Former Deputy Finance Minister and Member of Parliament for Atiwa East, Abena Osei-Asare, has called for a comprehensive investigation into the operations of the Ghana Gold Board (GoldBod) following an International Monetary Fund (IMF) assessment that the domestic gold purchase programme recorded losses of about US$1.7 billion.
Speaking at a press briefing on Tuesday, August 11, 2026, the legislator questioned the significant difference between the IMF’s reported figure and the US$214 million loss reported by the Bank of Ghana (BoG) in its 2025 financial statements.
According to her, the difference of nearly US$1.5 billion raises questions about how the accounts of the central bank and the gold purchase programme were prepared and audited.
“I’m asking the accounting firm that audited Bank of Ghana. I want to hear from them. So how did they treat the difference of close to 1.4 billion?” she asked.
She said the auditors must explain why the figure reported by the IMF does not correspond with the loss contained in the Bank of Ghana’s financial statements.
Mrs Osei-Asare said the reported loss was particularly concerning because the equivalent amount, estimated at about GH¢22 billion, could have been used to address pressing needs in other sectors of the economy.
She cited the government’s reported need for about GH¢6 billion to recruit nurses, arguing that a fraction of the alleged loss could have financed the recruitment of thousands of nurses.
“If they have spent 6 billion out of the 22 billion, you will employ the nurses, unemployment rates will come down, and these same nurses will help you generate more revenue because they are going to pay income taxes,” she said.
She therefore urged the government to provide clear explanations on the circumstances surrounding the reported losses and how the funds were managed.
The Atiwa East MP also questioned some of the factors the IMF reportedly identified as contributing to the losses, including fees paid to GoldBod and discounts applied to gold sold to off-takers.
She said it was difficult to understand why a gold trading programme would incur such significant losses while offering discounts to buyers.
Mrs Osei-Asare urged GoldBod to provide a detailed explanation rather than engage in what she described as unhelpful exchanges over the issue.
“We expect the conversation to be elevated. We expect some transparency. We expect some accountability and not contradiction in numbers,” she said.
She further raised concerns about the deterioration in the Bank of Ghana’s financial position, saying its negative equity position had reportedly increased from GH¢58 billion to GH¢93 billion.
According to her, the nearly GH¢40 billion deterioration requires greater scrutiny, particularly against the level of financial support provided to the central bank.
She questioned why the Bank of Ghana received GH¢5 billion in the mid-year budget while, according to her, GH¢4.5 billion was provided to another entity just two working days before the end of the financial year.
Mrs Osei-Asare said the allocation raised questions about the government’s spending priorities, especially as several ministries, departments and agencies did not receive their full approved budgets for 2025.
The MP said she was “temporarily relieved” that the Bank of Ghana had stopped spending on GoldBod under the previous arrangement from July 1, 2026.
However, she insisted that GoldBod’s current programme must be presented to Parliament for scrutiny because public funds are involved.
She said GoldBod should regularly report to Parliament on its operations, expenditure and financial performance rather than simply announce profits without accounting for the broader financial implications of the programme.
“If you could make a profit of the GH¢75 million that you are talking about, why do you allow Bank of Ghana to incur loss of 22 billion Ghana cedis on your behalf?” she questioned.
Mrs Osei-Asare also appealed to President John Mahama to order further investigations into GoldBod and its financial performance.
She recalled the President’s earlier position that state-owned enterprises that fail to perform should either be closed down or merged.
She challenged the government to apply the same principle to GoldBod if investigations establish that the institution is not delivering value for money.
“President Mahama, we are asking you to call for proper and further investigations into what is happening at GoldBod,” she said.
She also criticised the government’s introduction of what she described as more than eight new taxes, arguing that if the government could identify opportunities to reduce waste and redirect resources to priority areas, it should do so.
Mrs Osei-Asare said the issue was not about attacking GoldBod but ensuring transparency, accountability and prudent management of public resources.
She urged GoldBod to present its side of the matter with facts and figures and provide explanations that would help Ghanaians understand the reported losses and the financial relationship between the gold programme and the Bank of Ghana.
CREDIT: MAVIS FANTEVI