Dr Manteaw examines reasons behind growing resistance to GoldBod

Policy analyst Dr Steve Manteaw has disclosed that individuals who benefited from unaccounted gold exports are unhappy with the establishment of the Ghana Gold Board (GoldBod).

He explained that in 2018, the then Senior Minister, Yaw Osafo-Maafo, reported that Ghana had exported $7 billion worth of gold to the United Arab Emirates (UAE), but the country was able to account for only $2 billion.

According to Dr Manteaw, the remaining $5 billion could not be accounted for.

He argued that the establishment of GoldBod has closed some of the loopholes that previously existed in the gold trade, which he believes explains the persistent criticism of the institution.

Making the point in a social media post, Dr Manteaw said: “In 2018, the then Senior Minister, Osafo-Maafo, reported that Ghana had exported $7 billion worth of gold to the UAE, but the country was able to account for only $2 billion.

“Those who benefited from the $5 billion loss of revenue arising from the unaccounted exports are today in pain with the establishment of GoldBod because it has closed the loophole that facilitated the loss of gold revenue to the state.

“Let’s all support efforts to stem illicit financial flows in our mining sector, and let’s be mindful of the fact that these efforts will come at a cost,” he said.

Dr Manteaw further cited an analysis by Corruption Watch, which he said estimates illicit financial flows from Ghana’s small-scale gold sector, arising from gold exports that could not be accounted for, at a staggering $6.4 billion annually.

“Certainly, we cannot allow this to continue. We must support GoldBod to plug the loopholes,” he added.

Meanwhile, Minority Leader Alexander Afenyo-Markin has expressed concern over alleged losses incurred by GoldBod in the gold trade.

According to him, it is shocking that the institution would record losses from gold trading.

He has therefore urged the Majority in Parliament not to block the Minority’s efforts to summon the Chief Executive Officer of GoldBod before Parliament to provide answers on the matter.