The Institute of Economic Research and Public Policy (IERPP) has formally demanded full documentary disclosure from GoldBod and relevant state institutions over an alleged GH\u00a22 billion advance payment guarantee linked to Ghana\u2019s gold aggregation and trading arrangements.<\/p>\n
Addressing a press conference at the Ghana International Press Centre on Tuesday, 26th January, 2026, the Executive Director of IERPP, Prof Isaac Boadi, described the matter as one of \u201cnational importance,\u201d warning that any attempt to downplay the transaction would amount to economic recklessness.<\/p>\n
\u201cGH\u00a22 billion is not a trivial figure. It raises fundamental questions about public financial exposure and sovereign risk,\u201d Prof. Boadi stated.<\/p>\n
Triggered by public admission<\/p>\n
The press briefing followed what IERPP described as a public admission attributed to Sammy Gyamfi, a leading official associated with the GoldBod policy framework, indicating that Bawa Rock Company Limited provided a GH\u00a22 billion advance payment guarantee in connection with GoldBod\u2019s operations.<\/p>\n
IERPP said the admission necessitated urgent clarification, transparency, and accountability, particularly given the strategic importance of gold to Ghana\u2019s economy.<\/p>\n
Demand for documentary evidence<\/p>\n
Prof Boadi announced that IERPP had formally requested certified true copies of documents across five key areas, including the contractual basis of the transaction, the nature of the guarantee, the source of funds, governance approvals and financial treatment.<\/p>\n
Among the documents requested are the principal contracts, MOUs or agreements between GoldBod and Bawa Rock Company Limited; any side letters, escrow agreements or comfort letters linked to the alleged guarantee and egal opinions addressing the legality of the arrangement and compliance with public financial management laws.<\/p>\n
IERPP also demanded clarity on whether the GH\u00a22 billion guarantee was bank-backed, corporate, cash-backed, or merely contingent, and whether the amount was \u201cactually paid, placed in escrow, merely pledged on paper or conditional on future performance.\u201d<\/p>\n
Banking and fiscal red flags<\/p>\n
Providing a financial reality check, Prof. Boadi warned that under International Financial Reporting Standards (IFRS), guarantees constitute off-balance-sheet exposures and become financial liabilities once triggered.<\/p>\n
\u201cIFRS treats guarantees as financial liabilities, requiring the issuer to reimburse the holder,\u201d he explained.<\/p>\n
This, he said, raised a critical unresolved question:<\/p>\n
\u201cWhich financial institution issued or backed the alleged GH\u00a22 billion advance payment guarantee?\u201d<\/p>\n
IERPP further referenced Ghana\u2019s banking laws, noting that under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), banks are required to maintain a minimum Capital Adequacy Ratio of 10 percent and observe a 25 percent single obligor limit.<\/p>\n
Based on publicly available banking data presented at the press conference, Prof Boadi argued that no individual Ghanaian bank could prudently issue such a guarantee without breaching regulatory thresholds.<\/p>\n
\u201cThe net worth and asset positions of major Ghanaian banks strongly suggest that no bank can prudently issue a GH\u00a22 billion guarantee without breaching capital adequacy requirements or violating prudential exposure limits,\u201d he said.<\/p>\n
Right to information and public interest<\/p>\n
IERPP grounded its demands in the Right to Information Act, 2019 (Act 989), citing Sections 1, 2, 18, and 23, and stressing that the matter directly concerns the management of public resources and potential exposure of the State to financial risk.<\/p>\n
Prof Boadi cautioned that any refusal to disclose information must be \u201cstrictly justified under law,\u201d adding that partial disclosure through severability should apply where necessary.<\/p>\n
Not a partisan exercise<\/p>\n
Prof Boadi further rejected any suggestion of political motivation, stressing that the intervention was purely constitutional and in the national interest.<\/p>\n
\u201cThis is not a partisan exercise,\u201d he said. <\/p>\n
\u201cIt is a constitutional demand for openness, accountability, and protection of the public purse.\u201d<\/p>\n
He added that Ghanaians deserve clear answers on how strategic national assets are managed, who bears the financial risk and whether due process was followed.<\/p>\n
IERPP indicated that it would keep the public informed of developments, including any failure by relevant institutions to comply with the law.<\/p>\n
Minority Caucus defends call for Okudzeto Ablakwa’s resignation<\/p>\n<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"The Institute of Economic Research and Public Policy (IERPP) has formally demanded full documentary disclosure from GoldBod and…\n","protected":false},"author":2,"featured_media":434443,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[28,101],"class_list":{"0":"post-434442","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-economy"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/434442","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=434442"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/434442\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/434443"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=434442"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=434442"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=434442"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}