GoldBod Probe: Minority Questions Company’s Profitability Claims

The Minority's GoldBod Probe: Is the Company Really Profitable?

Incoming Majority Leader and Builsa North MP James Agalga has challenged claims that the Gold Board (GoldBod) incurred losses under its domestic gold purchasing operations. He made the statement on Joy News' P M Express on Monday, citing the Auditor-General's report.

The Auditor-General's Report: A Surplus, Not a Loss

Mr Agalga said GoldBod itself had never incurred losses, insisting the institution had instead recorded a significant surplus. He pointed to the Auditor-General's report, which he claimed captured a surplus of over 4 billion cedis. "Gold Board itself has never incurred losses. On the contrary, they have made a surplus, huge, in the region of what, 4 billion plus, thereabout, and that is captured in the Auditor-General's report," he said.

The report, which dates back to 2025, contains no adverse findings against GoldBod, according to Mr Agalga. He argued that this report should be the basis for any investigation into the company's operations.

A Broader Investigation: The Minority's Call

The Minority in Parliament has pushed for an ad hoc committee to investigate what it describes as losses from the government's gold trading scheme. However, Mr Agalga believes that any investigation should be broader in scope. He argued that the Domestic Gold Purchase Programme, which began in 2021, should be examined in its entirety.

Mr Agalga also questioned whether the previous administration's handling of gold purchases was transparent and accountable. He cited an IMF report, which he claimed indicated that $400 million was lost through the Domestic Gold Purchase Programme.

Accountability and Transparency: The Need for a Broader Investigation

Mr Agalga warned that limiting the investigation to 2025 could undermine the process. He argued that the agreement between the Precious Minerals Marketing Company and the Bank of Ghana, which dates back to 2023, is still in force. He called for a broader investigation to establish the full picture.

"So let us bring all the issues to the fore, investigate the matters thoroughly, and whatever findings we make, the people of this country can be properly guided," he said. The outcome of this investigation will be crucial in determining the future of GoldBod and the government's gold trading scheme.

Source: JOY