarks.
However, Afenyo-Markin stated that he would not let the personal scandal divert his attention from the financial issues.
Below is his statement:
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. False and defamatory allegations have also been made about my motives for questioning the losses incurred under the Bank of Ghana’s Domestic Gold Purchase Programme and the role of GoldBod in those transactions.
These allegations are entirely false, and I reject them without qualification.
As Minority Leader in Parliament, my responsibility is to help Parliament discharge its constitutional oversight function. My actions have been guided solely by that responsibility. I have neither acted from any improper motive nor conducted myself inappropriately in the performance of my duties.
I recognise that, in public life, those who are uncomfortable with legitimate scrutiny may push back. In some cases, they may resort to false allegations, personal attacks and ridicule in an effort to shift attention from the substantive issues and make the person asking the questions the subject of controversy.
I remain focused. I will continue working with the Minority Caucus to initiate the necessary parliamentary processes for a full inquiry into the reported GH¢22 billion loss arising from the trading done by the GoldBod and reflected in the books of the Bank of Ghana.
The International Monetary Fund has reported a loss of approximately US$1.7 billion under this programme in 2025. Whichever institution’s balance sheet carries that figure, it represents public money. Ghanaians are, therefore, entitled to know who the off-takers were, what discounts were applied to their purchases, on whose authority those discounts were approved, and what fees were earned from the transactions.
They are equally entitled to a full disaggregation of the US$1.7 billion: how much arose from foreign-exchange differentials; how much resulted from the prices at which GoldBod bought and sold the gold; and what considerations informed the management decisions behind those transactions.
These questions belong in the public record. The Minority will continue to place them there, in writing and with our sources published, so that every Ghanaian can examine the evidence and arrive at an informed judgment, rather than merely take my word or anyone else’s.
On the defamatory statements made against me personally, I intend to pursue the appropriate legal remedies. Meanwhile, my attention, and that of the Caucus I lead, remains firmly focused on the programme, the decisions taken and the public funds involved.
Signed
Alexander Kwamena Afenyo-Markin
Minority Leader in Parliament