GoldBod must explain $1.7bn trading losses – Minority

Minority Leader Alexander Afenyo-Markin is demanding answers over reported $1.7 billion losses from Ghana’s gold trading programme, describing the situation as deeply troubling.

Speaking at a press conference in Accra, Afenyo-Markin said claims of profitability by the Ghana Gold Board (GoldBod) do not adequately address concerns surrounding the reported losses linked to the domestic gold trading programme.

According to him, the central issue is not whether GoldBod generated revenue, but whether the overall programme resulted in significant losses to the state.

He argued that increased transaction volumes could boost the earnings of agents involved in the programme while the institution carrying the financial risk continues to suffer losses.

“Any responsible government confronted with this $1.7 billion loss should immediately investigate whether the incentive structure encouraged excessive volumes, inadequate pricing discipline, or insufficient attention to trading costs,” he stated.

Afenyo-Markin said the Minority rejects what it describes as attempts to use GoldBod’s reported surplus as a justification for the losses, insisting that the public deserves a full account of how the losses occurred.

He called for a comprehensive investigation into the operations of the programme, including its pricing mechanisms, risk management practices and oversight arrangements.

He further questioned whether adequate safeguards were in place to protect public funds and ensure value for money in the gold trading initiative.

He maintained that transparency and accountability are necessary to restore public confidence and determine whether the programme is achieving its intended objectives.

He added that Parliament and the Ghanaian public must be provided with clear explanations regarding the reported losses and the steps being taken to prevent similar occurrences in the future.

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Dogbatse Atsu Eugene

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