Education Minister Haruna Iddrisu has urged the Ghana Gold Board (GoldBod) to be more accountable to Ghanaians, citing the large sums of money involved in its operations. He emphasized the need to address reported losses and improve the institution's performance. According to Mr. Iddrisu, the Gold Board's operations, as well as those of the Bank of Ghana, should not generate avoidable losses. He made these comments in response to concerns about the Gold Board's performance.
Mr. Iddrisu acknowledged reports of losses at the Gold Board and urged a collective response to the concerns. He questioned whether the Gold Board and the Bank of Ghana could operate without occasioning such losses. The Tamale South MP emphasized that this is a critical issue that the country must address. He also criticized the opposition's decision to walk out of Parliament during the passage of the GoldBod bill, saying it showed "immaturity" and missed an opportunity to strengthen accountability provisions.
The Education Minister defended the economic contribution of the government's gold interventions, saying they had helped strengthen Ghana's gold reserves and supported the currency. He maintained that a more stable exchange rate helped businesses plan and reduced pressures on the cost of doing business. Mr. Iddrisu also expressed openness to suggestions for improving the Gold Board's performance, saying President Mahama would accommodate objective proposals from Ghanaians.
Mr. Iddrisu's comments come after reports of significant losses at the Gold Board. The institution has been criticized for its handling of gold sales and revenue distribution. In response to these concerns, the Minister emphasized the need for greater transparency and accountability at the Gold Board. He urged stakeholders to work together to address the challenges facing the institution.
The Gold Board has been pumping millions of dollars into banks to meet festive season dollar demand. According to reports, the Board injected $255 million into banks to stabilize the currency. This move was aimed at reducing pressure on the exchange rate and supporting businesses during the festive season.
The opposition's walkout during the passage of the GoldBod bill was seen as a significant development in the country's efforts to strengthen accountability at the institution. Mr. Iddrisu's comments suggest that greater collaboration is needed to address the challenges facing the Gold Board. He emphasized that the country's economic stability depends on the effective management of its gold resources.
The issue of accountability at the Gold Board is likely to continue to be a topic of discussion in Ghana's economic and political circles. As the country seeks to strengthen its economic institutions, the Gold Board's performance will be closely watched. Key stakeholders, including the government, opposition, and civil society, will need to work together to ensure that the institution operates transparently and efficiently.
Key points
- Haruna Iddrisu calls for stronger accountability at Ghana Gold Board
- Gold Board's operations should not generate avoidable losses
- Opposition's walkout during GoldBod bill passage showed "immaturity"
