NewzThe Ghana Gold Board (GoldBod) has rejected a claim by Tano North MP and Deputy Ranking Member on Parliament’s Finance Committee, Dr Gideon Boako, that it owes the Bank of Ghana (BoG) an unpaid overdraft of about GH¢1 billion. GoldBod described the claim as “totally false” and accused Dr Boako of engaging in what it called a deliberate and malicious smear campaign. Dr Boako made the claim amid an ongoing political and economic debate over GoldBod’s financial performance and the accounting treatment of losses associated with the Domestic Gold Purchase Programme (DGPP).
Read Also: Boako questions GoldBod’s GH¢907m profit claim over alleged GH¢1bn BoG overdraft Speaking on Adom TV on Monday, August 24, Dr Boako questioned GoldBod’s reported profit of about GH¢907 million, arguing that any outstanding liability to the central bank should be reflected in the institution’s financial position. “I’ve heard people say that GoldBod says they made a profit of GH¢907m, but that cannot be true because GoldBod took a GH¢1bn overdraft from the Bank of Ghana, and if that is reflected in their books, they’ll actually be in a loss,” he said. His comments come as the parliamentary Minority continues to demand greater transparency over the reported GH¢22 billion loss associated with the DGPP.
GoldBod has maintained that its financial performance should be distinguished from losses recorded on the Bank of Ghana’s balance sheet, amid a wider disagreement over how the programme’s financial outcomes should be assessed. ‘We have never taken a loan or overdraft from BoG’ Responding to Dr Boako’s claim, GoldBod said it had never borrowed from the Bank of Ghana or any other financial institution since its establishment. “For the record, the GoldBod has never at any time since its establishment taken a loan, overdraft or any debt instrument from the Bank of Ghana or any financial institution whatsoever,” the institution said.
GoldBod further demanded that Dr Boako retract the claim and apologise for what it described as false information. The institution said the allegation was part of an attempt to undermine its credibility amid the ongoing political debate over the DGPP and its financial performance. GoldBod’s response adds another layer to the growing dispute over the reported losses under the domestic gold purchase programme, with the Minority and the Gold Board continuing to disag…
Tano North MP and Deputy Ranking Member on Parliament’s Finance Committee, Dr Gideon Boako, has questioned claims by the Ghana Gold Board (GoldBod) that it recorded a profit of about GH¢907 million, arguing that the figure does not adequately account for an alleged GH¢1 billion overdraft owed to the Bank of Ghana (BoG). Dr Boako claims GoldBod obtained about GH¢1 billion in overdraft from the central bank and argues that the liability should be reflected in the institution’s financial accounts when assessing its overall financial position. Speaking on Adom TV on Monday, August 24, he questioned how GoldBod could describe itself as profitable if the reported overdraft remained outstanding.
His comments come amid an ongoing political and economic dispute over the financial performance of GoldBod and the accounting treatment of transactions under the Bank of Ghana’s Domestic Gold Purchase Programme (DGPP). GoldBod has reported a profit of about GH¢907 million, while the Minority in Parliament has been demanding greater clarity over a reported GH¢22 billion loss associated with the DGPP. The Minority has argued that the reported loss requires parliamentary scrutiny, while GoldBod has maintained that its own financial performance should be distinguished from losses recorded on the Bank of Ghana’s balance sheet.
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