GoldBod facing opposition because it blocked loopholes— Dr Steve Manteaw

Policy analyst Dr Steve Manteaw has suggested that individuals who previously benefited from unaccounted gold exports are among those uncomfortable with the establishment and operations of the Ghana Gold Board (GoldBod).

According to him, significant amounts of Ghana’s gold exports were previously not properly accounted for, creating loopholes through which the state lost substantial revenue.

Dr Manteaw cited a 2018 disclosure by then Senior Minister Osafo Marfo, who reportedly said Ghana exported gold worth US$7 billion to the United Arab Emirates (UAE) but was able to account for only US$2 billion.

He said the unexplained US$5 billion represented a major revenue gap and argued that the establishment of GoldBod had helped to close some of the loopholes that facilitated such losses.

In a social media post, Dr Manteaw said those who benefited from the unaccounted exports were now opposed to measures aimed at strengthening accountability in the gold trade.

“In 2018 the then Senior Minister, Hon. Osafo Marfo reported that Ghana had exported $7 billion worth of gold to the UAE, but the country was able to account for only $2 billion.

“Those who benefitted from the $5 billion loss of revenue, arising out of the unaccounted exports are today at pain with the establishment of the GoldBod, because it has closed the loophole that facilitated the loss of gold revenue to the state.

“Let’s all support efforts to stem illicit financial flows in our mining sector, and let’s be mindful of the fact that these efforts will come at a cost,” he stated.

Dr Manteaw further cited estimates by Corruption Watch on illicit financial flows from Ghana’s small-scale gold sector.

“An analysis by Corruption Watch estimates Illicit Financial Flows from Ghana’s small-scale gold sector, arising out of gold exports that could not be accounted for, at a staggering $6.4 billion annually.

“Certainly, we cannot allow this to continue. We must support GoldBod to plug the loopholes,” he stressed.

His comments come amid growing debate over GoldBod's operations and the financial performance of the country's domestic gold purchasing programme.

Afenyo-Markin raises concerns over GoldBod losses

Meanwhile, Minority Leader Alexander Afenyo-Markin has raised concerns about reported losses associated with GoldBod's gold trading operations.

Mr Afenyo-Markin described the reported losses as worrying and questioned how an institution established to strengthen Ghana's gold trade could record significant losses.

He has also called on the Majority in Parliament to allow the Minority to summon the Chief Executive Officer of GoldBod to appear before the House to provide answers on the entity's operations and financial performance.

The competing positions have intensified scrutiny of GoldBod, with supporters highlighting its role in closing loopholes in the gold trade, while critics are demanding greater transparency over its financial performance and transactions.