Minority Leader in Parliament, Osahen Alexander Kwamena Afenyo-Markin, has rejected what he describes as a sustained campaign of insults, personal attacks and defamatory allegations against him over his calls for a parliamentary inquiry into reported losses associated with the Bank of Ghana’s Domestic Gold Purchase Programme.
According to him, the attacks are intended to divert public attention from what he considers substantive questions surrounding the programme, particularly the role of the Ghana Gold Board (GoldBod) and the reported losses reflected in the books of the central bank.
In a statement, the Minority Leader said the allegations questioning his motives were false and maintained that his actions had been driven solely by his constitutional responsibility as a member of Parliament to ensure effective oversight of public institutions and the use of public funds.
“As Minority Leader in Parliament, my responsibility is to help Parliament discharge its constitutional oversight function,” he said.
He added that he had neither acted from an improper motive nor conducted himself inappropriately in the performance of his parliamentary duties.
The Minority Leader said he remained unfazed by the criticism and would continue working with the Minority Caucus to activate the appropriate parliamentary processes for a comprehensive inquiry into the reported GH¢22 billion loss linked to trading under the gold purchase programme.
His comments come amid an ongoing political and public debate over the financial performance of the Bank of Ghana’s Domestic Gold Purchase Programme and the extent to which GoldBod’s transactions contributed to reported losses.
Mr Afenyo-Markin argued that the central issue was not the personalities involved in the debate but the need to establish how public funds were managed and what decisions led to the reported financial loss.
He said the Minority would continue to raise the questions through Parliament and place supporting documents and sources in the public domain to enable Ghanaians to independently assess the evidence.
“We remain focused. We 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 GoldBod and reflected in the books of the Bank of Ghana,” he said.
A major component of the Minority’s concerns is a reported loss of approximately US$1.7 billion under the Domestic Gold Purchase Programme in 2025.
Mr Afenyo-Markin cited figures attributed to the International Monetary Fund (IMF), arguing that irrespective of which institution’s balance sheet ultimately carries the loss, the funds involved are public resources.
He therefore called for detailed disclosure of the transactions underlying the reported figure.
Among the questions he wants answered is the identity of the off-takers who purchased the gold, the discounts applied to their purchases and the authority under which those discounts were approved.
He is also demanding disclosure of the fees earned from the transactions and a detailed breakdown of the reported US$1.7 billion loss.
According to the Minority Leader, Parliament and the Ghanaian public need to know precisely how the reported loss was accumulated.
He wants the authorities to disaggregate the figure to establish how much of the loss resulted from foreign-exchange differentials and how much was attributable to differences between the prices at which GoldBod purchased and sold the gold.
He also wants an explanation of the considerations that informed the management decisions behind the transactions.
“These questions belong in the public record,” Mr Afenyo-Markin said, stressing that the Minority would continue to raise them through formal parliamentary channels.
He said the Caucus would publish its sources alongside its claims so that citizens could examine the evidence for themselves rather than rely solely on assertions made by either side of the political divide.
The dispute forms part of a broader political disagreement between the Majority and Minority sides over the operations and financial performance of GoldBod and the government’s gold-for-reserves arrangements.
The Minority has questioned the financial implications of the programme and called for greater transparency over transactions involving Ghana’s gold resources.
GoldBod, however, has previously defended its financial performance and rejected claims that it made losses in the manner alleged by the Minority. Its Chief Executive Officer, Sammy Gyamfi, has argued that GoldBod’s audited financial statements show significant surpluses and has accused the Minority of misrepresenting the institution’s financial position.
The disagreement has consequently shifted beyond the performance of GoldBod itself to questions about the relationship between GoldBod’s transactions and losses recorded by the Bank of Ghana.
Mr Afenyo-Markin insists that the matter requires institutional scrutiny rather than political exchanges and personal attacks.
On the personal attacks directed at him, the Minority Leader said he would pursue what he considers appropriate legal remedies in response to defamatory statements.
He did not specify the particular individuals or statements targeted by the intended legal action but maintained that the allegations against him had no basis.
He said the attacks would not distract him from the oversight responsibilities of his office.
“Meanwhile, my attention, and that of the Caucus I lead, remains firmly focused on the programme, the decisions taken and the public funds involved,” he said.
The Minority Leader’s latest position is likely to intensify calls for Parliament to examine the Domestic Gold Purchase Programme, particularly the transactions, pricing mechanisms, foreign-exchange implications, off-taker arrangements and management decisions associated with the reported losses.
The outcome of any parliamentary inquiry could provide further clarity on the financial flows involved and determine the respective roles of the Bank of Ghana, GoldBod and other entities that participated in the transactions.
By 1960news.com
