Former Finance Minister of State Abena Osei Asare is demanding a thorough investigation into reported GOLDBOD losses, including a $1.7 billion figure reportedly attributed to the Ghana Gold Board by the International Monetary Fund (IMF).
The Atewa East Member of Parliament and Chairperson of Parliament’s Public Accounts Committee said the reported losses require closer scrutiny to establish how they occurred and whether adequate measures were taken to protect public funds.
Osei Asare questions GOLDBOD losses
Speaking to journalists on Tuesday, August 11, the former minister said the reported financial challenges at GOLDBOD should not be allowed to pass without a detailed examination.
She argued that some of the funds reportedly lost could have been directed towards pressing social needs.
According to her, GH¢6 billion of the reported loss could have been used to recruit unemployed nurses, highlighting what she described as the opportunity cost of the situation.
“President Mahama, we are asking you to call for proper and further investigations into what is happening at GOLDBOD,” she said.
Her comments come amid heightened scrutiny of the gold purchasing entity and its financial operations.
Call for review of state owned enterprises
Ms Osei Asare also urged President John Dramani Mahama to revisit his earlier commitment to reviewing the performance of state owned enterprises (SOEs).
She recalled the President’s position that state companies which fail to make profits or operate effectively should either be restructured, merged or closed.
“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.” - Ms Osei Asare
She specifically asked the President to examine GOLDBOD’s operations.
Bank of Ghana funding
The former minister said she was encouraged by the reported end of direct Bank of Ghana spending on GOLDBOD from July 1, 2026.
“I am temporarily relieved that at least the Bank of Ghana from 1st of July, 2026 is no more spending on GOLDBOD as it used to be,” she said.
However, she maintained that the reported losses still require an independent examination to determine what happened and whether public resources were properly managed.
Her call places renewed attention on GOLDBOD’s financial performance and the broader question of how state owned entities are being managed under the government’s economic programme.
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