Ghana’s parliamentary Minority has accused the government of presiding over what it describes as significant financial losses under the operations of the GoldBod, warning that taxpayers will ultimately bear the cost.
Speaking at a press conference on Wednesday, Kojo Oppong Nkrumah, the Member of Parliament for Ofoase-Ayirebi, said a loss of $214 million had already been incurred under the GoldBod operations, with projections suggesting the figure could rise to nearly $300 million by the end of the year. He rejected attempts by government officials to downplay the situation, insisting that Ghanaians “cannot be taken for fools” by what he termed lengthy explanations aimed at deflecting responsibility.
Hon. Oppong Nkrumah criticised the administration for what he described as a lack of original economic ideas, accusing it of merely rebranding and renaming initiatives inherited from the previous government without addressing underlying structural challenges. He warned that such an approach, without competence and clear economic direction, would prove disastrous.
Raising concerns about the future, he questioned what new policies the government intends to introduce once the International Monetary Fund programme ends in mid-2026. He argued that the current administration has relied heavily on economic frameworks developed by the New Patriotic Party, citing initiatives such as Gold for Reserves, Gold for Oil and Gold for Forex.
According to the Minority, even these inherited programmes are now recording substantial losses under the current management, costs which Oppong Nkrumah said would eventually be transferred to the public. He accused the government of contributing little beyond restructuring existing institutions, alleging that the Precious Minerals Marketing Company and the work of the Minerals Income Investment Fund were repackaged into the Gold Board.
Hon. Oppong Nkrumah also criticised legislation granting the Gold Board sweeping powers over small-scale gold production and a share of output from large-scale miners, arguing that the changes have not delivered the promised economic benefits.
The Minority called for greater transparency and accountability, urging the government to fully disclose the financial position of the Gold Board and explain how it plans to prevent further losses.