GoldBod: No Missing Funds, Spokesperson Fires Back at Debt Claims

GoldBod spokesperson Prince Kwame Minkah has dismissed allegations of financial impropriety surrounding the Ghana Gold Board (GoldBod), insisting that there is no missing state money and no cause for alarm.

Responding to claims about GoldBod’s financial dealings, Minkah said there was “absolutely no cause for alarm,” stressing that allegations of debt or missing funds must be supported by credible evidence.

In a zoom interaction on Kessben Maakye show in Accra, Minkah revealed that. GoldBod was established as part of efforts to take greater control of Ghana’s gold resources and serve as an antidote to the challenges created by the depreciation of the cedi.

He explained that Parliament amended and passed Act 1140 to establish GoldBod, after which President John Dramani Mahama assented to the legislation.

Minkah further argued that the Precious Minerals Marketing Company (PMMC) served as a buying agent during the transitional period leading to the establishment of GoldBod.

He said the International Monetary Fund (IMF) failed to properly recognise the transition from PMMC to GoldBod, which, in his view, contributed to misconceptions about funds provided to PMMC for gold purchases.

“Some figures are being rolled out that GoldBod has lost huge capital meant to trade in gold, but that money is not a loss; it is just an accounting cost,” Minkah argued.

He maintained that any assessment of GoldBod’s performance and accountability must be based on the profit generated by the institution since its inception, rather than solely on accounting costs.

Minkah also pointed to GoldBod’s accumulated reserves as evidence of the institution’s financial position, insisting that proper accountability should rely on official audit reports.

He said if there are concerns about the accounts of any government agency, the appropriate reference point should be the Auditor-General’s report, rather than statements made by Abena Osei Asare without supporting evidence.

According to him, the Auditor-General has not established or released any adverse finding against GoldBod to substantiate the allegations being made.

Minkah also took aim at claims associated with Abena Osei-Asare, suggesting that as Chairperson of Parliament’s Public Accounts Committee, she should understand the importance of relying on audited evidence.

He further defended GoldBod’s restructuring of Ghana’s gold-trading system, saying the institution has streamlined the sector to eliminate unnecessary leakages and ensure that the benefits of the country’s gold resources accrue to Ghanaians.

He challenged those making allegations to provide evidence rather than rely on rhetoric.

“Abena Osei must give a proof of her allegations and not mere rhetorics,” he said.

Minkah concluded that GoldBod’s broader objective is to strengthen Ghana’s ownership and control of its natural resources.

“Ghana is taking ownership of her natural resources,” he stressed.

By Maurice Otoo