Legal practitioner and policy analyst Martin Luther Kpebu has urged stakeholders to focus less on allegations surrounding the Ghana Gold Board (GoldBod) and more on whether funds used under its gold purchasing operations achieved the intended economic objectives.
Mr Kpebu said the central question surrounding reported losses linked to the Domestic Gold Purchase Programme should be whether the money was deployed for a clearly defined economic purpose and whether the country derived corresponding benefits.
Speaking on TV3’s Ghana Tonight on Monday, August 25, 2026, he dismissed the extortion allegation involving Minority Leader Alexander Afenyo-Markin as a relatively minor issue compared with questions about the use of public funds.
“This matter, I really don’t see it as any big deal. Where we should focus is trying to explain that the money was well spent, instead of it being seen as lost,” he said.
Mr Kpebu argued that if the funds were used as part of measures to support the cedi and contain inflation, authorities should clearly demonstrate how the expenditure contributed to those objectives.
He said some policy analysts had linked the gold purchase operations to efforts to stabilise the local currency, which could help contain inflation and ultimately reduce the cost of goods and services.
“The money was used to achieve a certain purpose: to stabilise the cedi so that inflation would be kept low so prices of goods and services would be lower,” he added.
His comments come amid growing public debate over the financial performance of GoldBod and the reported losses associated with the Domestic Gold Purchase Programme.
The controversy has also triggered a legal dispute involving the Minority Leader and GoldBod Chief Executive Sammy Gyamfi.
Mr Afenyo-Markin, the Member of Parliament for Effutu, announced in Parliament on Monday, August 24, that he had filed a lawsuit against Mr Gyamfi and other parties over allegations describing him as an extortionist.
The legal action has added another dimension to the broader controversy surrounding GoldBod and the management of funds under the government’s gold purchasing arrangements.
For Mr Kpebu, however, the more important issue is establishing whether the financial resources committed to the programme were effectively utilised and whether the economic benefits claimed by its proponents can be demonstrated.
He therefore called for greater clarity on the financial transactions and outcomes associated with the programme rather than allowing the debate to centre solely on personal allegations and political exchanges.
