The mining consultant Wisdom Gomashie has questioned the justification for reported losses at the Ghana Gold Board (GOLDBOD), arguing that a state institution with monopoly powers in gold trading should not be recording deficits.

Speaking on the Asaase Breakfast Show on Tuesday (30 December), Ing Gomashie said GOLDBOD’s mandate goes beyond supporting the Bank of Ghana’s gold-for-reserves programme and includes buying, selling and exporting gold – activities that should ordinarily generate value for the state.

“GOLDBOD is not a new concept. Before its establishment, the Bank of Ghana was already buying gold through PMMC [the Precious Minerals Marketing Company], while private traders were exporting gold, paying taxes and making profits,” he said.

Gomashie said private exporters previously paid up to 1.5% of the value of gold exports to the state, a revenue stream that has disappeared since the imposition of GOLDBOD’s monopoly.

He said that under the immediate past government, Ghana added 22 tonnes of gold to its reserves, which he said yielded a net benefit estimated at GHC17 billion, based on current gold prices.

“You cannot demonise past gold-for-reserves activities and then justify today’s losses when gold prices are at historic highs,” Gomashie argued.

He further disputed claims that all gold purchased by GOLDBOD had been added to national reserves, insisting that a significant portion had been exported as part of trading operations.

“Ghanaians must be told how much of the gold bought is sitting at the Bank of Ghana and how much has been exported. The narrative that all 100 tonnes are in the vaults is misleading,” he said.

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