Boako questions GoldBod’s GH¢907m profit claim over alleged GH¢1bn BoG overdraft

Dr Gideon Boako, the Tano North MP and Deputy Ranking Member on Parliament’s Finance Committee, has raised concerns regarding the claimed GH¢907 million profit reported by the Ghana Gold Board (GoldBod). According to Dr Boako, the figure does not sufficiently consider an alleged GH¢1 billion overdraft that GoldBod owes to the Bank of Ghana (BoG).

The MP argued that the liability should be properly reflected in the institution's financial accounts, which would alter the perception of GoldBod's profitability. During an interview on Adom TV on August 24, Dr Boako questioned how GoldBod could claim profitability when the outstanding BoG overdraft remains unaccounted for. He emphasized that if the GH¢1 billion overdraft were included in their financial statements, GoldBod would actually be operating at a loss.

Dr Boako's remarks come amid a broader political and economic debate surrounding GoldBod's financial performance and the accounting procedures employed under the Bank of Ghana's Domestic Gold Purchase Programme (DGPP). While GoldBod has reported a profit of approximately GH¢907 million, the Minority in Parliament has been pressing for a more thorough examination of a reported GH¢22 billion loss linked to the DGPP.

The Minority contends that the loss necessitates parliamentary scrutiny, while GoldBod maintains that its financial performance should be evaluated separately from the losses recorded on the Bank of Ghana's balance sheet. Dr Boako's latest assertion contributes to the ongoing discussion on the appropriate methods for accounting for and evaluating the financial obligations and transactions between GoldBod and the central bank.