The Dean of the Faculty of Accounting and Finance at the University of Professional Studies, Accra (UPSA), Prof. Isaac Boadi, has questioned the source of trading funds for GOLDBOD.
Speaking on JoyNews’ AM Show, he said the reported $214 million Bank of Ghana losses linked to the operations of the GOLDBOD had raised concerns, particularly over the lack of clarity surrounding the GOLDBOD’s trading funds.
He noted that there are no official records, either in BoG books or in parliament, indicating approval or the source of funds for the GOLDBOD.
“Looking at the model, you promised to give GoldBod a revolving fund of 201 or so million, stalled. You promised in the budget 4.5billion, releases nothing!’ he said.
‘There is something in finance called quasi-fiscal operations. When budget spending vanishes from the budget but then appears at the central bank loss, or when spending approval bypasses parliament and hits taxpayers,” Prof Boadi added, as he continued probing for answers.
The GOLDBOD has been in the news this week, following a report by the IMF, which highlighted a loss of $214 million by the Bank of Ghana, which was linked to the operations of the GOLDBOD.
Both the GOLDBOD and the BoG have issued statements downplaying the reported losses as inaccurate.
However, Prof. Boadi accused the GOLDBOD and the BoG of being disingenuous with the issue, insisting that the BoG, in particular, was aware of the IMF’s report capturing the losses, but it didn’t raise any objection before it was released to the public by the IMF.
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