Name Foreign Gold Buyers – NPP Demands
Dr. Mohammed Amin Adam The New Patriotic Party (NPP) has called on the government to identify the foreign companies purchasing the country’s gold and make public the agreements governing Read More... The post Name Foreign Gold Buyers – NPP Demands appeared first on DailyGuide Network .
The New Patriotic Party (NPP) has urged the government to reveal the names of foreign companies buying Ghana's gold and the conditions of those transactions. Dr. Mohammed Amin Adam, a former Finance Minister and member of the NPP's Policy Coordinating Committee on Finance and Economy, made the demand during a press conference. Adam argued that transparency is crucial to determine if the gold sales are beneficial to Ghana and if the country is receiving fair value for its mineral wealth.
The party also wants details on the discounts, financing arrangements, and commercial conditions governing the gold sales. Adam alleged that discounts granted to buyers have contributed to financial losses in the gold purchasing program and questioned why these agreements have not been made public for scrutiny. He criticized the move to enable foreign buyers to pre-finance gold purchases, arguing that it could strengthen buyers' bargaining positions and potentially affect the sale prices of Ghana's gold.
The NPP further questioned the cost of replacing Bank of Ghana financing with commercial bank funding, pointing out that commercial banks would impose interest and guarantee charges. They also demanded the publication of the agreement covering the transfer of about GH¢133 billion in central bank funds through the GoldBod.
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