Amid the heated debate over the operations of GoldBod with the Bank of Ghana (BoG), the Minority in Parliament has raised a fresh concern over Ghana’s gold management strategy, warning that the country could lose as much as $300 million in 2025 through the operations of GoldBod if urgent action is not taken.
The Minority says the situation poses a serious threat to the country’s economic future, hence the need for urgent actions to avert any economic calamity.
The lawmakers raised these alarms in a press briefing, adding that they were compelled to suspend their holidays due to the gravity of the situation.
Addressing the media in parliament, the minority explained that while Ghanaians celebrated the festive season, there is a growing crisis beneath the surface of the economy. They argued that a policy originally designed to strengthen Ghana’s foreign exchange position and give the country greater control over its gold resources has gone dangerously off track.
According to the Minority, instead of protecting national wealth, the gold programme has become a channel through which public resources are being drained, rivers destroyed, and future generations burdened.
They pointed to figures contained in the International Monetary Fund’s recent report, which indicated that $214 million had already been lost within the first nine months of the year under the Domestic Gold Purchasing Programme. But the Minority insists this may be only part of the problem.
In their assessment, the estimated cost could be much higher. They estimate that by the end of 2025, total losses linked to GoldBod’s activities could reach $300 million, a figure they say should worry every Ghanaian.
“We come before you not to trade partisan rhetoric, but to sound an alarm. It is about the news that Ghana stands to lose some $300m in 2025 through the activities of GoldBod. Already, from the IMF Report, in the first nine months alone, $214 million was stated as lost. We believe to focus on the central bank alone may miss the plot,” the NPP MPs stated.
Breaking down how these losses occur, the Minority explained that small-scale miners will not sell unless they are paid true global market prices (even if at a slight discount) and at an exchange rate which the forex bureaus use.
GoldBod, therefore, has to pay miners at real market value. However, GoldBod then sells the dollars it receives from offshore buyers back to the Bank of Ghana at the BoG or interbank rate, which is a weaker rate. It further alleges that GoldBod protects its books, by passing the exchange-rate loss directly onto the Bank of Ghana.
“This is not a market fluctuation problem. It is a system design that forces the State to bleed so intermediaries remain secure,” the Minority insisted.
Importantly, the Minority cautioned against placing all the blame on the Bank of Ghana alone. Focusing only on the central bank, they argued, risks missing deeper structural and operational issues within the broader gold management framework.
The Minority, therefore, called for greater transparency, accountability, and a thorough review of GoldBod’s operations to prevent what they described as an unfolding economic and environmental disaster.
