The Institute of Economic Research and Public Policy (IERPP) is issuing urgent demands following the disappearance of several quarterly trading reports published on the Ghana Gold Board’s website, sparking significant concern amongst stakeholders and raising questions about transparency within the gold sector.
The IERPP, a key institution responsible for monitoring and regulating gold trade in Ghana, is formally requesting an explanation from GoldBod regarding the removal of these reports, citing a potential breach of legal obligations and a lack of accountability.
According to the IERPP, Section 42 of the Ghana Gold Board Act, 2025 (Act 1140), which establishes the Gold Board’s mandate, mandates the publication of quarterly reports detailing the Board’s operations, revenue, contracts, expenditure, and sourcing practices. The IERPP argues that the removal of these reports represents a significant departure from established procedures and poses risks to public scrutiny and compliance with the law.
The Institute stresses that the reported removal extends beyond a simple website management issue; it raises serious concerns about the potential for concealing crucial information and undermining public trust. The IERPP is particularly concerned about the implications for the transparency of the gold trade, which is vital for citizen oversight and parliamentary accountability.
Specifically, the IERPP is calling for a detailed explanation of who authorized the removal of the reports, the precise date of deletion, the rationale behind the decision, and whether any figures within the reports were subsequently altered or redacted.
“If the reports were removed, GoldBod must clearly and comprehensively explain who authorized their removal, when they were removed, why they were removed, and whether any figures were subsequently changed,” the IERPP stated, emphasizing the importance of readily accessible information for the public and Parliament.
The Institute highlights that GoldBod itself is mandated to require market participants to comply with reporting obligations, further underscoring the significance of the reported disappearance of the reports.
Furthermore, the IERPP points to Section 42(2) of the Act, which mandates GoldBod to ensure access to reports published under the provision, as a key factor in their demand for restoration.
The Institute is demanding the immediate restoration of all previously published quarterly reports and the establishment of a permanent public archive to ensure the long-term accessibility of the data.
In response, the IERPP is also advocating for greater disclosure of off-taker fees, trading margins, discounts, assay charges, and other transaction costs, asserting that this information is essential for independent evaluation and scrutiny of the gold purchasing program.
The situation has intensified following a recent report suggesting a US$1.7 billion loss associated with the Gold Bod initiative, which highlights the increased scrutiny of the gold purchasing framework.
The IERPP is further pushing for a consolidated financial account of the programme to demonstrate how much was spent, what Ghana received in return, and whether the initiative ultimately generated a net benefit for the country. The report also calls for the Board to provide more transparency regarding the operations of the Gold Bod program, including detailed analysis of the impacts of the gold purchasing scheme.
The IERPP views the issue as a critical step towards enhancing public oversight and ensuring accountability within the gold sector. The Institute’s demands underscore the importance of transparency and the need for robust regulatory oversight to safeguard the integrity of Ghana’s gold resources and financial systems.”
Further, the IERPP has indicated that they are calling for greater disclosure of off-taker fees, trading margins, discounts, assay charges, and other transaction costs to enable independent scrutiny. The concerns are also linked to the ongoing reform efforts surrounding the gold purchasing system, and the gold purchasing framework.
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Source: MyJoyOnline
