Dr Steve Manteaw, the Policy Analyst and co-chair of the Ghana Extractive Industries Transparency Initiative (GHEITI), has said beneficiaries from unaccounted exports of gold are today in pain with the establishment of GoldBod.
The Policy Analyst cited that in 2018 the then Senior Minister, Hon. Osafo Marfo, reported that Ghana had exported $7 billion worth of gold to the UAE, but only $2 billion was accounted for.
According to Dr Steve Manteaw, GoldBod has been facing opposition because it blocked loopholes.
He argued that GoldBod has blocked loopholes which existed; hence, the constant criticism of GoldBod.
In a social media post, Steve Manteaw stated, “In 2018, the then Senior Minister, Hon. Osafo Marfo, reported that Ghana had exported $7 billion worth of gold to the UAE, but the country was able to account for only $2 billion.
Those who benefitted from the $5 billion loss of revenue, arising out of the unaccounted exports, are today at pains with the establishment of the GoldBod, because it has closed the loophole that facilitated the loss of gold revenue to the state.
Let’s all support efforts to stem Illicit Financial Flows in our mining sector, and let’s be mindful of the fact that these efforts will come at a cost”.
Steve Manteaw further argued, “An analysis by Corruption Watch estimates Illicit Financial Flows from Ghana’s small-scale gold sector, arising out of gold exports that could not be accounted for, at a staggering $6.4 billion annually.
Certainly, we cannot allow this to continue. We must support GoldBod to plug the loopholes”.
In related news, Archbishop Nicholas Duncan-Williams, the General Overseer of Action Chapel International, urged Ghanaians to pray for the Ghana Gold Board (GoldBod).
According to Duncan-Williams, the GoldBod is facing a very powerful movement who are against efforts to ensure the right thing is done in Ghana’s gold sector.
The man of God disclosed that some individuals involved in the gold trade have become concerned about the tightening of controls on illegal gold purchases in Ghana.
Duncan-Williams detailed that he received calls from individuals in countries where Ghanaian gold was previously purchased through the black market.
He disclosed that they were allegedly seeking connections to senior officials who could help them access gold through GoldBod.
Duncan-Williams further revealed how a powerful Middle East royal family called me over a gold smuggling disruption being caused in Ghana following the establishment of GoldBod.
Speaking during a church service on August 16, Archbishop Duncan-Williams stated, “We need to pray for GoldBod. With what I was told by this Sheikh, they can’t get the gold like before illegally”.
“So they want some channels to GoldBod so they can purchase the gold now from GoldBod,” he explained.
“It is clear to me that GoldBod is dealing with a very powerful movement; these are people who are very established, they know and understand the field. They do not want the right thing to be done”.
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