GoldBod losses: NPP’s Bayivere demands accountability from BoG, GoldBod
Former NPP Navrongo Central Youth Organiser Daniel Bayivere says the Bank of Ghana and GoldBod must account for reported losses under the domestic gold purchase programme, insisting that taxpayers’ money is at stake.
Former Youth Organiser of the New Patriotic Party (NPP) in the Navrongo Central Constituency, Daniel Bayivere, has called for accountability from the Bank of Ghana (BoG) and the Ghana Gold Board (GoldBod) over reported losses associated with the domestic gold purchase programme.
Speaking on the Big Mike Breakfast Show on Friday, August 21, Bayivere said the controversy involved taxpayers’ money and should therefore not be reduced to a partisan political dispute.
He argued that while the Bank of Ghana provided the funds for the programme, GoldBod was responsible for the actual purchase and sale of the gold, making both institutions accountable for the outcome.
“Both of them, the one who released the money, and the one who did the trading, they will be held accountable,” he said.
Bayivere claimed that the reported GH¢1.7 billion loss arose from approximately GH¢11.7 billion provided for gold purchases, which he said was subsequently sold for about GH¢10 billion.
He therefore called for a thorough investigation to establish how the funds were utilised and determine where responsibility lies.
The former NPP Youth Organiser also defended the previous NPP administration’s gold-for-oil and gold-for-reserves initiatives, arguing that the policies contributed to an increase in Ghana’s gold reserves and supported foreign exchange stability.
According to him, Ghana’s gold reserves increased from about 8.6 tonnes to 30 tonnes under the deliberate reserve accumulation policy associated with former Vice President Dr Mahamudu Bawumia.
“The 30 tonnes, these people came in, and they sold it by half,” he stated.
Bayivere further linked the country’s gold-buying activities to the illegal mining crisis, popularly known as galamsey, arguing that increased demand for gold could incentivise continued exploitation of the country’s natural resources if mechanisms for verifying the source of gold were not strengthened.
He questioned the source of the large quantities of gold being purchased and expressed concern about the environmental consequences of illegal mining, particularly its impact on water bodies.
“We are making losses in terms of monetary losses, we are also making losses in terms of our environment,” he declared.
Bayivere maintained that neither GoldBod nor the Bank of Ghana should distance itself from the reported losses while highlighting their contribution to improvements in Ghana’s foreign exchange position.
He called for the reported GH¢1.7 billion loss to be thoroughly investigated and accounted for, insisting that any institution or individual found responsible for mismanaging taxpayers’ funds must be held accountable.
Mike 105.3FM I Navrongo | Elizabeth Apusaama
