Economist and Dean of the Faculty of Finance and Accounting at UPSA, Prof Isaac Boadi, has questioned the source of trading funds for the Ghana Gold Board (GoldBod).

Speaking on Joy News in the wake of the reported $214 million Bank of Ghana (BoG) losses linked to GoldBod operations, Dr Domfeh expressed concern over the lack of clarity regarding GoldBod’s trading funds.

He stated that there are no official records, either in BoG books or in Parliament, indicating approval or the source of funds for Goldbod.

"Looking at the model, you promised to give GoldBod a revolving fund of around $201 million, but it stalled. You promised $4.5 billion in the budget, yet nothing was released!" Prof Isaac Boadi said.

He added, "There is something in finance called quasi-fiscal operations—when budget spending vanishes from the budget but then appears as a central bank loss, or when spending approval bypasses Parliament and hits taxpayers."

GoldBod has been in the news this week following a report by the IMF highlighting a $214 million loss by the Bank of Ghana, reportedly linked to GoldBod operations.

Both GoldBod and the BoG have issued statements downplaying the reported losses as inaccurate.

However, Prof Isaac Boadi, on the same Joy News programme, accused GoldBod and the BoG of being disingenuous, insisting that the BoG was aware of the IMF report capturing the losses but did not raise any objection before it was released to the public.



All you need to know about Ghana's new vehicle number plates |BizTech: