MP Patrick Boamah Criticizes Goldbod Over Alleged Price Manipulation in Ghana’s Gold Trade

 

Patrick Boamah, a Member of Parliament and member of the Finance Committee, has expressed serious concerns about the transparency and fairness of Ghana’s gold trade, particularly regarding the practices of Goldbod, the state-designated gold aggregator. Boamah, who represents Okaikwei Central, has labeled the current gold pricing mechanism as opaque, exploitative, and inconsistent with global market standards.

In recent statements, Boamah raised alarms over the daily gold pricing set by Goldbod, which he claims is based on the interbank exchange rate. This method, according to Boamah, is unfair to local miners and deviates from standard global commodity pricing practices. He noted that no major global commodity is priced using the interbank rate, which is often manipulated below market value. Boamah further accused the Bank of Ghana of complicity in this practice, alleging that it deliberately suppresses the cedi’s value against the dollar, making it harder for Ghanaian miners to get fair compensation for their gold.

“This manipulation is a deliberate effort to short-change miners and stifle investment in the local gold sector,” Boamah stated.

Additionally, Boamah criticized the lack of transparency in the gold trade, pointing to an atmosphere of secrecy and intimidation surrounding operations. He claimed that national security forces are being deployed to enforce the new gold pricing system, resulting in the harassment of small-scale miners and traders. Boamah questioned whether this environment was in line with the promises made by the Mahama administration to restore fairness and justice to the country.

“The gold trade is now operating in the shadows. Is this the ‘Reset’ Ghanaians were promised?” he asked.

The MP also expressed concern about Goldbod’s practice of issuing multiple prices for gold purchases on the same day, a move he believes undermines economic logic and transparency. He further challenged Goldbod to explain why it offers ‘bonuses’ for gold instead of simply providing a fair and consistent price upfront.

“If Goldbod can afford to pay bonuses, why not just pay a fair price from the beginning?” Boamah asked, calling for greater clarity from both the government and Goldbod on their pricing policies.

Boamah’s statements come amidst growing criticism of the Mahama administration’s handling of the mining sector, with many stakeholders calling for greater transparency, better protections for local investors, and a more equitable pricing system.

This controversy continues to fuel debate on the future of Ghana’s gold trade and the need for urgent reforms to safeguard the interests of local miners and traders.