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‘You don’t get to keep the fees and disown the costs’ – Afenyo-Markin challenges GoldBod

By GhanaSummary Newsroom1 min read
‘You don’t get to keep the fees and disown the costs’ – Afenyo-Markin challenges GoldBod

Minority Leader and Effutu MP, Alexander Afenyo-Markin, has challenged the Ghana Gold Board (GoldBod) to explain the financial arrangements underpinning its gold purchasing and trading operations, arguing that the institution cannot benefit from transaction-related fees while leaving associated losses with the Bank of Ghana (BoG).

Mr Afenyo-Markin's comments follow findings contained in an International Monetary Fund (IMF) report on Ghana regarding losses incurred under the Bank of Ghana's Domestic Gold Purchase Programme, which is implemented through GoldBod.

The Minority Leader maintained that the matter required proper scrutiny, arguing that financial risks arising from the country's gold trading operations should not simply be transferred to the central bank and, ultimately, the taxpayer.

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