Bright Simons, Honorary Vice President of IMANI Africa, has rejected efforts to downplay the International Monetary Fund’s (IMF) characterization of Ghana’s reported US$214 million losses linked to gold trading.
He maintains that the IMF has both the authority and justification to describe the issue as “trading losses.”
Speaking in an interview on January 3, Simons explained that the IMF’s position arises from its routine surveillance mandate under Article IV consultations, which apply to all IMF member countries, regardless of whether they are currently on an IMF programme.
“The IMF insists that we should call it trading losses. We did not arrive at that description arbitrarily,” Simons said.
He emphasised that the IMF’s assessments are based on treaty obligations that Ghana voluntarily accepted as a member of the Bretton Woods institutions.
His remarks come amid ongoing public debate over reports that GoldBod, a state-linked gold trading entity, incurred losses amounting to US$214 million claims the government has strongly denied.
Simons clarified that IMF surveillance is mandatory for all member countries, including wealthy nations and those not borrowing from the Fund.
“The IMF is a treaty organisation. We are members. As long as you are part of that treaty, the IMF’s surveillance function applies,” he explained.
According to Simons, the IMF is entitled to evaluate how countries manage their economies and to publish its findings, as long as its engagement with national authorities is conducted appropriately.
He also dismissed suggestions that the issue could be explained away as a simple administrative or accounting matter.
“You cannot suddenly convert a trading loss into something that is purely administrative. A trading loss is a commercial loss,” he said, noting that the IMF’s conclusions were based on detailed data analysis and extensive discussions with Ghanaian officials.
Government representatives, however, have firmly rejected the claim that GoldBod recorded any losses.
Appearing on the same platform, GoldBod Chief Executive Officer Sammy Gyamfi described the reports of a US$214 million loss as “false and misleading.”
“Emphatically, no. GoldBod, even though it is not a profit-making public institution, has not made any losses,” he stated.
Gyamfi disclosed that GoldBod generated more than GH₵960 million in revenue in 2025, while total expenditure was less than GH₵120 million, based on unaudited management accounts.
“From all indications, we are on course to declaring an income surplus,” he added.
