Atsu Charles defends GoldBod, says political attacks should not undermine its work

NDC Communications Officer for the Biakoye Constituency in the Oti Region, Atsu Charles, has defended the operations of the Ghana Gold Board (GoldBod), arguing that political criticism and threats of future accountability should not overshadow the institution’s contribution to Ghana’s economy.

His comments followed remarks by Minority Leader Alexander Afenyo-Markin suggesting that officials of GoldBod could face consequences if the New Patriotic Party (NPP) returns to power after the 2028 general elections.

Speaking on the Bubune Morning Show, Atsu said the opposition had every right to scrutinise state institutions but cautioned against what he described as politically motivated attacks on GoldBod.

He argued that the institution, despite being relatively new, had already made notable contributions to the economy, particularly through gold trading and foreign exchange mobilisation.

“GoldBod is only one year old and moving forward. Some lapses are to be expected, but we are building on it with experience,” he said.

Atsu also dismissed concerns about transactional losses and debts associated with GoldBod’s operations, explaining that losses could occur in the normal course of business and should be assessed alongside the institution’s overall performance.

He referenced the operations of the Precious Minerals Marketing Company (PMMC) under the previous administration, including the Gold for Oil and Gold for Reserve programmes, and questioned whether similar transactions had resulted in financial losses.

According to him, differences between exchange rates and local gold purchase prices can result in transactional losses and should not automatically be interpreted as evidence of financial mismanagement.

“Losses in business happen. I didn’t cause them. Bank of Ghana didn’t cause them. GoldBod didn’t cause them either,” he said.

Atsu further linked GoldBod’s activities to improvements in Ghana’s foreign exchange position and relative stability of the cedi.

He argued that the board’s role in mobilising foreign exchange had helped ease pressure on the economy and strengthened the country’s capacity to finance imports and meet its financial obligations.

“Since GoldBod arrived, it has changed many things in Ghana. Our economy has strengthened,” he stated.

Responding to arguments that GoldBod should not be credited for the appreciation of the cedi or other economic gains, Atsu maintained that the institution had nonetheless played an important role in strengthening Ghana’s foreign exchange reserves.

He pointed to the foreign exchange shortages experienced during the previous administration as evidence of the need for institutions capable of generating foreign currency from Ghana’s mineral resources.

“If we extract minerals in Ghana and it brings in dollars to secure ourselves and cushion our economy properly, why do you condemn such a board?” he asked.

The NDC communicator also dismissed suggestions that threats of future sanctions against GoldBod officials should affect the institution’s current operations.

He said Ghanaians were capable of assessing GoldBod’s performance for themselves and credited the institution with disrupting avenues through which some individuals allegedly smuggled gold out of the country.

On the competence of GoldBod Chief Executive Officer Sammy Gyamfi, Atsu acknowledged that the CEO may not have an academic background specifically in mining but argued that his experience in the position had given him practical knowledge of the sector and Ghana’s mineral resources.

He stressed that the broader objective should be to ensure that the country’s natural resources generate maximum benefits for Ghanaians.

Atsu therefore called for a broader approach to natural resource management, extending beyond gold to cocoa, oil, agriculture and Ghana’s forests.

He argued that effective management of these resources could create jobs, strengthen the economy and reduce the pressure on young Ghanaians to seek opportunities abroad.

“The way we mine must be beneficial to the people first,” he said, stressing that resource extraction should ultimately translate into tangible development for communities and the wider population.

His comments come amid growing political debate over GoldBod’s financial performance and its role in Ghana’s economic recovery, with the opposition demanding greater scrutiny while the government and its supporters continue to defend the institution’s contribution to the economy.