The GoldBod Losses Finally Explained By BoG Governor Dr Asiama – Massive Reactions Online

Bank of Ghana Governor, Dr Johnson Asiama, has addressed the controversy surrounding the reported GH¢21 billion loss associated with the Domestic Gold Purchase Programme, popularly known as GoldBod, through a post on his official Facebook page.

His explanation has continued to generate reactions among Ghanaians, with many taking to social media to express their views on the figures and the financial implications of the programme.

According to Dr Asiama, the reported GH¢21 billion does not represent an actual financial loss in its entirety. He explained that approximately GH¢16 billion to GH¢17 billion of the amount constitutes an accounting exchange loss rather than money that has gone missing.

The Governor attributed the discrepancy to the difference between the exchange rate used when purchasing gold from small-scale miners and the official interbank exchange rate that the Bank of Ghana is required to apply in its financial records under International Monetary Fund-related requirements. As a result, transactions involving gold sold at market value may still produce figures that appear to indicate a loss in the Bank’s accounts.

The explanation comes amid ongoing public debate over how a government-backed gold purchasing programme could record such a substantial loss without the entire amount representing missing funds. Dr Asiama’s clarification seeks to distinguish actual financial losses from accounting differences arising from the exchange rates used to record the transactions.

The issue remains important for public confidence in the programme and the management of the country’s finances. While the Governor’s explanation could help address concerns about possible mismanagement, it also raises questions about whether the accounting approach provides a clear picture of the programme’s financial position and whether changes may be necessary to improve transparency.

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