2The Majority Caucus in Parliament has rejected claims by the Minority that the Ghana Gold Board (GoldBod) recorded a $214 million loss under the Gold-for-Reserves Programme, insisting the figure represents routine transactional and insurance costs incurred during gold trading activities in 2025.
According to the Majority, describing the amount as a loss is misleading, particularly in the absence of audited financial statements from GoldBod. The Caucus noted that a proper assessment of the programme’s financial performance can only be made once official accounts are presented to Parliament.
They explained that both the Governor of the Bank of Ghana and the Chief Executive Officer of GoldBod are statutorily required to submit comprehensive reports to Parliament between January and March 2026, which will provide a clearer and verified financial picture.
Chairman of Parliament’s Economy and Development Committee, Eric Afful, criticised the Minority for what he described as a premature and inaccurate interpretation of figures that have not yet undergone parliamentary scrutiny.
“It is inappropriate to classify transactional costs as losses before the close of the financial year and before GoldBod renders its accounts to Parliament,” Mr Afful said. “The $214 million being quoted is not a loss. It is a transactional cost, and without the financials of GoldBod, no such conclusion can be drawn.”
He stressed that while losses are often irreversible, costs can be properly managed, explained and accounted for, urging the Minority and the public to exercise patience until the official reporting process is completed.
The Amenfi West Member of Parliament further accused the Minority of engaging in propaganda aimed at undermining recent economic gains, insisting that Parliament must rely on verified financial disclosures rather than speculation or political narratives.
Mr Afful also referenced Ghana’s rising public debt during the period of the New Patriotic Party (NPP) administration, arguing that the Minority’s current claims lack credibility when considered against that background.
The Majority Caucus reaffirmed its commitment to transparency and accountability, assuring that full disclosures would be made once GoldBod and the Bank of Ghana formally present their reports to Parliament. They cautioned against drawing conclusions or casting aspersions ahead of due process.
