Boako Fires Back at GoldBod Over ‘Fantasy’ GH¢907m Profit Claim

Tano North MP Dr Gideon Boako has fired back at the Ghana Gold Board (GoldBod) over its claim of a GH¢907m profit, saying the figure is "fantasy" and does not account for an alleged GH¢1 billion overdraft owed to the Bank of Ghana (BoG). The dispute centers on the financial performance of GoldBod and the accounting treatment of transactions under the Bank of Ghana's Domestic Gold Purchase Programme (DGPP).

GoldBod's Profit Claim Challenged

Dr Boako made the comments on Adom TV on Monday, August 24, arguing that GoldBod's reported profit of GH¢907m cannot be true if the institution took GH¢1 billion in overdraft from the central bank. According to Dr Boako, if the overdraft is reflected in GoldBod's books, the institution would actually be in a loss.

"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," Dr Boako said.

Ongoing Dispute Over DGPP Losses

The Minority in Parliament has been demanding greater clarity over a reported GH¢22 billion loss associated with the DGPP. GoldBod has maintained that its own financial performance should be distinguished from losses recorded on the Bank of Ghana's balance sheet. The Minority has argued that the reported loss requires parliamentary scrutiny.

Financial Obligations and Transactions Under Scrutiny

Dr Boako's comments add to the debate over how the financial obligations and transactions involving GoldBod and the central bank should be accounted for and assessed. The dispute highlights the need for greater transparency and clarity in the financial dealings of state-owned institutions. The Bank of Ghana and GoldBod have yet to respond to Dr Boako's claims.

What Happens Next?

The ongoing dispute over GoldBod's financial performance and the accounting treatment of transactions under the DGPP is likely to continue to dominate the headlines in the coming days. The Minority in Parliament is expected to push for greater scrutiny of the reported losses associated with the DGPP, while GoldBod will likely continue to maintain that its own financial performance should be distinguished from losses recorded on the Bank of Ghana's balance sheet. The outcome of this dispute will have significant implications for the financial stability of the country and the reputation of state-owned institutions.

Source: Joy Online