Parliament to Question Goldbod Over Multi-Million Losses: A Scandal Un

The Ghana Gold Board (GoldBod) is set to face questions from Parliament over multi-million dollar losses linked to the Bank of Ghana's Domestic Gold Purchase Programme (DGPP).

The Minority in Parliament, led by Deputy Minority Leader Patricia Appiagyei, has stepped up its demand for accountability over the financial consequences of the programme, which involved the purchase of gold worth US$7.6 billion through the DGPP.

GoldBod's Role in the Programme Under Scrutiny

GoldBod was involved in the purchasing and related activities under the arrangement, but the Minority has questioned whether the public received value for the resources committed to the programme. According to Mrs Appiagyei, the central issue is whether the public received value for the resources committed to the programme and whether the institutions involved had exercised adequate financial discipline, risk management and oversight.

GoldBod's CEO, Sammy Gyamfi, has rejected the Minority's characterisation of the figures, describing claims that GoldBod incurred a US$1.7 billion loss as false. However, the Minority has argued that GoldBod's status as an agent or intermediary does not remove the need to account for how the transactions were executed.

Dispute Over IMF Findings

The dispute centres on the financial cost of the DGPP, with the Minority interpreting the latest IMF findings as pointing to approximately US$1.7 billion in under-recoveries associated with the programme. However, Mr Gyamfi has challenged the Minority to identify where, in the IMF report, GoldBod itself is accused of causing the US$1.7 billion figure being cited.

The Minority has argued that GoldBod occupied a central position in the domestic gold market, with responsibility for buying, weighing, grading, assaying, valuing and exporting gold. The Caucus is demanding greater disclosure of the pricing mechanisms, discounts, premiums, fees, off-taker arrangements and other commercial terms underpinning the transactions.

Parliament's Role in Scrutinising Public Resources

The Minority says that Parliament has a constitutional responsibility to scrutinise the use of public resources and ensure that institutions entrusted with national assets operate transparently. According to Mrs Appiagyei, "The personalities may change, governments may change, but accountability remains. We owe it to the Ghanaian people to establish what happened to their resources and who must answer for it."

The Minority has vowed to continue pursuing the matter through the appropriate parliamentary processes, and it remains to be seen how GoldBod will respond to the growing calls for accountability. As the debate continues, one thing is clear: the Ghanaian public is demanding answers about the management of its gold reserves and the role of the central bank in commercial transactions.

Source: JOY