The Ghana Gold Board (GoldBod) says it is ready to appear before Parliament should the Minority proceed with its planned probe into transactions between the institution and the Bank of Ghana (BoG) under the domestic gold purchase programme.
GoldBod’s Media Relations representative, Prince Kwame Minkah, said the institution had nothing to hide and welcomed any process that would allow the facts surrounding its operations and financial position to be examined.
“GoldBod is ever ready for a probe,” Prince Minkah told Ghone News.
Speaking on GHone News on Tuesday 18th August 2028 Monitored by www.kumasimail.com , He also accused the Minority in Parliament of failing to properly understand the transition from the Precious Minerals Marketing Company (PMMC) to GoldBod.
According to him, the transition involved significant changes in the structure and operations of the state’s gold trading framework, which must be taken into account when assessing GoldBod’s financial performance.
“The Minority is failing to understand the transition of GoldBod from PMMC,” he said.
Mr Minkah further pointed to the Auditor-General’s report as evidence of GoldBod’s financial viability, arguing that the findings did not support claims that the institution had incurred the losses being attributed to its operations.
“Everything in the Auditor-General’s report points to the fact that GoldBod is a viable entity,” he said.
His comments follow a decision by the Minority in Parliament to file another motion seeking a parliamentary probe into what it says are losses arising from the Bank of Ghana’s dealings with GoldBod under the domestic gold purchase programme.
Minority Leader Alexander Afenyo-Markin said the planned motion follows concerns raised by the International Monetary Fund (IMF) over losses amounting to about $1.7 billion, which the Minority estimates at approximately ¢22 billion.
Addressing the media in Parliament, Mr Afenyo-Markin rejected GoldBod’s reliance on its audited accounts to argue that the institution did not incur losses but instead recorded a profit.
He alleged that GoldBod had effectively passed the losses associated with the transactions onto the books of the Bank of Ghana, allowing GoldBod’s own financial statements to present a more favourable position.
“GoldBod is hiding behind the Bank of Ghana by passing its losses to the Central Bank for its books to look good,” he alleged.
The Minority Leader insisted that the caucus was relying on IMF data and was not speculating or manufacturing figures.
“We’re not ignorant, we’re not speculating, we’re not manufacturing stories about the BoG-GoldBod $1.7 billion losses. We’re relying on the IMF data and demanding honest answers,” he said.
Mr Afenyo-Markin further argued that the accounting treatment of the transactions did not alter their underlying economic impact.
“The accounting location of a loss does not change its economic reality,” he said.
He consequently challenged GoldBod to explain the internal risk management measures it put in place to protect the Bank of Ghana under the domestic gold purchase programme.
“GoldBod must tell Ghanaians what internal risk measures were put in place to protect the Bank of Ghana in the domestic gold purchase programme?” he asked.
He called for an immediate investigation into the reported losses, saying the public deserved clear explanations about the transactions and the measures taken to manage the associated risks.
The Minority Leader also questioned why the Bank of Ghana and GoldBod had introduced remedial measures if the IMF’s assessment was inaccurate.
“If the IMF was wrong, then why is Bank of Ghana and GoldBod taking remedial measures?” he asked.
Mr Afenyo-Markin also cautioned the new Majority Leader, James Agalga, against becoming a stumbling block to the proposed parliamentary motion.
He said Parliament should be allowed to examine the transactions and determine the extent of any losses rather than preventing the Minority from seeking answers.
The Minority Leader further defended the NPP parliamentary caucus against criticism allegedly directed at him by the GoldBod Chief Executive Officer, insisting that the Minority operated as a team.
He said statements made by the Minority Leader on major policy matters represented the position of the New Patriotic Party (NPP).
“When things go bad in the country, it affects all of us and that is why we’re demanding accountability on the GoldBod transactions,” he said.
Mr Afenyo-Markin also warned GoldBod officials of what he described as “post-regime accountability” should the current administration leave office.
“They should remember that post-regime accountability awaits them in the ¢22 billion losses,” he said.
GoldBod’s response sets the stage for a renewed debate over the financial relationship between the Bank of Ghana and GoldBod, the accounting treatment of transactions under the domestic gold purchase programme and the interpretation of the financial reports cited by both sides.
Source: www.kumasimail.com
