Go ahead investigate the domestic gold purchase program during NPP time – Afenyo-Markin

Minority Leader in Parliament Alexander Afenyo-Markin has backed calls for a broader investigation into Ghana’s Domestic Gold Purchase Program, saying there should be no problem with examining the initiative beyond 2025.

The Effutu MP made the comments in an interview with TV3 while discussing an International Monetary Fund (IMF) report on losses recorded in Ghana’s gold purchasing operations.

The discussion has renewed attention on the Domestic Gold Purchase Program, an initiative introduced under the previous New Patriotic Party (NPP) administration.

According to Afenyo-Markin, Parliament should take a closer look at the program and allow all the major institutions and players involved to explain how it operates.

“There should be no problem at all. I mean, um if they agree that we should look at everything that has to do with the domestic gold purchase program, why not? Why not? So, my simple answer is I agree Let’s get in and look at it. Maybe in the end it will help uh us better understand what the losses are. So, why not?”

Afenyo-Markin Wants the Whole Program Examined

Afenyo-Markin said an investigation should not be limited to a particular period or selected parts of the program.

Instead, he wants Parliament to examine the full system surrounding domestic gold purchases.

His position comes as political debate continues over the reported losses and the role of the Gold Board, also known as GoldBod.

The Minority Leader said a full parliamentary review could help lawmakers understand exactly where the problems occurred.

He also urged politicians and the public to read the IMF report in its entirety rather than relying on isolated sections.

“We have to all read the IMF report and read it in its full states. The IMF report must not be read one paragraph and the rest left. We have to be calm, not to spin anything.”

IMF Report Should Be Read in Full, He Says

Afenyo-Markin argued that the IMF’s findings should be understood within their proper context.

He said the report should not be reduced to political arguments over one paragraph or one figure.

“The IMF was very clear that the losses cannot be attributed to economic causes in the report.”

He said Parliament’s oversight role provides an opportunity for the various institutions involved in the program to present their positions.

For him, hearing directly from the institutions would allow lawmakers to establish what happened rather than relying on competing political interpretations.

“I believe that the oversight by Parliament where all players would have an opportunity to speak to the issue.”

Who Should Appear Before Parliament?

Afenyo-Markin proposed that Parliament hear from several institutions and groups involved in the gold purchasing system.

He specifically mentioned the Bank of Ghana, the Auditor-General, the IMF and companies involved in purchasing gold on behalf of GoldBod.

He also mentioned aggregators and other players involved in the domestic gold supply chain.

“Bank of Ghana, perhaps IMF itself, the Auditor General, the various uh uh off-takers, the the those who have been buying the gold for on behalf of uh Gold Board, the aggregators, I mean.”

According to him, hearing from all these parties could help Parliament establish the facts surrounding the reported losses.

“If we listen to all of them, we’ll be able to now confirm what exactly, you know, has become the bone of contention.”

How Much Does GoldBod Pay for Gold?

Afenyo-Markin said Parliament should examine the financial details of the program.

One of the questions he believes needs an answer is how much GoldBod pays for gold purchased from the domestic market.

He also wants lawmakers to examine the commissions paid within the purchasing system.

“How much does Gold Board buy the Dory gold? How much commission do they pay? And all of that.”

These questions, he suggested, could help Parliament understand how the costs of the program contributed to the reported losses.

The issue is important because the domestic gold purchasing system involves several stages between artisanal miners and the eventual sale or export of gold.

Examining the costs at each stage could therefore help lawmakers determine where financial pressures arise.

Afenyo-Markin Raises the Cost of Artisanal Gold

Another point raised by the Minority Leader was the cost of Ghana’s artisanal gold.

He referred to the IMF’s observation that Ghana’s artisanal gold is the most expensive in the subregion.

“And bear in mind that the IMF also concluded that our our artisanal gold is the most expensive in the subregion.”

He described this as a serious issue that requires further examination.

The cost of locally sourced gold matters because the government has increasingly relied on domestic gold purchasing as part of its broader economic strategy.

If gold is purchased at relatively high costs, questions naturally arise about the margins, financing arrangements and eventual returns from the program.

GoldBod’s Dual Role

Afenyo-Markin also drew attention to the legal role of GoldBod.

He said that since the enactment of the Gold Board law, GoldBod has been given the sole mandate to purchase artisanal gold.

At the same time, he pointed out that the institution also has a regulatory role.

“Since the enactment of the Gold Board law, it is only Gold Board that has been given the sole mandate to buy all artisanal gold. It is also a regulator. It has that dual mandate.”

For Afenyo-Markin, this makes the parliamentary review even more important.

He believes lawmakers should examine how the institution manages its purchasing and regulatory responsibilities and whether the structure creates challenges that need to be addressed.

Minority Says the Problem Is Implementation

Afenyo-Markin also sought to clarify the Minority’s position on the Domestic Gold Purchase Program.

He said the Minority has not argued that the original idea behind the program was wrong.

Instead, he said the concern is about how the program has been implemented.

“I have never on any occasion, not even once, mentioned any particular person’s name. No. I’ve always been talking about the institution.”

He continued:

“And the contention of the minority is that the implementation has not been good. These are implementation challenges leading to these losses. All right? It’s not the initiative.”

This distinction is central to his argument.

The Minority, according to Afenyo-Markin, supports the idea of using Ghana’s gold resources as part of the country’s economic strategy.

Its concern is whether the program is being managed efficiently.

He Defends Bawumia’s Original Initiative

Afenyo-Markin attributed the introduction of the Domestic Gold Purchase Program to former Vice President Dr Mahamudu Bawumia.

He defended the original policy objective, describing it as a laudable initiative.

“Dr. Bawumia initiative that introduced a domestic gold purchase program so that you can use your gold to stabilize your economy. It’s an initiative that we believe is laudable”

The program was designed around the idea that Ghana could use locally produced gold to strengthen its foreign exchange position and support economic stability.

That broader policy objective is why Afenyo-Markin believes criticism of implementation should not automatically be treated as criticism of the original concept.

Parliament Could Provide Answers

Afenyo-Markin believes Parliament is well placed to investigate these questions.

The parliamentary process could allow institutions involved in the program to provide documents, explain transactions and respond to concerns.

Such an exercise could also help separate genuine financial problems from political claims.

His call for a broad investigation suggests that the Minority is prepared to have the program examined beyond the period that has become the centre of the current political debate.

That could potentially provide a fuller picture of how the initiative has performed over time.

The Bigger Question: Can Gold Stabilise Ghana’s Economy?

At the heart of the debate is a bigger economic question.

Can Ghana use its gold resources more effectively to strengthen the cedi, improve foreign exchange reserves and support economic stability?

Afenyo-Markin believes the underlying idea is sound.

But he argues that the implementation must be examined carefully.

If the country pays too much to acquire gold, incurs high financing costs or operates an inefficient purchasing system, the benefits could be reduced.

That is why the reported losses have become such an important issue.