National Chairman of the governing National Democratic Congress (NDC), Johnson Asiedu Nketia, has rejected criticisms of the Ghana Gold Board (GoldBod) by the New Patriotic Party (NPP), describing them as an attempt to undermine a policy he says is delivering economic benefits to the country.
According to him, the opposition’s attacks, particularly those led by Minority Leader Alexander Afenyo-Markin, are intended to divert attention from the gains being made through the government’s gold purchase programme.
Speaking on Onua TV on Tuesday, September 1, 2026, Mr Asiedu Nketia said the GoldBod initiative was designed to give the state greater control over gold purchases and enable the country to use proceeds from its natural resources for national development.
“Like the COCOBOD arrangement, the GoldBod concept is therefore to control the purchase of gold so that we can use the proceeds to develop the country,” he said.
His comments follow claims by Mr Afenyo-Markin that GoldBod had incurred losses of about GH¢1.7 billion, based on an International Monetary Fund (IMF) report. GoldBod Chief Executive Officer, Sammy Gyamfi, has since rejected the claim.
The NPP has, nevertheless, maintained its criticism of the institution.
Former Finance Minister Dr Mohammed Amin Adam, speaking at an NPP press conference on September 1, said Ghana had bought and sold gold but incurred losses despite operating in what he described as the best gold market in decades.
Mr Asiedu Nketia, however, argued that the criticisms were misplaced, comparing GoldBod’s operations to the previous government’s Gold-for-Oil programme.
“They started with Gold for Oil. They signed agreements to that effect with the PMMC. GoldBod has only replaced the PMMC with the same terms,” he said.
He explained that under the current arrangement, the Bank of Ghana provides funds to GoldBod to purchase gold, which is subsequently sold by the central bank.
He therefore described Mr Afenyo-Markin’s claim that GoldBod had incurred losses as unfounded.
Mr Asiedu Nketia acknowledged concerns about financial losses attributed to the Bank of Ghana but argued that such costs should not automatically be blamed on GoldBod.
“As a government, we are concerned about the loss that has been attributed to Bank of Ghana. But that does not mean it should be blamed on an innocent entity,” he said.
The NDC chairman insisted that Ghana had not lost money through the policy, explaining that the transaction costs cited in the IMF report were associated with trading rather than an outright loss to the country.
“This is a policy choice we have made and we stand by it. The IMF report on the transaction cost is a trading cost. The nation has not lost anything. The Governor has not lost any money. The GoldBod has done nothing wrong,” he stated.
Mr Asiedu Nketia urged the public to focus instead on what he described as the broader economic benefits of the GoldBod initiative.
He cited improved price stability, stable inflation and exchange rates, lower land costs and increased export revenues among the benefits he said the policy had generated.
According to him, these developments have also contributed to creating a more favourable environment for investment.
“We need to focus on the benefits we are deriving from the GoldBod concept. Once all the required processes have been followed, there is no cause for alarm,” he added.
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