Ghana Gold Board: Afenyo-Markin Accuses Management of Incompetence

• Minority Leader Alexander Afenyo-Markin accuses GoldBod management of gross incompetence over alleged losses.
• GoldBod CEO Sammy Gyamfi rejects claims about losses, citing audited financial statements showing significant surpluses.
• Afenyo-Markin's allegations raise concerns about accountability and oversight at the Ghana Gold Board.
• The institution faces increased scrutiny over its management and policies.

These losses are not bad luck. You don’t trade in gold and make losses. They expose the crass incompetence of the GoldBod’s management and misaligned policies of the government.

The Minority Leader in Parliament, Alexander Afenyo-Markin, has accused the management of the Ghana Gold Board (GoldBod) of gross incompetence. This claim comes after reports emerged about significant losses associated with the institution's operations. The alleged losses have sparked concerns about accountability and oversight at the GoldBod. According to Mr. Afenyo-Markin, these losses are not a result of bad luck or unfavourable market conditions, but rather a reflection of the crass incompetence of the GoldBod's management and misaligned policies of the government.

The Minority Leader emphasized that gold trading does not present an inherently difficult market for a competent institution. He argued that no serious institution loses significant amounts of money by accident, suggesting that there are underlying issues with the GoldBod's handling of the country's gold resources.

The Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, has rejected earlier claims about losses incurred by the institution. He described these claims as a 'blatant lie' and attributed them to Mr. Afenyo-Markin's 'hallucinatory imagination'. However, Mr. Gyamfi provided audited financial statements for 2025, which showed an operational surplus of GH¢907 million and an overall surplus of GH¢5.4 billion. These figures were contained in the report published by the Auditor-General.

Despite this, Mr. Afenyo-Markin's allegations have raised concerns about accountability and oversight at the GoldBod. The Minority Leader's comments come as the institution faces increased scrutiny over its management and policies.

The allegations of incompetence at the Ghana Gold Board have significant implications for accountability within the institution. As Mr. Afenyo-Markin pointed out, no serious institution loses significant amounts of money by accident. This suggests that there are underlying issues with the GoldBod's handling of the country's gold resources.

Lawyers and compliance officers should take note of these developments, as they may indicate potential accountability issues at the Ghana Gold Board. The increased scrutiny of the institution's management and policies could lead to changes in its operations and governance structures.

Lawyers and compliance officers should watch for potential accountability issues at the Ghana Gold Board, as Minority Leader Alexander Afenyo-Markin's allegations of crass incompetence could lead to increased scrutiny of the institution's management and policies.

Source: Original reporting via Ghanaian news outlet