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.
“I’ve heard people say that GoldBod says they made a profit of GH¢907m, but that cannot be true because GoldBod took GH¢1bn overdraft from Bank of Ghana and if that is reflected in their books, they’ll actually be in a loss,” he said.
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.
Dr Boako’s latest claim adds to the debate over how the financial obligations and transactions involving GoldBod and the central bank should be accounted for and assessed.
