Education Minister Haruna Iddrisu has called for stronger accountability at the Ghana Gold Board (GoldBod), citing the huge sums of money involved in its operations and reports of financial losses.

He said the institution’s governing legislation should be strengthened to ensure greater transparency and accountability to Ghanaians, while efforts are made to prevent avoidable losses at both GoldBod and the Bank of Ghana (BoG).

“You see, today, you ought to have improved the Gold Board legislation in a manner that it can become more accountable to the Ghanaian people, because the amount of money involved is huge,” he said.

Haruna Iddrisu acknowledged reports of losses in GoldBod’s operations and urged the country to confront the concerns rather than shy away from them.

“So, we have a gold board today. There have been reported cases of losses. Let’s not run,” he said.

The Tamale South MP questioned whether GoldBod and the central bank could operate without recording such losses, stressing that addressing the issue should be a national priority.

“And I’m saying that is what we must seek to respond to as a country,” he added.

Iddrisu also criticised the opposition’s decision to walk out of Parliament during the passage of the GoldBod bill, arguing that their presence could have helped improve the legislation’s accountability provisions.

“And remember, even when the Goldbod bill was passed, they walked out of Parliament,” he said, describing the action as “Immaturity on their part.”

When asked whether he would support changes to the existing system to prevent future losses, the minister said he was open to proposals aimed at improving GoldBod’s performance.

“Why not? President Mahama will accommodate any objective suggestion from any Ghanaian who thinks that this is the way to improve the GoldBod performance,” he said.

Despite his concerns about reported losses, Mr Iddrisu defended the government’s gold interventions, arguing that they had contributed to strengthening Ghana’s gold reserves and supporting the local currency.

He further maintained that exchange rate stability was important for businesses, as it helped them plan their operations and reduced pressures on the cost of doing business.

His comments highlight the need to address concerns about GoldBod’s financial performance while preserving the economic benefits the government says its gold-related interventions provide.

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