$1.7B Losses Under Domestic Gold Programme Spark Criticism

The Central Bank of Ghana and the Gold Board have incurred staggering losses of $1.7 billion under the Domestic Gold Purchase Programme, prompting criticism from Minority Leader Afenyo-Markin.

Afenyo-Markin has been praised for his critical assessment skills in uncovering the root causes of the massive financial loss to the state.

The programme, which aimed to purchase gold on behalf of the Central Bank, saw the Gold Board buying expensive gold from small-scale miners and selling it to the Central Bank at a low price.

According to Afenyo-Markin, the trading losses were largely due to service charges, discounts, and the high cost of buying the gold, with the IMF confirming that the purchased gold was the most expensive in the sub-region.