Tano North MP and Deputy Ranking Member on Parliament’s Finance Committee Dr Gideon Boako has claimed that the Ghana Gold Board (GoldBod) owes the Bank of Ghana (BoG) about GH¢1 billion in overdraft, arguing that the outstanding liability should be considered when assessing the institution’s reported financial performance.
His comments follow claims by GoldBod that the institution recorded a profit of about GH¢907 million, amid an ongoing dispute over the reported GH¢22 billion loss associated with the Domestic Gold Purchase Programme (DGPP).
Speaking on Adom TV on Monday, August 24, Dr Boako questioned the basis for describing GoldBod as profitable if the institution’s books reflect the reported overdraft from the central bank.
“I’ve heard people say that the GoldBod says they made a profit of GH¢907m profit but that cannot be true because GoldBod took GH¢1bn overdraft from Bank of Ghana and if that is reflected in their books, they’ll actually be in a loss,” he said.
Dr Boako’s comments are part of the broader political and economic debate over the financial position of GoldBod and the accounting treatment of the DGPP.
The Minority has been demanding greater transparency over the programme’s reported losses, while GoldBod has maintained that its own financial performance should be distinguished from losses recorded on the Bank of Ghana’s balance sheet.