Member of Parliament for Atiwa East and Chairperson of Parliament’s Public Accounts Committee, Abena Osei-Asare, has urged President John Dramani Mahama to order a comprehensive investigation into the operations and financial activities of the Ghana Gold Board (GoldBod).
The former Minister of State at the Finance Ministry said the reported US$1.7 billion loss, equivalent to approximately GH¢22 billion, linked to the domestic gold purchase programme raises serious questions about transparency, accountability and financial management at GoldBod and the Bank of Ghana (BoG).
According to Osei-Asare, the reported loss is too substantial to be overlooked, especially at a time when the government is facing significant financing pressures and struggling to adequately fund critical sectors of the economy.
MP Questions GoldBod’s Reported US$1.7 Billion Loss
In a video shared on Tuesday, August 11, the Atiwa East MP questioned the disparity between the reported US$1.7 billion loss and the US$214 million loss disclosed by the Bank of Ghana in its 2025 financial statements.
She asked how the approximately US$1.4 billion difference was accounted for in the central bank’s financial records.
Osei-Asare argued that the significant amount reportedly spent under the domestic gold purchase programme requires greater scrutiny, particularly when government ministries, departments and agencies continue to face challenges in accessing their full budgetary allocations.
She called for greater transparency regarding the financial arrangements between GoldBod and the Bank of Ghana, including how losses and related expenditures are recorded.
GoldBod Loss Could Fund Nurse Recruitment
The lawmaker also questioned whether some of the reported losses could have been redirected towards pressing social and economic needs.
She cited the recruitment of nurses as an example, noting that the Ministry of Health had identified a funding requirement of approximately GH¢6 billion for the exercise.
Osei-Asare argued that the amount reportedly lost through the gold purchase programme could have made a significant contribution to employment and healthcare delivery in Ghana.
“If you can make a loss of 22 billion, when 6 billion of that loss can be used to employ more than 10,000 nurses, clearly you have a case to tell the people of Ghana respectfully,” she said.
Questions Over Bank of Ghana’s Financial Position
The Public Accounts Committee Chairperson also raised concerns about the negative equity position of the Bank of Ghana, which she said increased from approximately GH¢58 billion to GH¢93 billion.
She questioned the situation despite the government’s reported GH¢5 billion support to the central bank.
Osei-Asare further questioned why the Bank of Ghana was permitted to incur what she described as a GH¢22 billion loss on behalf of GoldBod while GoldBod itself was reporting profits from its operations.
The concerns have intensified calls for a detailed review of the financial relationship between the central bank and Ghana’s state-owned gold purchasing institution.
MP Welcomes End of Previous GoldBod Funding Arrangement
Despite her concerns, Osei-Asare said she was “temporarily relieved” that the Bank of Ghana had stopped spending on GoldBod under the previous arrangement effective July 1, 2026.
She nevertheless urged the government to ensure that GoldBod’s current domestic gold purchase programme is subjected to parliamentary scrutiny.
The MP called for GoldBod to regularly appear before Parliament and provide detailed reports on its operations, financial performance, expenditures and investment activities.
She said regular parliamentary oversight would help strengthen financial accountability, transparency and public confidence in the management of Ghana’s gold resources.
The call comes amid growing public and political debate over the financial performance of GoldBod, the Bank of Ghana’s domestic gold purchase programme and Ghana’s economic management, with stakeholders demanding clearer explanations over the reported losses and their impact on public finances.
Source: newsthemegh.com