Kwabena Okyere Darko-Mensah
The Member of Parliament for Takoradi, Kwabena Okyere Darko-Mensah, has called for a review of a policy under the Gold Board that allows the government, as the buyer of gold, to pay discounts and bonuses to sellers.
The MP described the practice as “criminal” and a potential source of financial loss to the state.
He linked the policy to the alleged $214 million loss recorded by the Gold Board, arguing that it demonstrates inefficiency in the programme.
“This programme is an NPP initiative that the NDC is trying to claim. But one key area I want to dwell on is the issue of sourcing,” he said.
According to him, the usual practice in large-scale gold trading is for buyers to receive discounts so they can make a profit when the mineral is resold.
“The normal practice is that anybody buying gold in large quantities is given a discount so that when the person sells the mineral, they can make some profit,” he added.
The Takoradi MP made the remarks while commenting on the Ghana Accelerated National Reserve Accumulation Policy (GANRAP) (2026–2028) presented to the House by the Finance Minister, Dr. Cassiel Ato Forson.
He argued that paying bonuses or discounts to gold sellers while the government itself is the buyer amounts to criminality and illegality, insisting that the policy provision should be removed.
Mr. Darko-Mensah also criticised the Bank of Ghana (BoG) and the Gold Board for operating what he described as a monopoly in determining gold prices.
According to him, within a monopolistic arrangement, offering discounts to sellers is illogical and ultimately imposes a cost on the state.
“As we speak, the target is to buy $20 billion worth of gold every year. Where is the money coming from? Is the Bank of Ghana going to print money, or are Ghanaians going to be taxed to pay for it?” he questioned.
He further alleged that the government intends to hide behind the GANRAP policy to pay bonuses and discounts to itself, a situation he warned could create opportunities for “loot and share”.
“If the NDC wants to accumulate gold, there is nothing wrong with it. But what is their track record?” he asked.
The MP also raised concerns about the lack of a traceability mechanism in the management of natural resources, particularly within the mining sector.
“So far, in the last year, they have not implemented any traceability system, clearly showing their incompetence and inefficiency in managing the programme,” he asserted.
From Emmanuel Opoku, Takoradi