The Majority Caucus in Parliament has rejected claims by the Minority Caucus that the Ghana Gold Board (GoldBod) has incurred a $214 million loss under the Gold for Reserves Programme.
According to the Majority, the amount being cited represents transactional and insurance costs incurred in GoldBod’s gold trading operations for the 2025 financial year, not a loss.
Chairman of Parliament’s Economic and Development Committee, Eric Afful, said it was premature to describe the figure as a loss since GoldBod’s financial accounts have not yet been presented to Parliament.
“The $214 million the NPP is quoting is a transactional cost of GoldBod, and you cannot determine this as a loss because, as we speak today, we do not have the financials of GoldBod,” Mr Afful said.
He explained that both the Governor of the Bank of Ghana and the Chief Executive Officer of GoldBod are statutorily required to present their accounts to Parliament between January and March 2026, at which point a proper assessment can be made.
Reacting to the Minority’s claim that GoldBod recorded a $214 million loss in gold trade within nine months, Mr Afful accused the New Patriotic Party (NPP) of deliberately misrepresenting the facts to undermine Ghana’s economic progress.
“The NPP and the Ranking Member on the Economic and Development Committee are jumping the gun. I expected them to wait until the end of the financial year for GoldBod to render its accounts for detailed scrutiny,” he said.
He stressed that the figure being quoted was a cost of doing business rather than a loss, adding that while losses are difficult to recover, transactional costs can be managed and addressed.
“Sheer propaganda”
Mr Afful, who is also the Member of Parliament for Amenfi West, described the Minority’s claims as “sheer propaganda” aimed at damaging GoldBod’s reputation and eroding public confidence in the country’s economic gains.
“This is serious propaganda, but it will not go far because Ghanaians know where the NPP left the economy between 2017 and 2024,” he said.
He further recalled that under an NPP administration, Ghana’s national debt rose to GH¢726 billion, with GH¢604 billion added over an eight-year period.
Source: www.kumasimail.com
