Simplified education on GoldBod losses will bring issues to rest—Gyampo
Political Science lecturer and Chief Executive Officer of the Ghana Shippers Authority, Prof. Ransford Gyampo has urged GoldBod to educate Ghanaians on the losses made. He believes that educating Ghanaians on the matter will help put to rest all the allegations being peddled by the minority in parliament. In a social m...
Political Science lecturer and Chief Executive Officer of the Ghana Shippers Authority, Prof. Ransford Gyampo has urged GoldBod to educate Ghanaians on the losses made.
He believes that educating Ghanaians on the matter will help put to rest all the allegations being peddled by the minority in parliament.
In a social media post, he said Ghanaians should be made to know that there is no success without cost.
“Let the GoldBod matter be simplified to educated people in society by letting them answer these questions: Can there be success without cost? Did their education come without a cost? Can we stop or reduce gold smuggling without cost?”.
The Minority in Parliament has challenged the Ghana Gold Board (GoldBod) to account for losses associated with its gold trading operations.
They argued that the institution cannot claim credit for foreign exchange gains while distancing itself from the costs and losses arising from the same transactions.
The concerns follow an August report by the International Monetary Fund (IMF), which indicated that the Bank of Ghana’s Domestic Gold Purchase Programme, implemented through GoldBod, recorded losses of more than $1.7 billion in 2025, equivalent to 1.5 per cent of Ghana’s Gross Domestic Product (GDP).
Addressing a press conference on Tuesday, August 18, in Accra, the Minority Leader Alexander Afenyo-Markin questioned why GoldBod should take credit for the foreign exchange generated from its operations while disowning the losses associated with the transactions.
He said GoldBod must account for the full cost of the activities from which it derives revenue, including the fees it collects and losses arising from its purchasing, pricing and sales decisions.
“So here is a question GoldBod must answer. If every one of those services, service fees and asset fees were collected and kept, why should the losses that came bundled with earning them belong to someone else?” he asked.
“You do not get to keep the fees and disown the cost. This is not accounting; that is convenience,” he added.
Meanwhile, GoldBod has indicated that they made surpluses and not losses.
Source: MyNewsGh.com
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