MP Afenyo-Markin: No Retreat in GoldBod Row, Ghana’s Parliament Heats

The Minority Leader in Parliament, Alexander Afenyo-Markin, has vowed to press on with his scrutiny of the Bank of Ghana's Domestic Gold Purchase Programme (DGPP), despite growing backlash from the Ghana Gold Board (GoldBod). Afenyo-Markin's determination to hold the central bank and GoldBod accountable for the reported $1.7 billion loss associated with the programme has sparked a heated public exchange.

Minority Leader Unfazed by Backlash

Afenyo-Markin said his questioning of the programme and GoldBod's role was part of Parliament's constitutional oversight responsibility, and not motivated by any personal or political agenda. He dismissed personal attacks and defamatory allegations made against him as "entirely false," insisting that his duty was to ensure accountability over public expenditure.

The Minority Leader's stance comes amid an increasingly heated exchange with GoldBod's Chief Executive Officer, Sammy Gyamfi. Gyamfi has rejected the characterization of the $1.7 billion figure as a loss incurred by GoldBod, arguing that the amount relates to the Bank of Ghana's DGPP and should not be attributed to GoldBod's financial performance.

IMF Assessment Highlights Financial Risks

The International Monetary Fund (IMF) has identified the DGPP as a source of significant financial risk to the Bank of Ghana. In its recent assessment, the IMF noted that the rapid scaling-up of the programme had generated substantial losses for the central bank and exposed it to quasi-fiscal risks. The Minority's position is that Parliament must establish how the loss arose, the role played by the various institutions involved, and what measures are being taken to prevent similar exposure.

Afenyo-Markin's comments come as the debate over the financial cost of the country's gold-for-reserves strategy continues to widen. The Minority Leader's determination to hold the central bank and GoldBod accountable for the reported losses has sparked a broader debate about the role of GoldBod and the extent to which the economic benefits of the programme justify the losses recorded by the central bank.

No Retreat in Scrutiny

Afenyo-Markin said the intensity of the response to his concerns reinforced the need for continued scrutiny rather than weakening the case for accountability. He accused unnamed persons of attempting to change the subject of the debate by making the person raising the questions the focus of public controversy. The Minority Leader's response signals that the Minority intends to continue pursuing the matter despite the escalating political exchanges surrounding it.

The reported $1.7 billion loss associated with the DGPP has sparked a heated public exchange between the Minority Leader and GoldBod's CEO. The Minority's position is that Parliament must establish how the loss arose, the role played by the various institutions involved, and what measures are being taken to prevent similar exposure. The debate over the financial cost of the country's gold-for-reserves strategy is set to continue, with the Minority Leader vowing to press on with his scrutiny of the Bank of Ghana's Domestic Gold Purchase Programme.

Source: JOY