ACCRA, Aug. 11, 2026 — Former Minister of State for Finance Abena Osei-Asare has called on President John Dramani Mahama to order an investigation into reported losses at the Ghana Gold Board (GoldBod), saying the figures require scrutiny to determine how public funds were managed.

Osei-Asare, the Member of Parliament for Atewa East and chair of Parliament’s Public Accounts Committee, made the call amid reports that GoldBod incurred losses of about $1.7 billion, a figure she said had been attributed to the institution by the International Monetary Fund.

She said the reported losses warranted a detailed examination by the government and relevant state institutions to establish how they occurred and whether adequate measures were taken to protect public funds.

“President Mahama, we are asking you to call for proper and further investigations into what is happening at GOLDBOD,” Osei-Asare told journalists on Tuesday.

She said she was encouraged by the reported end of Bank of Ghana financing for GoldBod from July 1, 2026, but argued that further action was needed.

“I am temporarily relieved that at least the Bank of Ghana from 1st of July, 2026 is no more spending on GOLDBOD as it used to be,” she said.

Osei-Asare said the reported financial losses also raised questions about the opportunity cost to the country, arguing that resources of such magnitude could have been channelled into priority sectors.

She claimed that GH¢6 billion of the reported loss could have been used to recruit unemployed nurses, highlighting the potential impact of the funds on Ghana’s health sector.

Her comments come as scrutiny of GoldBod’s financial operations intensifies following revelations surrounding the cost of the government’s gold purchasing and foreign exchange operations.

Osei-Asare also urged Mahama to fulfil a commitment he made last year to review the performance of state-owned enterprises.

She recalled that the president had indicated that state-owned entities that were not profitable or performing adequately could be merged or closed.

“President Mahama, somewhere last year, you engaged SOEs and then you mentioned that SOEs that are not making profits or SOEs that are not thriving, you either close them down or you merge them, so we want you to walk the talk. Look into GOLDBOD,” she said.

GoldBod has been central to the government’s gold purchasing and foreign exchange strategy, while the Bank of Ghana has previously provided financial support for its operations.

Osei-Asare said an independent examination would help establish the extent of any losses and ensure accountability for public resources.