Gold Board’s activities encouraging illegal mining – Afenyo-Markin alleges
Gold Board’s activities encouraging illegal mining - Afenyo-Markin alleges
The leader of the New Patriotic Party (NPP) in Ghana’s 9th Parliament, Mr. Alexander Kwamina Afenyo-Markin, has hinted that the dual role of the Ghana Gold Board (GoldBod) as both regulator and operator is encouraging illegal mining, popularly known in the Ghanaian parlance as Galamsey.
According to him, his side of the House is not opposed to the continuation of the Gold for Reserves program, which he said was originally initiated under the previous NPP administration led by Nana Addo Dankwa Akuffo Addo.
However, Mr. Afenyo-Markin asserted the Minority has issues with the structure of the program under the current government, which he said raises red flags.
“We are again not opposed to a new vehicle to see the implementation of that all-important policy. However, we have two major concerns. Concern number one is the establishment of the Gold Board as a regulator and also an operator in a way that is really encouraging galamsey activities,” he stated.
The Minority Leader made the remarks at a press conference held 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 press conference, held under the theme “Holding Government to Account: A Year of Active and Responsible Minority Scrutiny in Ghana’s 9th Parliament,” addressed various segments of the country’s economy, including the government’s implementation of the Gold for Reserves programme.
He claimed that the Gold Board’s activities in their current form and shape have worsened the destruction of the environment, particularly the pollution of water bodies and forest reserves.
“Our water bodies are being polluted. Organised labour last year even indicated that galamsey activities are worse. This government has failed to provide tangible evidence of its commitment to the fight against galamsey.
What we see is a PR deal, looking at optics rather than substance,” Mr. Afenyo-Markin asserted.
The Minority Leader questioned whether the Gold Board distinguishes between legally mined gold and gold sourced through illegal mining.
“They talk about their success stories and the tons of gold they are purchasing, yet they fail to tell us whether there are measures to prevent the acquisition of gold mined through galamsey. The future of this country is at stake,” he warned.
The second major concern raised by the NPP’s leader in Parliament was the International Monetary Fund’s (IMF) reported losses of US$240 million arising from the Gold for Reserves programme, as of September 2025.
He said there appears to be confusion between the Ghana Gold Board and the Bank of Ghana (BoG) over responsibility for the reported losses.
“The IMF says the losses came as a result of the BoG’s failure to protect our funds. How can you give money to the Gold Board to buy gold and then make losses because of exchange rate differences? How can you be paying fees that by law you are not entitled to pay?” he enquired.
The Effutu lawmaker argued that the situation could amount to causing financial loss to the state, referencing the Selormey case, in which the Late Justice Afreh outlined principles on financial loss to the state.
“What is happening between the BoG and the Gold Board amounts to a financial loss to the state. We are aware that respected legal experts within government have warned about this,” he said, urging the central bank to take immediate corrective steps.
According to the Minority Leader, following concerns raised by the NPP MPs, a joint board meeting between the Bank of Ghana and the Gold Board agreed to reduce margins for artisanal miners to 9.75 percent for bullion and 9.55 percent for on-process bullion, down from 15 percent.
Although he described the reduction as “commendable,” he maintained that significant losses remain.
The Minority Leader further revealed that the BoG has proposed a one-month moratorium to allow further deliberations among the Ministry of Finance, the Gold Board, and other stakeholders on a sustainable cost-sharing structure.
“If the programme is to be sustained, it must be profitable. We need money to build roads, hospitals, schools, and to create jobs. If the central bank is going to underwrite artificial losses and call them economic costs, the Minority will not accept this,” he stressed.
Mr. Afenyo-Markin also announced 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 urge all stakeholders to open up and hear our views so that together we can move this country forward,” he concluded.
