The Minority in Parliament has announced plans to file another motion seeking a parliamentary probe into losses it says were incurred through the Bank of Ghana’s (BoG) dealings with the Ghana Gold Board (GoldBod) under the domestic gold purchase programme.
Minority Leader Alexander Afenyo-Markin said the move 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, the Effutu MP rejected GoldBod’s reliance on its audited financial statements to argue that the institution did not incur losses but instead recorded a profit.
Mr Afenyo-Markin alleged that GoldBod had effectively transferred the losses associated with the transactions to the books of the Bank of Ghana, allowing its 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.
He insisted that the Minority was relying on IMF data in raising concerns over the transactions 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.
The Minority Leader also questioned the significance of where the losses were recorded, arguing that the accounting treatment did not change the underlying economic impact.
“The accounting location of a loss does not change its economic reality,” he said.
Mr Afenyo-Markin further challenged GoldBod to explain the 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 maintained that the reported losses warranted an immediate investigation by the government, arguing that the public deserved clear explanations about the transactions and the measures taken to manage the associated risks.
“Any responsible government will immediately investigate the $1.7 billion losses occasioned by the Bank of Ghana, GoldBod deal,” he said.
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.
Warning to Majority Leader
Mr Afenyo-Markin also cautioned the new Majority Leader, James Agalga, against obstructing the proposed parliamentary motion.
He urged the Majority to allow Parliament to examine the transactions and determine the extent of any losses, rather than preventing the Minority from seeking answers.
The Minority Leader also defended the NPP parliamentary caucus against criticism directed at him by the GoldBod Chief Executive Officer.
He said the Minority operated as a team and that statements made by the Minority Leader on major policy matters reflected the position of the NPP.
“We the Minority work as a team. When the Minority Leader speaks, he does so for the party (NPP),” he said.
He therefore criticised the GoldBod CEO for allegedly singling him out for criticism when he was communicating the NPP’s policy position.
“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 concluded by warning GoldBod officials that they could face scrutiny over their decisions after the current administration leaves office.
“They should remember that post-regime accountability awaits them in the ¢22 billion losses,” he said.
The Minority’s planned motion is expected to renew parliamentary debate over the financial relationship between the Bank of Ghana and GoldBod and the accounting treatment of transactions under the domestic gold purchase programme.
Source: www.kumasimail.com
