Dr Gideon Boako, the Deputy Ranking Member on Parliament's Finance Committee, has fired back at the Ghana Gold Board (GoldBod) over its claim of a GH¢907 million profit. Speaking on Adom TV on Monday, August 24, he argued that the figure does not adequately account for an alleged GH¢1 billion overdraft owed to the Bank of Ghana.
Boako Questions Profit Claim
Dr Boako claims GoldBod obtained about GH¢1 billion in overdraft from the central bank and argues that the liability should be reflected in the institution's financial accounts when assessing its overall financial position. "I've heard people say that GoldBod says they made a profit of GH¢907m, but that cannot be true because GoldBod took GH¢1bn overdraft from Bank of Ghana and if that is reflected in their books, they'll actually be in a loss," he said.
Ongoing Dispute Over Financial Performance
The comments come amid an ongoing political and economic dispute over the financial performance of GoldBod and the accounting treatment of transactions under the Bank of Ghana's Domestic Gold Purchase Programme (DGPP). The Minority in Parliament has been demanding greater clarity over a reported GH¢22 billion loss associated with the DGPP, arguing that the reported loss requires parliamentary scrutiny.
Separate Financial Performance and Losses
GoldBod has maintained that its own financial performance should be distinguished from losses recorded on the Bank of Ghana's balance sheet. Dr Boako's latest claim adds to the debate over how the financial obligations and transactions involving GoldBod and the central bank should be accounted for and assessed.
Parliamentary Scrutiny Looms
As the debate continues, the Minority in Parliament may push for parliamentary scrutiny of the financial performance of GoldBod. The scrutiny could lead to a deeper examination of the financial transactions and accounting practices of the institution. The outcome of the debate remains uncertain, but one thing is clear: the financial performance of GoldBod is now under intense scrutiny.
Source: Joy Online
