Abena Osei-Asare, the Atewa East Member of Parliament and Chairperson of Parliament’s Public Accounts Committee, has called on President John Dramani Mahama to order a thorough investigation into reported financial losses incurred by the Ghana Gold Board (GoldBod). This urgent request follows reports of a GHS 20.4 billion ($1.7 billion) loss attributed to GoldBod by the International Monetary Fund (IMF).
The former Deputy Finance Minister stated that these reported losses demand closer scrutiny. She wants to determine precisely how they occurred and whether adequate measures were in place to protect public funds. The substantial amount represents a significant concern for Ghana's public finances and the management of state-owned enterprises.
This call for investigation fits into a broader narrative of financial accountability and the performance of state-owned enterprises (SOEs) in Ghana. The government has faced ongoing pressure to improve the efficiency and profitability of SOEs. Previous administrations have also grappled with similar issues, making this a recurring theme in Ghana's economic discourse. The reported GHS 20.4 billion loss could have a considerable impact on the national budget and development initiatives.
Osei-Asare believes the matter requires detailed examination by the government and relevant state institutions. She highlighted the potential opportunity cost of the funds involved. She argued that some of the reported losses could have been channeled into areas that would directly benefit Ghanaians. For instance, she claimed that GHS 6 billion could have been used to recruit unemployed nurses, addressing a critical need in the health sector.
Speaking to journalists on Tuesday, August 11, the Atewa East MP also urged President Mahama to fulfill his previous commitment. This commitment involved reviewing the performance of state-owned enterprises, particularly those struggling or failing to generate sufficient returns. She explicitly stated, “President Mahama, we are asking you to call for proper and further investigations into what is happening at GOLDBOD.” She expressed temporary relief that the Bank of Ghana would no longer spend on GoldBod as it used to, effective July 1, 2026.
Osei-Asare reminded the President of his earlier pledge. She recalled, “President Mahama, somewhere last year, you engaged SOEs and then you mentioned that SOEs that are not making profits or SOEs that are not thriving, you either close them down or you merge them, so we want you to walk the talk. Look into GOLDBOD.” This statement underscores the expectation for the President to act on his previous promises regarding SOE reform.
A comprehensive review of GoldBod’s operations would help establish the full extent of the reported financial challenges. It would also ensure greater accountability in the management of public resources. The outcome of such an investigation could lead to significant reforms within GoldBod and other state-owned entities. It could also influence future policy decisions regarding the oversight and financial management of Ghana's public sector.
The implications of this investigation are far-reaching. It could restore public confidence in the management of state assets. It might also lead to stricter financial controls and transparency measures across all SOEs. Decision-makers and financial markets will closely watch the government's response to these allegations. This situation could set a precedent for how Ghana addresses financial mismanagement within its public institutions.