Minority Leader Alexander Afenyo-Markin has cautioned the Ghana Gold Board (GOLDBOD) over its operations, warning that the institution could become embroiled in a major scandal.

The lawyer and Effutu lawmaker said there were aspects of GOLDBOD’s operations that were not publicly known and cautioned the institution against taking its current position for granted.

“ GOLDBOD is a very big scandal awaiting us. There are things we know that they don’t know. They should be careful,” he warned.

His comments come amid growing scrutiny of the financial performance of the Bank of Ghana’s Domestic Gold Purchase Programme, which is implemented through GOLDBOD.

An International Monetary Fund (IMF) report has disclosed that losses from the programme in 2025 were significantly higher than the US$214 million figure previously reported.

The IMF Country Report No. 26/213 states that the substantial expansion of the programme during 2025 resulted in losses exceeding US$1.7 billion, equivalent to about 1.5% of Ghana’s Gross Domestic Product (GDP).

The revelations have also prompted calls from other members of the New Patriotic Party (NPP) for further scrutiny of GOLDBOD.

The immediate past Minister of State for Finance, Abena Osei-Asare, has called on President John Mahama to order an investigation into the reported losses.

“President Mahama, we are asking you to call for proper and further investigations into what is happening at GoldBod,” she said.

Ms Osei-Asare said she was relieved that the Bank of Ghana would no longer be spending on GoldBod from July 1, 2026, as it previously did.

She also referenced President Mahama’s position that state-owned enterprises that were not making profits or thriving would either be closed down or merged.

“So, we want you to walk the talk. Look into GoldBod. Look into the losses that they have incurred so far, and see how best you can salvage the situation. We want you to walk the talk, and help save the little resources that we have,” she said.

She further criticised the government for introducing more than eight new taxes without achieving the expected revenue targets.

“…if there's an opportunity to save some money and use it in other equally important places, we are all for it and we ask that you do same,” she said.

Ms Osei-Asare also argued that GH¢6 million of the reported US$1.7 billion loss could have been used to recruit unemployed nurses.

The concerns from the two NPP figures come as the financial implications of the gold purchasing programme and GoldBod’s operations face increased scrutiny.