The Majority Caucus in Parliament has rebutted the claims by the Minority Caucus that the Ghana Gold Board has incurred a $214 million loss in gold trade under the Gold for Reserve Programme.

The Caucus said the amount was a transactional and insurance cost the GoldBod incurred in its gold trading activities for 2025.

It said both the Governor of the Bank of Ghana (BoG) and the Chief Executive of the GoldBod would, within January and March 2026, render accounts to Parliament as they were statutory required to do so.

“The $214 million the NPP is quoting is a transactional cost of the GoldBod, and you cannot determine this as a loss because, as we speak today we do not have the financials of the GoldBod,” he said.

They jumped the gun

Reacting to the Minority Caucus’ claim that the GoldBod had incurred a $214 million loss in gold trade within nine months of this year, the Chairman of the Economic and Development Committee of Parliament, Eric Afful, accused the New Patriotic Party (NPP) of intentionally making allegations to render Ghana’s economic gains useless.

“The NPP and the Ranking Member on the Economy and Development Committee are jumping the gun, and when you jump before the gun too, and if you do not take care, you will be killed.

“I was expecting him to wait for the financial year to end for the GoldBod to render accounts to Parliament for us to go into detail and see what is actually happening.

“But let me put on record that the $240 million that they are quoting is never a loss, but it is a transactional cost, and we know that we cannot repair losses but we can repair costs. 

Sheer propaganda

Mr Afful, who is the MP for Amenfi West, said the claims by the NPP that GoldBod incurred the $214 million was a sheer propaganda to dent the reputation and economic gains.

“Let me put on record that this is serious propaganda, and I know that this will not end anywhere simply because Ghanaians know where the NPP is coming from 2017 to 2024,” he said.

He recalled that the Governor of the central bank under the NPP ended with a national debt of GH?726 billion, for which they added up GH?604 billion within the eight years.