Focus On $1.7bn Loss, Not Insults: Afenyo-Markin Rejects ‘Extortion’ Accusations as Distraction

The Minority Leader in Parliament, Osahen Alexander Afenyo-Markin, has issued a defiant and detailed statement, vowing that allegations of extortion and a barrage of personal insults will not deter him from seeking accountability for a reported loss of approximately US$1.7 billion under the Bank of Ghana’s Domestic Gold Purchase Programme.

In a rebuttal to recent attacks, Osahen Afenyo-Markin described the accusations, which included being labelled an “extortionist” by GoldBod Chief Executive Sammy Gyamfi, as “entirely false” and a clear attempt to divert attention from substantive questions of public interest.

The Minority Leader disclosed his intention to pursue legal action over what he termed defamatory statements made against him personally, while insisting that his primary focus remains on the financial controversy.

‘All Manner of Insults’

In a statement issued to the press, the Minority Leader did not mince words about the personal cost of his oversight duties. He expressed frustration at the nature of the attacks but firmly insisted they would not alter his course.

“Over the past week, all manner of insults and personal attacks have been directed at me, apparently in an attempt to impugn my character and divert attention from the substantive questions I have raised. False and defamatory allegations have also been made about my motives for questioning the losses incurred under the Bank of Ghana’s Domestic Gold Purchase Programme and the role of GoldBod in those transactions,” Osahen Afenyo-Markin stated.

He dismissed the claims against him with characteristic bluntness: “These allegations are entirely false, and I reject them without qualification.”

Grounding his actions firmly in his constitutional duty, the Minority Leader elaborated on his role, stating: “As Minority Leader in Parliament, my responsibility is to help Parliament discharge its constitutional oversight function. My actions have been guided solely by that responsibility. I have neither acted from any improper motive nor conducted myself inappropriately in the performance of my duties.”

Osahen Afenyo-Markin suggested that the ferocity of the backlash was predictable, adding a touch of philosophical reflection on the nature of public life. “I recognise that, in public life, those who are uncomfortable with legitimate scrutiny may push back. In some cases, they may resort to false allegations, personal attacks and ridicule in an effort to shift attention from the substantive issues and make the person asking the questions the subject of controversy.”

‘I Remain Focused’

Despite the noise, Osahen Afenyo-Markin made it abundantly clear that his sights remain fixed on the financial discrepancies at the heart of the matter. He reiterated his commitment to using every parliamentary tool at his disposal to uncover the truth.

“I remain focused,” he declared. “I will continue working with the Minority Caucus to initiate the necessary parliamentary processes for a full inquiry into the reported GH¢22 billion loss arising from the trading done by the GoldBod and reflected in the books of the Bank of Ghana.”

The dispute centres on an International Monetary Fund (IMF) report which flagged a loss of approximately $1.7 billion under the programme in 2025. Osahen Afenyo-Markin insisted that the identity of the institution holding the loss is irrelevant to the public’s right to know.

“The International Monetary Fund has reported [the loss]. Whichever institution’s balance sheet carries that figure, it represents public money. Ghanaians are, therefore, entitled to know who the off-takers were, what discounts were applied to their purchases, on whose authority those discounts were approved, and what fees were earned from the transactions,” Osahen Afenyo-Markin asserted.

He then laid out a specific roadmap for the kind of detailed accounting he expects, demanding a full disaggregation of the massive sum. “They are equally entitled to a full disaggregation of the US$1.7 billion: how much arose from foreign-exchange differentials; how much resulted from the prices at which GoldBod bought and sold the gold; and what considerations informed the management decisions behind those transactions.”

Legal Action and Public Record

While the Minority has filed a motion for an Ad Hoc Committee to investigate the source of the losses, Osahen Afenyo-Markin also signalled that he will not let the personal slights go unpunished. He intends to seek redress in the courts while simultaneously pursuing his parliamentary agenda.

“On the defamatory statements made against me personally, I intend to pursue the appropriate legal remedies,” he warned. “Meanwhile, my attention, and that of the Caucus I lead, remains firmly focused on the programme, the decisions taken and the public funds involved.”

In a final appeal for transparency that transcended partisan politics, the Minority Leader insisted that the issue belongs to the entire nation. He committed his caucus to publishing their findings and sources, so the public can judge for themselves.

“These questions belong in the public record,” Osahen Afenyo-Markin concluded. “The Minority will continue to place them there, in writing and with our sources published, so that every Ghanaian can examine the evidence and arrive at an informed judgment, rather than merely take my word or anyone else’s.”