Minority Leader Alexander Kwamina Afenyo-Markin has warned that the Ghana Gold Board’s (GoldBod) dual role as regulator and operator is encouraging illegal mining, known locally as galamsey.
The leader of the New Patriotic Party (NPP) in Parliament said the Minority is not opposed to the Gold for Reserves programme, which was introduced under the previous NPP administration led by Nana Addo Dankwa Akufo-Addo, but raised concerns about its structure under the current government.
“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.
He said GoldBod’s operations have worsened environmental degradation, including the pollution of water bodies and 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 stated.
The Minority Leader also questioned GoldBod’s ability to distinguish legally mined gold from 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.
He further cited reported losses of $240 million linked to the Gold for Reserves programme, as referenced by the International Monetary Fund (IMF) in September 2025, noting uncertainty between the Bank of Ghana (BoG) and GoldBod 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 added that following concerns raised by Minority MPs, a joint board meeting between the BoG and GoldBod agreed to reduce margins for artisanal miners from 15% to 9.75% for bullion and 9.55% for processed bullion, a move he described as “commendable.”
He said the Bank of Ghana has also proposed a one-month moratorium to allow further discussions with the Ministry of Finance, GoldBod and other stakeholders.
“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 that the Minority has filed a motion in Parliament to allow broader engagement on the Gold for Reserves programme, noting that the Speaker has admitted the motion.
