Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), has fired back at critics of the institution's fees, insisting that they are approved by Parliament and paid by individuals and businesses who access specific services provided by GoldBod.
Speaking on JoyNews' Newsfile, Mr. Gyamfi rejected claims that GoldBod is financially dependent on the state, saying that its revenue comes from legitimate services rendered to clients. The controversy surrounding GoldBod's finances and operations has been ongoing, with some critics claiming that the institution has incurred significant losses under the Domestic Gold Purchase Programme.
GoldBod's Fee Structure Defended
Mr. Gyamfi likened GoldBod's fee structure to charges imposed by other public institutions, such as the Registrar-General's Department, where applicants pay for services including company registration. He said that GoldBod currently issues licenses to more than 1,000 operators, with each license attracting the appropriate statutory fee.
According to Mr. Gyamfi, the revenue generated by GoldBod belongs to the state and cannot therefore be characterised as money being extracted from government. He stressed that when GoldBod makes money, that money belongs to the state.
Oversight and Control
Mr. Gyamfi further explained that GoldBod does not have unrestricted control over its funds, noting that the institution requires approval from the Ministry of Finance before it can open a bank account. He said this demonstrates that GoldBod's finances remain subject to government oversight.
"Our money is the money of the state," Mr. Gyamfi said, arguing that GoldBod's revenue generation should not be portrayed as a financial burden on government. He added that the claims of significant losses under the Domestic Gold Purchase Programme are unfounded, and that losses cited by the International Monetary Fund relate to the Bank of Ghana's operations before the programme was formally transferred to GoldBod.
Reactions and Next Steps
Mr. Gyamfi's comments come amid ongoing scrutiny of GoldBod's finances and operations. While some critics have welcomed his response, others have called for further transparency and accountability from the institution. The controversy surrounding GoldBod's finances is likely to continue, with many Ghanaians eagerly awaiting more information on the institution's operations and financial dealings.
As the debate surrounding GoldBod's fees and finances continues, one thing is clear: the institution's financial dealings will remain under the microscope, with many Ghanaians demanding greater transparency and accountability from the government and the GoldBod leadership. Only time will tell what the future holds for GoldBod, but one thing is certain – the institution's finances will be closely watched by the public and the media in the days and weeks to come.
Source: Joy Online
