BETTER EXPLANATION NEEDED IN GOLDBOD $1.7 BILLION DEBACLE –AMIN ANTA 

We Need Better, Clearer, Further Explanation….Dr Amin Anta Adams….
The former Minister of Finance and current Member of Parliament for Karaga has asked the Bank of
Ghana, Ghana Gold Board (GOLDBOD) and the Ministry of Finance to throw light on the much-debated 1.7
loss occasioned by trade transactions by the entity.
Speaking to the Press at the headquarters of the New Patriotic Party (NPP) in Accra yesterday, he said
the trading operations of GoldBod are fraught with inconsistencies, discrepancies, flaws and
misrepresentations.
He argued that while BOG is churning out different figures, GOLDBOD is contrarily giving out different
ones and the Ministry of Finance is on another tangent, making reconciliation and understanding very difficult.
He gave a detailed and comprehensive account of what has transpired between 2025 when the entity
was born and the financial debacle it has suffered.
According to him, GOLDBOD was formed to shore up the gold reserve and to support the economy grow
and put it on a sound footing.
Unfortunately, the Board has sunk the country into financial quagmire by incurring a Gargantuan debt that
is suffocating the country.
While the entity claims of making 5.45billion Ghana cedis in profit, BOG says it incurred a loss of
9.05billion Ghana cedis.
“IMF is quoting from government of Ghana’s own report submitted to the IMF,” he said.
He intimidated that GOLDBOD, BOG and Ministry of Finance have deliberately decided to throw out
some cooked- up figures to confuse the country. He there called for thorough and vivid accounting
procedures to reconcile the murky and doubtful figure going round.
He asked pertinent questions like:
Who buys the gold , how much is sold for, why must we sell at a discount , why must we lose at a time
gold sold highest in the world market price, who are the off-takers, who are these Arab and Indian traders,
how much did they come with, how much are they paying for the Ghana gold ?????
He lamented that all the deals and operations of GOLDBOD did not come to parliament for debate and
approval and up to today nothing from GOLDBOD has come for scrutiny.
All the government is doing is behind closed doors between BOG and GoldBod.
No transparency, no cooperation, no debate, nothing!
He wondered how GOLDBOD, which does not pay taxes, has BOG financing , and does not borrow
money from the commercial bank with interest can incur this huge loss.
He welcomed the call by the Speaker of Parliament to bring the matter to floor the House for thorough
bipartisan approach to unravel the mystery surrounding the colossal loss to the Ghanaian tax payer.
“Monies that could be used for better things in the country to reduce poverty and improve
infrastructure has gone down the drain,” he lamented.