A member of the Finance Committee in Parliament, Patrick Boamah, has expressed concerns about the recent developments in Ghana’s gold trade business, led by Goldbod, saying it leaves much to be desired regarding the ground rules of fair play and transparency
According to him, issues such as unfair pricing of gold in the local market beg for answers from the government, particularly Goldbod.
As a result, he stated that gold trading is now conducted under the cover of darkness and secrecy. “Is this the “Reset’ promised by JDM [President Dramani Mahama]?” he questioned.
Regarding the unfair pricing of gold in the local market, the Member of Parliament for Okaikwei Central said Goldbod has chosen to use the interbank rate in valuing gold daily. “This is not only unfair to miners in Ghana but also a rip-off, since no commodity is priced using this rate for trade purposes. Even government payments for foreign currency–denominated goods and services do not use this rate as the basis for transactions. So why gold?” he quizzed again.
Furthermore, he pointed out that the Bank of Ghana has resorted to manipulating the rate by perpetually pegging the interbank rate below Bloomberg’s US dollar rate, effectively short-changing miners and undermining their investments in the gold mining business.
On harassment of miners and gold traders by national security operatives, Mr. Boamah indicated that to justify and enforce this opaque market system introduced by Goldbod, the government has unleashed national security operatives across the country, whose task has been to intimidate and brutalize poor miners and traders.
He therefore wants the small-scale mining sector, which is predominantly driven by Ghanaian investment, to be given urgent protection before it collapses completely.
Again, about the issuance of two daily gold prices, he questioned, “Why is Goldbod now issuing two prices for gold purchases each day? adding, this practice defies economic logic and reflects a lack of transparency on the part of both Goldbod and the government in the controlled pricing regime of the JDM “Reset” administration”.
Which commodity in the same market, for the same players, is sold at dual prices?, he questioned, adding, this strongly suggests that Goldbod and government are concealing the true and fair price of gold in Ghana.
“If Goldbod can pay ‘bonuses’ for gold, why not declare and pay the proper price outright? Why maintain different prices for the same commodity? Goldbod and the government must come clean”, he asked.
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