The Minority in Parliament has announced plans to file another motion seeking a parliamentary probe into losses estimated at ¢22 billion ($1.7 billion) linked to the Bank of Ghana’s dealings with GoldBod under the Domestic Gold Purchase Programme.
Addressing the media in parliament, caucus leader Alexander Afenyo-Markin questioned the use of audited accounts to defend GoldBod against the losses flagged by the IMF, arguing that the accounts do not present the full picture of the transactions between GoldBod and the central bank.
“Yes, we concede that it is the Auditor-General that has conducted an audit, but the Auditor-General was not giving the full picture. If the Auditor-General knows that indeed the cost of GoldBod’s transaction was borne by BoG, the Auditor-General would not declare surplus in its accounting report,” he said.
He further rejected GoldBod’s position that its audited accounts show that the institution made a profit rather than incurred losses.
The Effutu MP argued that the distinction between GoldBod’s reported profitability and the financial outcome of its transactions with the Bank of Ghana must be examined, insisting that the cost and risks associated with the transactions were ultimately borne by the central bank.
Mr. Afenyo-Markin maintained that GoldBod’s profitability should not be conflated with the profitability of the transactions it executed on behalf of the Bank of Ghana.
“Therefore, GoldBod’s profitability and the profitability of the transaction it executed for BoG are two different matters. The question for Ghana is whether the country received value for the risk it assumed,” he said.
The Minority Leader said the motion for the parliamentary inquiry was ready and would be filed before the Minority returns to Parliament next week.
“Our motion is ready, we will file it before we get back next week, and we pray that you, the Majority in Parliament will fully cooperate with us, the Minority,” he added.
He also appealed to the new Majority Leader, James Agalga, not to obstruct the Minority’s attempt to secure a parliamentary investigation into the matter.
Mr. Afenyo-Markin said the reported losses required urgent scrutiny, particularly at a time when the government was citing financial constraints in funding critical infrastructure and social programmes.
“Something must be done. We need money for the hospitals. If the government says there’s no money for the Agenda 111 project, if the government is still borrowing yet it can find 22 billion Ghana cedis, and this 22 billion, according to the IMF, has vanished,” he said.
He described the situation as a “complete policy failure” and “institutional failure” and called for accountability over the transactions.
The Minority Leader further warned officials involved in the management of GoldBod that they could be held accountable for their decisions if there is a change in government.
