The People’s National Party (PNP) has called for the immediate dissolution of GoldBod, the removal of the Governor of the Bank of Ghana and the company’s Chief Executive Officer, and the referral of both officials to the Office of the Special Prosecutor.
The party says it is alarmed by what it describes as a reported loss of about $214m (£170m) roughly GHC 2.5bn to the Ghanaian economy through the operations of the state-backed gold trading entity.
In a statement, the PNP questioned the commercial judgment behind GoldBod’s trading practices, arguing that it made little business sense for a state institution to purchase gold above prevailing global market prices.
According to the party, at a time when international gold prices were around $4,054 per ounce, GoldBod is reported to have sold gold at approximately $3,919, a margin the PNP says guarantees losses rather than profits.
“No prudent commercial institution operates this way,” the statement said, adding that profit is typically achieved by buying below or at market value, not above it.
The party also highlighted what it described as contradictions in public comments attributed to GoldBod’s leadership, noting that while officials have previously acknowledged buying gold at a discount, the current arrangement appears to involve purchases at a premium.
The PNP further expressed concern that losses incurred by GoldBod were allegedly being transferred to the Bank of Ghana, warning that this could weaken the central bank and pose risks to national financial stability.
“The Bank of Ghana exists to safeguard the economy, not to absorb avoidable commercial losses arising from poor operational decisions,” the party said.
It also questioned how a gold-buying and exporting institution could operate without clearly accounting for off-taker fees and transaction costs, describing any failure to factor such costs into pricing as “gross mismanagement”.
The party raised additional concerns over the involvement of the Bank of Ghana in transactions linked to GoldBod, arguing that this represented a deviation from the central bank’s mandate and pointed to wider governance and oversight failures.
In light of these concerns, the PNP has urged President John Dramani Mahama to take what it described as decisive action in the national interest.
Its demands include the immediate dissolution of GoldBod, measures to protect the Bank of Ghana and the wider economy, and steps to address environmental damage linked to poorly regulated gold-related activities.
The party also called for the removal of both the Governor of the Bank of Ghana and the Chief Executive Officer of GoldBod, and for their referral to the Office of the Special Prosecutor for investigation into the alleged losses.
The PNP said both officials owed Ghanaians a clear explanation for why gold was sold at a loss, why the losses were allowed to persist, and why corrective action was not taken earlier.
“One unavoidable question must be answered,” the statement said. “If this were their personal company, would it have been operated in this manner?”
The government, GoldBod and the Bank of Ghana have not yet publicly responded to the allegations.
Source: asaaseradio.com
