Majority rejects claims of $214 million GoldBod loss

The Majority Caucus in Parliament has rejected claims by the Minority Caucus that the Ghana Gold Board (GoldBod) has incurred a US$214 million loss in gold trading under the Gold for Reserve Programme.

According to the Majority, the amount being cited is not a loss but a transactional and insurance cost incurred by GoldBod in the course of its gold trading activities for 2025. The Caucus stressed that it is premature to describe the figure as a loss since GoldBod’s financial statements have not yet been presented to Parliament.

Chairman of Parliament’s Economy and Development Committee and Member of Parliament for Amenfi West, Eric Afful, said both the Governor of the Bank of Ghana and the Chief Executive Officer of GoldBod are statutorily required to account to Parliament between January and March 2026.

“The US$214 million the NPP is quoting is a transactional cost of GoldBod, and you cannot determine this as a loss because, as we speak, we do not have the financials of GoldBod,” he stated.

Mr Afful accused the Minority, particularly the New Patriotic Party (NPP), of jumping to conclusions and deliberately making allegations to undermine Ghana’s recent economic gains. He said Parliament should wait for the end of the financial year and the submission of GoldBod’s accounts before making definitive judgments.

He further described the Minority’s claims as propaganda aimed at damaging the reputation of the Gold for Reserve Programme and the economy. Mr Afful also recalled that under the NPP administration, Ghana’s national debt rose to GH₵726 billion, with GH₵604 billion added between 2017 and 2024.