Former Minister of State in charge of Finance, Abena Osei-Asare, has called for a comprehensive investigation into the operations of the Ghana Gold Board (GOLDBOD) following reports of significant financial losses attributed to the institution.
The Atewa East Member of Parliament and Chairperson of Parliament’s Public Accounts Committee said the reported losses require an independent examination to determine how they were incurred and whether adequate safeguards were in place to protect public funds.
Her call follows reports of a $1.7 billion loss linked to GOLDBOD, which she said raises serious questions about the management and financial sustainability of the state-owned entity.
Speaking to journalists on Tuesday, August 11, Ms Osei-Asare urged President John Dramani Mahama to direct the relevant state institutions to undertake further investigations into the matter.
She argued that the reported losses represented a significant opportunity cost for the country, particularly at a time when government faces competing demands for resources.
According to her, part of the funds could have been channelled into critical sectors such as healthcare.
She cited an estimated GH¢6 billion and argued that such an amount could have supported the recruitment of unemployed nurses and helped address staffing gaps in the health sector.
“President Mahama, we are asking you to call for proper and further investigations into what is happening at GOLDBOD,” she said.
Ms Osei-Asare also welcomed the decision by the Bank of Ghana to stop spending on GOLDBOD under the previous financing arrangement from July 1, 2026.
She, however, maintained that the reported losses warranted further scrutiny to establish the circumstances surrounding them and determine whether corrective measures were required.
Calls for review of underperforming SOEs
Beyond GOLDBOD, the former Finance Minister also urged President Mahama to follow through on his earlier commitment to review the performance of state-owned enterprises (SOEs).
She recalled the President’s position that state entities that consistently fail to generate returns or operate effectively could be merged or closed.
She therefore urged the government to apply that principle to GOLDBOD if investigations establish that the institution is not achieving its intended objectives.
“Somewhere last year, you engaged SOEs and then you mentioned that SOEs that are not making profits or SOEs that are not thriving, you either close them down or you merge them, so we want you to walk the talk. Look into GOLDBOD,” she said.
The demand comes amid growing scrutiny of GOLDBOD’s financial operations and the government’s broader management of public funds.
Ms Osei-Asare said a detailed investigation would help establish the facts surrounding the reported losses and provide a basis for decisions on the future operations of the gold-buying institution.
