The Member of Parliament for Akyem Oda and former Deputy Minister of Health, Alexander Akwasi Acquah, has argued that a New Patriotic Party (NPP) administration would have managed and implemented the Ghana Gold Board (GoldBod) more effectively than the current National Democratic Congress (NDC) government.
According to him, the NPP would have been able to prevent the reported US$1.7 billion loss associated with the Domestic Gold Purchase Programme (DGPP), particularly given the extensive legal powers and privileges currently enjoyed by GoldBod as Ghana’s sole gold purchaser, trader and aggregator.
Speaking on Onua TV’s weekend political programme, “Ka W’asɛm Yie,” Mr Acquah said the NPP’s DGPP, which he described as the foundation for the establishment of GoldBod, was implemented successfully under more challenging circumstances.
He noted that the programme operated in an environment where the Precious Minerals Marketing Company (PMMC) was not the only buyer or trader of gold in the country and faced competition from several players in the sector.
Mr Acquah therefore argued that the current GoldBod structure, which gives the institution significant control over gold purchases and trading, should have provided greater opportunities to manage the programme profitably.
“We would have implemented the Domestic Gold Purchase Programme better than what the NDC is doing. We would not have incurred the losses GoldBod has incurred, especially given the laws and privileges GoldBod has now,” he said.
The Akyem Oda lawmaker also referenced the 2024 NPP presidential candidate Dr Mahamudu Bawumia’s manifesto, arguing that the proposed “Gold for Forex” programme would have provided a more comprehensive framework for using Ghana’s gold resources to strengthen the economy.
He referred to paragraph 45 of Dr Bawumia’s manifesto, which proposed institutionalising the Domestic Gold Purchase Programme and expanding it to meet major foreign exchange demands.
According to the proposal, locally produced gold would be purchased and used to boost Ghana’s foreign exchange reserves and meet the dollar requirements of businesses and other economic actors.
Mr Acquah said such an approach could have served as a major structural intervention to address Ghana’s longstanding foreign exchange challenges and provide greater support for the cedi.
He argued that the NPP administration had already demonstrated the potential of the domestic gold purchasing policy before the establishment of GoldBod in its current form.
Mr Acquah, however, acknowledged that the Domestic Gold Purchase Programme recorded losses during the period under review.
He stressed, nonetheless, that the circumstances at the time were different from the current GoldBod arrangement.
“We had PMMC and PMMC had competitors all over,” he said, arguing that the institution did not enjoy the same exclusive position that GoldBod has under the current legal framework.
He further claimed that the NDC’s manifesto initially proposed establishing GoldBod primarily as a regulator rather than giving it the extensive trading responsibilities it currently exercises.
According to him, the NDC subsequently adopted elements of the NPP’s gold policy but failed to implement them effectively.
“What the NDC manifesto said was that they would set up GoldBod as a regulator. That was what the NDC manifesto stated, not as a trader,” he said.
Mr Acquah accused the governing party of taking elements of the NPP’s policy but failing to implement them properly after assuming office.
The Akyem Oda MP also questioned why a parliamentary motion seeking scrutiny of the losses associated with the gold programme was, according to him, not allowed to proceed.
He said the NPP side of Parliament had attempted to move a motion following the emergence of the reported losses but claimed the move was blocked.
“When the losses came, in the first nine months, we decided to move a motion and they disallowed it. Why did they block the motion?” he questioned.
His comments come amid an ongoing political debate over the financial performance of Ghana’s gold-related programmes and the operations of GoldBod.
Mr Acquah maintained that, with the legal framework and exclusive market position now available to GoldBod, an NPP government would have managed the institution differently and sought to ensure that the country’s gold resources translated into stronger foreign exchange reserves and broader economic benefits.
By 1960news.com
