Former Deputy Finance Minister Abena Osei-Asare has called on President John Dramani Mahama to order further investigations into the operations and finances of GoldBod, following the reported losses associated with Ghana’s domestic gold purchase programme.
She argued that no major ministry or government agency received its full budget allocation in 2025, despite implementing key government programmes.
According to her, ministries responsible for Free SHS, Agriculture, Roads and Highways, and Interior can testify that they did not receive 100% of their approved budgets.
She therefore questioned why GoldBod should be treated differently.
“If GoldBod is happy saying that they made a profit of GH¢909 million, we all should be thinking: if that money wasn’t given at the dawn of time, the huge losses GoldBod would have been making, coupled with the huge loss the Bank of Ghana has already incurred on their behalf.”
Osei-Asare said she was “temporarily relieved” that, from July 1, 2026, the Bank of Ghana was no longer financing GoldBod in the same manner as before.
However, she insisted that GoldBod’s current programme must be brought before Parliament, arguing that Parliament approved its budget and the entity receives public funds.
She also called for regular reporting to Parliament on the implementation and financial performance of the programme.
“The insults will not make the US$1.7bn loss disappear”
The former Deputy Finance Minister urged GoldBod to respond to the concerns with facts rather than attacks.
“The insults will not let the 1.7 billion dollars loss go away. It will not let it go away.”
She said GoldBod should explain its side of the story, including the financial support it requires from government and how it intends to become financially sustainable.
Osei-Asare also questioned the reported contradiction between GoldBod’s claimed profits and the losses incurred by the Bank of Ghana on its behalf.
She called for transparency, accountability and consistency in the figures being presented to the public.
Mahama must “walk the talk”
Osei-Asare further reminded President Mahama of his previous engagement with State-Owned Enterprises, where he reportedly indicated that SOEs that are not profitable or thriving should either be closed down or merged.
She is therefore asking the President to apply the same principle to GoldBod.
“We want you to walk the talk and help save the little resources that we have.”
She added that with government introducing more than eight new taxes without yet achieving the desired revenue targets, government must also look for ways to reduce waste and protect public funds.
Do you agree with Abena Osei-Asare that GoldBod should be subjected to further parliamentary scrutiny and investigation?
