Former National Media Commission (NMC) Chairman, Professor Yaw Boadu Ayeboafo, has raised concerns about the decision to feature the Ghana Gold Board (GoldBod) on the Presidency’s Government Accountability Series.
According to him, GoldBod is a statutory institution created by law and has the capacity to operate independently, including suing and being sued in its own name.
He therefore believes the institution should be required to account directly for its activities rather than being presented primarily through a government accountability programme.
Speaking during a panel discussion on TV, Prof Boadu Ayeboafo questioned why government officials should be expected to account for an institution that has its own legal identity.
He explained that government accountability platforms should mainly focus on policies and programmes implemented directly by the government.
His comments come amid an ongoing political dispute over GoldBod’s financial performance and Ghana’s domestic gold purchasing arrangements, including the relationship between GoldBod and the Bank of Ghana.
Prof Boadu Ayeboafo also cautioned that publishing GoldBod’s audited accounts may not, by itself, settle all concerns surrounding the reported losses.
He noted that some financial implications arising from the gold purchasing arrangement could involve the Bank of Ghana and may therefore not be reflected entirely in GoldBod’s accounts.
He said questions must also be answered about the different rates used by GoldBod and the central bank when gold is purchased and traded.
According to him, the important issue is determining who ultimately bears the financial burden when differences in exchange or pricing rates result in losses.
While describing GoldBod’s mandate to trade gold on behalf of Ghanaians as a positive initiative, he insisted that the institution must remain open to legitimate scrutiny.
