By Franklin Asare-Donkoh
Minority Leader, Alexander Kwamina Afenyo-Markin, has warned that the dual role of the Ghana Gold Board (GoldBod) as both regulator and operator is encouraging illegal mining, locally known as galamsey.
The leader of the New Patriotic Party (NPP) in Parliament said the Minority is not opposed to the continuation of the Gold for Reserves programme, which he noted was introduced under the previous NPP administration led by Nana Addo Dankwa Akufo-Addo. However, he raised concerns about the structure of the programme under the current government, describing it as problematic.
“We are not opposed to a new vehicle to implement that important policy. However, we have two major concerns. The first is the establishment of the Gold Board as both regulator and operator in a way that is encouraging galamsey activities,” he said.
Mr Afenyo-Markin made the remarks at a press conference on Monday, January 26, 2026, as part of the Minority’s assessment of the first year of the John Dramani Mahama-led National Democratic Congress (NDC) administration.
The briefing, held under the theme Holding government to account: A year of active and responsible Minority scrutiny in Ghana’s 9th Parliament, focused on several areas of the economy, including the government’s implementation of the Gold for Reserves programme.
He argued that the current operations of the Gold Board have intensified environmental degradation, particularly the pollution of water bodies and the destruction of forest reserves.
“Our water bodies are being polluted. Organised labour has already indicated that galamsey activities are worsening. This government has failed to present tangible evidence of its commitment to the fight against illegal mining. What we see is a public relations exercise, focused on optics rather than substance,” he said.
The Minority Leader also questioned whether GoldBod has effective systems in place to differentiate between legally mined gold and gold sourced through illegal operations.
“They speak of success stories and the volumes of gold being purchased, but they do not tell us how they prevent the acquisition of gold from galamsey. The future of this country is at stake,” he warned.
A second concern raised by the NPP’s parliamentary leader relates to reported losses of $240m associated with the Gold for Reserves programme, as cited by the International Monetary Fund (IMF) in September 2025.
He said there appears to be uncertainty between the Bank of Ghana (BoG) and the Gold Board over responsibility for the losses.
“The IMF says these losses resulted from the BoG’s failure to protect public funds. How can money be given to the Gold Board to buy gold and then be lost through exchange rate differences? How can fees be paid when, by law, they are not permitted?” he asked.
Mr Afenyo-Markin said the situation could amount to causing financial loss to the state, citing the Selormey case in which the late Justice Afreh outlined legal principles on state financial losses.
“What is happening between the Bank of Ghana and the Gold Board amounts to financial loss to the state. We are aware that respected legal experts within government have raised concerns about this,” he said, calling for urgent corrective action from the central bank.
He also disclosed that following concerns raised by Minority MPs, a joint board meeting between the Bank of Ghana and GoldBod agreed to reduce margins for artisanal miners to 9.75% for bullion and 9.55% for processed bullion, down from 15%.
While describing the move as “commendable”, he maintained that the programme still faces significant losses.
Mr Afenyo-Markin added that the Bank of Ghana has proposed a one-month moratorium to allow further discussions among the Ministry of Finance, the Gold Board and other stakeholders on a sustainable cost-sharing arrangement.
“If the programme is to be sustained, it must be profitable. We need funds to build roads, hospitals and schools, and to create jobs. If the central bank continues to underwrite artificial losses and call them economic costs, the Minority will not accept it,” he said.
He concluded by announcing that the Minority has filed a motion in Parliament to allow for broader engagement on the Gold for Reserves programme, adding that the Speaker has admitted the motion.
“We are urging all stakeholders to open up and listen to our views so that together we can move this country forward,” he said.
