The Majority Caucus in Parliament has firmly dismissed claims from the Minority that the Ghana Gold Board posted a $214 million loss under the Gold-for-Reserves initiative, explaining that the figure reflects routine trading and insurance expenses linked to gold operations carried out in 2025.
The Majority stressed that the amount cannot be classified as a loss, especially in the absence of audited financial statements from the institution.
They noted that both the Governor of the Bank of Ghana and the Chief Executive Officer of GoldBod are legally required to submit full financial reports to Parliament between January and March 2026, at which time a complete picture of the organisation’s performance will be presented.
Commenting on the matter, Chair of the Economy and Development Committee, Eric Afful, criticised the Minority’s position, describing it as an early and inaccurate reading of figures that have not yet been examined through formal parliamentary processes.
He stated that it was improper to treat operational and transactional expenses as losses before the financial year concludes and before GoldBod submits its official accounts.
“The $214 million being circulated does not represent a loss. It reflects transactional costs, and without the verified financial records of GoldBod, no such determination can be made,” he noted. He added that while losses are often irreversible, costs can be managed, accounted for, and properly reconciled, calling for restraint until reporting procedures are completed.
The Amenfi West legislator further accused the Minority of pushing a narrative intended to weaken confidence in Ghana’s recent economic progress, emphasising that Parliament should rely on verified financial disclosures rather than conjecture.
He also referenced the growth of public debt during the previous NPP administration, arguing that the current claims lack weight when viewed in that broader fiscal context.
