Deputy Minority Leader and Asokwa MP, Patricia Appiagyei, speaking to the media on behalf of the caucus on Thursday, January 8, has accused the Bank of Ghana (BoG) Governor, Dr Johnson Asiama, of the $214m Gold-for-Reserves loss.
Patricia Appiagyei criticised the BoG Governor for his failure in oversight and called for a thorough investigation and accountability.
According to the minority, the BoG Governor must answer for $214m Gold-for-Reserves loss.
On Thursday, January 8, Patricia Appiagyei addressed the press and fired shots at the BoG Governor, saying, “The institution that funds the Gold-for-Reserves programme, the institution whose balance sheet bears the $214 million loss. The institution that should have provided rigorous oversight, Under the Governor’s watch, these losses occurred.
“Excessive fees were allowed, trading losses mounted, controls failed, and when the IMF exposed these losses, the Bank of Ghana issued a press release dismissing the IMF’s concern instead of scrutiny.
“As Governor, he must answer. What oversight did the Bank of Ghana provide, when did they become aware of losses and why defend and deny rather than investigate? Who approved the off-takers contract?
“Critically, as someone who benefitted from the nolle prosequi, does he not see the public concern when accountability questions arise again around politically exposed actors?” she said.
The minority remarks follow, Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), who has said any loss under the Gold-for-Reserves (G4R) is not attributable to an eight-month-old GoldBod.
Speaking on JoyNews’ Newsfile on Saturday, January 3, Mr Gyamfi explained, “That program, any loss under it is not attributable to an eight-month-old GoldBod, neither is it attributable to mismanagement or incompetence by the BoG. Dr Asiamah [BoG boss] is a hero; he and that wonderful team at BoG, they have not, through mismanagement or incompetence cause any loss”.
“So we are not saying we have not made a loss, but somebody has made a loss through mismanagement. No, that is the policy design, and it is so sad that those under whom the policy was introduced are now feeling ignorant about the policy objects and the policy design,” he added.
Sammy Gyamfi further clarified that the Gold-for-Reserves (G4R) is being run by the Bank of Ghana (BoG).
According to Sammy Gyamfi, the Gold-for-Reserves programme is not an operation designed or owned by GoldBod.
He added, “The Gold-for-Reserves programme we have been running this year is a Bank of Ghana programme introduced in 2022.
“It is funded by the Bank of Ghana, and it has always sat in the books of the Bank of Ghana in 2022, 2023, and 2024, when the NPP was in power,” he stated.
“So where from this claim that it is the GoldBod that has made losses. An eight-month-old company now responsible for the losses of BoG?” he questioned.