Bright Simons, Honorary Vice President of IMANI Africa, has pushed back against attempts to downplay the International Monetary Fund’s (IMF) assessment of Ghana’s reported US$214 million losses linked to gold trading, insisting that the Fund has both the mandate and the right to describe the issue as “trading losses.”
Speaking on JoyNews’ Newsfile on Saturday, January 3, Simons explained that the IMF’s conclusions stem from its surveillance role under Article IV consultations, which apply to all member countries, not only those on active IMF programmes.
“The IMF insists that we should call it trading losses. We did not use that term arbitrarily,” Simons said, stressing that IMF reviews are grounded in treaty obligations Ghana voluntarily signed up to as a member of the Bretton Woods institution.
His comments come amid public debate over reports that GoldBod, the state-linked gold trading entity, incurred losses amounting to US$214 million — claims that have been strongly denied by the government.
Simons clarified that IMF surveillance is not optional, even for wealthy or non-borrowing countries. “The IMF is a treaty organisation. We are members. As long as you are part of that treaty, the IMF surveillance function applies,” he said.
According to him, the Fund has the right to assess how countries manage their economies and to publish its findings, provided the engagement with authorities is reasonable.
He rejected suggestions that the issue could be reduced to a mere administrative or accounting problem. “You cannot all of a sudden convert a trading loss into something that’s a purely administrative matter. A trading loss means it’s a commercial loss,” Simons argued, adding that the IMF’s conclusions were based on careful examination of data and extensive engagement with Ghanaian authorities.
However, government officials have dismissed claims of losses at GoldBod.
Appearing on Newsfile the same day, Chief Executive Officer Sammy Gyamfi described reports of a US$214 million loss as “false and misleading.”
“Emphatically, no. GoldBod, even though it is not a profit-making public institution, has not made any losses,” Sammy Gyamfi stated.
He disclosed that GoldBod generated more than GH₵960 million in revenue in 2025, while its total expenditure stood at less than GH₵120 million, based on unaudited management accounts.
“From all indications, we are on course to declaring an income surplus,” he added.
- President Commissions 36.5 Million Dollars Hospital In The Tain District
- You Will Not Go Free For Killing An Hard Working MP – Akufo-Addo To MP’s Killer
- I Will Lead You To Victory – Ato Forson Assures NDC Supporters
Visit Our Social Media for More
About Author
