The Majority Caucus in Parliament has rejected assertions by the Minority that the Ghana Gold Board (GoldBod) recorded a $214 million loss under the Gold-for-Reserves Programme, insisting the figure represents routine transactional and insurance costs incurred during gold trading activities in 2025.
According to the Majority, the amount cited by the Minority should not be described as a loss, particularly in the absence of audited financial statements from GoldBod.
The Caucus explained that both the Governor of the Bank of Ghana and the Chief Executive Officer of GoldBod are statutorily required to present full accounts to Parliament between January and March 2026, at which point a clearer financial picture will emerge.
Speaking on the matter, the Chairman of Parliament’s Economy and Development Committee, Eric Afful, criticised the Minority for what he described as a premature and misleading interpretation of figures that are yet to be subjected to parliamentary scrutiny.
He argued that it was inappropriate to label transactional costs as losses before the end of the financial year and before GoldBod renders its accounts.
“The $214 million being quoted is not a loss. It is a transactional cost, and without the financials of GoldBod, no such conclusion can be drawn,” he stated. Mr Afful added that while losses are difficult to reverse, costs can be managed and accounted for, urging patience until the official reporting process is completed.
The Amenfi West MP further accused the Minority of engaging in propaganda aimed at undermining Ghana’s recent economic gains, stressing that Parliament must rely on verified financial disclosures rather than speculation.
Mr Afful also recalled the country’s rising public debt during the NPP’s period in government, arguing that the current allegations lack credibility when viewed against that background.
The Majority maintained that transparency and accountability would be ensured once GoldBod and the Bank of Ghana formally present their reports to Parliament, cautioning against drawing conclusions ahead of due process.
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