GoldBod Cannot Hide Behind Agency Role for Ghana's Gold Trading Losses

GoldBod's role as an agent of the Bank of Ghana has not shielded it from responsibility for losses in the country's gold trading operations, according to Minority Leader Alexander Afenyo-Markin.

Afenyo-Markin rejected GoldBod's claim that its agency relationship with the central bank absolves it from accountability over how transactions were executed. He argued that an institution entrusted with billions of cedis in public resources must be accountable for the quality of its execution and the decisions it makes in carrying out its mandate.

The Minority Leader demanded explanations on the prices paid for gold, how those prices were determined, and any premiums paid to secure gold supplies. He also wants GoldBod to disclose any discounts at which the gold was subsequently sold, as well as details of service and asset charges earned from transactions financed by the Bank of Ghana.