Parliament Clarifies $214 Million GoldBod Spending as Transactional Cost, Not Loss
Mary Adofo
The Majority Caucus in Parliament has countered claims that the Ghana Gold Board (GoldBod) suffered a $214 million loss in its gold trading activities under the Gold for Reserve Programme.
Eric Afful, Chairman of Parliament’s Economic and Development Committee, explained that the figure cited represents transactional and insurance costs incurred by GoldBod, rather than a financial loss. “At this stage, without the official financial statements of GoldBod, it is incorrect to label this amount as a loss,” he noted.
Afful further suggested that the New Patriotic Party (NPP) is making claims that could undermine Ghana’s economic achievements. He also reminded that both the Bank of Ghana Governor and GoldBod’s Chief Executive are required to submit full financial accounts to Parliament between January and March 2026.
The clarification comes amid heightened debate over transparency in the management of Ghana’s gold reserves, emphasizing the importance of waiting for official reports before drawing conclusions.
