GoldBod losses: Rev Owusu asks If $10 billion inflows should silence questions over $1.7 billion loss

Rev Charles Owusu has called for full transparency over a reported $1.7 billion, equivalent to about GH¢22 billion, loss linked to Ghana’s gold transactions, insisting that accountability should not depend on whether the loss occurred at the Ghana Gold Board (GoldBod) or the Bank of Ghana (BoG).

Speaking on Peace FM, Rev Owusu said the reported loss raised legitimate questions that government and the institutions involved must answer.

“Whether [by] Gold Board or the Bank of Ghana, there has been a loss,” he said.

He questioned why the reported loss should not be subjected to scrutiny, particularly in light of claims that GoldBod has generated significant foreign exchange inflows for the country.

“So what you're saying is we shouldn't question this? Is it because you say you've brought over $10 billion into the country and so if there's a $1.7 billion loss, we shouldn't ask questions over it?” Rev Owusu asked.

According to him, the scale of the reported loss makes it necessary for the relevant authorities to provide a clear explanation of what happened and identify where responsibility lies.

Questions Over IMF Figure
Rev Owusu also questioned the response to the reported $1.7 billion loss figure contained in an International Monetary Fund (IMF) report.

He noted that the Bank of Ghana had not, to his knowledge, disputed the figure and argued that this should strengthen calls for an explanation of the circumstances surrounding the loss.

He further questioned whether GoldBod Chief Executive Officer Sammy Gyamfi was being shielded from scrutiny because of his position within the governing National Democratic Congress (NDC).

Rev Owusu challenged the government to consider whether it would have adopted the same position if the New Patriotic Party (NPP) were in power and a similar loss had occurred.

“Would the NDC ask us to be quiet about it if the NPP had made such a loss in a gold for oil transaction?” he asked.

He maintained that the reported loss should be investigated transparently, regardless of which institution was responsible or which political party was in government.