BY: VALENTIA TETTEH
Minority Leader in Parliament, Osahen Alexander Afenyo-Markin, has called for urgent measures to address what he describes as GH¢22 billion in losses associated with GoldBod, warning that continued losses could undermine the stability currently being recorded in the economy.
Speaking to journalists when cultural troupes from Winneba visited his residence in Accra, Mr Afenyo-Markin said although the relative stability of the cedi is welcome, the government must introduce prudent measures to sustain the gains.
He said the reported losses should not be treated as a political contest between the New Patriotic Party (NPP) and National Democratic Congress (NDC), but as a serious economic issue with direct consequences for Ghanaians.
“Today, the cedi is relatively stable. Good news. We commend them. Good news. But to sustain it, you don’t have to be reckless. To sustain it, you need to tighten up and put in prudent measures.”
The Minority Leader said Parliament and the public must be willing to ask difficult questions about the operations of GoldBod and the financial implications of the Domestic Gold Purchase Programme.
He questioned the prices at which GoldBod purchases gold, the commissions and bonuses paid, as well as the terms under which gold is sold to off-takers.
“What are the loopholes? How much is GoldBod buying the dore gold? How much commission is GoldBod paying? What percentage of bonuses are they paying, and the off-takers? How much are they selling to them? Are there losses there too?”
Mr Afenyo-Markin also raised questions about the bullion eventually sold by the Bank of Ghana, saying these are among the specific issues he believes, require further examination.
According to him, the Minority Caucus associates itself with concerns raised by the International Monetary Fund regarding the programme and wants the discussion elevated beyond partisan politics.
“Let’s elevate the conversation. Let’s forget about the personality attack. Let’s not take it like it’s the usual NPP-NDC banter. It’s not an NPP-NDC banter. It is a serious matter that affects bread and butter issues that affect our economies.”
He said the reported losses must be examined against the backdrop of the government’s own claims of limited fiscal space to meet critical national needs.
Mr Afenyo-Markin cited challenges facing employment, education and healthcare, arguing that resources lost through inefficiencies could otherwise support pressing development needs.
“The government is complaining that it doesn’t have money. It doesn’t have the fiscal space to accommodate the employment of 6,000 teachers and nurses. The government is unable to increase infrastructure in our various schools. Hospitals are suffering. Yet, we have GH¢22 billion going down the drain.”
The Minority Leader therefore urged the government to identify and close any loopholes within the gold purchasing programme to prevent further financial losses.
He stressed that the objective should be to protect the economy and ensure that the gains made in exchange-rate stability are sustained.
“If all of us don’t add our voice and speak about the losses, I’m sorry, we can’t make it, because in the end, all those losses will hit the very economy.”
Mr Afenyo-Markin maintained that the issue requires collective attention and should not be reduced to political attacks, insisting that the economic consequences of the reported losses could ultimately affect ordinary Ghanaians.
