This is the result of GoldBod activities – Akim Oda MP demand answers over $1.7bn loss

Member of Parliament for Akim Oda, Alexander Akwasi Acquah, is demanding answers regarding a reported US$1.7 billion loss stemming from the Bank of Ghana’s Domestic Gold Purchase Programme (DGPP). The NPP MP asserts that the $1.7 billion loss, equivalent to roughly GH¢22 billion or 1.5% of Ghana’s GDP, cannot be dismissed and requires an explanation from the program's managers.

Speaking on Joy FM’s Top Story on August 19, Acquah highlighted a recent International Monetary Fund (IMF) report that corroborates the concerns raised by the opposition party about the financial ramifications of the gold purchase programme. He emphasized that the Bank of Ghana is the driving force behind GoldBod operations, and therefore, if the IMF claims the DGPP resulted in a $1.7 billion loss, which equals about 1.5% of Ghana’s GDP, then it is a direct consequence of GoldBod's actions.

Acquah called upon GoldBod's CEO, Sammy Gyamfi, to provide insights into how the losses transpired and what steps are being taken to prevent future occurrences. He also pointed out that the losses from the gold purchasing programme in the previous year, totaling $400 million, can be directly linked to GoldBod's operations. Acquah argued that the transition from the earlier gold purchasing arrangement to GoldBod does not alter the program's essence, describing the $1.7 billion loss as reported by the IMF as a result of the DGPP managed by GoldBod.

Acquah stressed that these losses should not be ignored without a thorough examination of the transactions and decisions leading to this figure, emphasizing the importance of accountability and learning from the experience to avoid similar financial issues in the future. He stressed that the issue should remain a national concern until the figures and circumstances surrounding the reported loss are properly explained, warning against dismissing the issue without proper scrutiny.