On $1.7b losses: The Minority Leader deserves a Nobel Prize for common sense and critical assessment

I have taken an intense interest in the ongoing discussions surrounding the staggering GH22billion financial loss to the state, incurred on the trading activities of the Domestic Gold Purchase Programme being administered by the Central Bank of Ghana and President Mahama’s brainchild, the Gold Board.

I, for one, cannot help but to applaud the Minority Leader for applying his exceptional critical assessment skills and unparalleled intuition in the seemingly labyrinth issue.

‘Critical assessment involves analysing and evaluating information, ideas, or concepts with a questioning attitude to determine their validity and relevance ‘.

Going by literary trope, we can rightly infer somewhat dispassionately that, it was a troubling marriage between the Central Bank of Ghana and the Gold Board.

We can, therefore, asseverate without mincing words that the gigantesque $1.7billion losses, were, in fact, spawned out of the marriage between the Central Bank of Ghana and the Gold Board.

In hindsight, the two aforementioned entities happily entered into trading(buy and sell) agreement.

The Central Bank of Ghana gave the Gold Board a staggering $11.7billion(GH133billion) with the sole aim of purchasing gold on its behalf.

It is, therefore, worth stressing that the Gold Board was doing the buying and the Central Bank of Ghana was doing the selling of the gold.

We are, in fact, made to believe that the trading losses were arose from service charges, discounts, the high cost of buying the gold, among others.

According to the International Monetary Fund(IMF), the gold purchased by the Gold Board was the most expensive in the sub-region.

Needless to say, the Central Bank of Ghana and the Gold Board were buying and selling, and therefore by purchasing expensive gold from the small scale miners, it was always going to be somewhat insuperable for the Central Bank of Ghana to retain the initial capital, let alone make profit

Evidently, therefore, the Domestic Gold Purchase Programme being administered by the aforesaid entities is problematic and full of loopholes susceptible to serious exploitation.

I have keenly been watching and listening to analysts, ensconcing in their armchairs, unpardonably exonerating the Gold Board of any blame, and ignobly dismissing the Minority Leader’s genuine concerns.

My dear reader, with all due respect with no attached condescension whatsoever, let me crave your indulgence just a moment longer and pose: where on planet earth do serious, committed, and forward-thinking traders deliberately buy exorbitant products and sell on low prices, and expect to retain their capital, let alone make profit?

Trust me, the Minority Leader’s critical assessment skills and unmatched intuition surpass that of the Artificial Intelligence(AI).

In the grand scheme of things, trading is not reducible to the selling role played by the Central Bank of Ghana, it includes the buying role carried out by the Gold Board.

It is against this backdrop that some of us are in acquiescence with the indefatigable Minority leader for arguing aptly that the losses are partly due to the high cost of purchasing the gold from the small scale miners.

How, in the name of the Almighty God, should any objective analyst conclude erroneously that the buyer of exorbitant cassava and plantain, meant for onward sale at 24-hour market, is not partly to be blamed for any losses?

On the preponderance of probability, the losses could well have occurred from the high cost of buying the cassava and plantain for onward sale.

In any case, we cannot ignore or deny the fact that Ghana has lost a huge GH22billion, which could have completed the all-important Accra to Kumasi road, a number of Agenda 111 hospitals would have benefited, and some unemployed Nurses and Teachers would have found themselves in the public service.

Therefore, the good people of Ghana do not want to hear any unnecessary high sounding phrases from any quarters, rather, Ghanaians need to know the people who have carelessly caused the gargantuan financial loss to the state, and if possible, be brought to book.

More power to your elbow, Honourable Afenyo-Markin; posterity will surely judge you kindly.

K. Badu, UK.
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