Bright Simons, Vice President of IMANI Africa, has asserted that losses incurred under Ghana’s Gold-for-Reserves programme should be regarded as commercial trading losses rather than administrative errors.
During a segment on News File on Saturday, January 3, Simons emphasized that trading losses arise from market-driven conditions. These losses occur when gold is purchased at a certain price but cannot be sold at that same price by the end of the trading cycle. Simons warned that mischaracterizing such outcomes as administrative failures would be misleading.
"You cannot suddenly convert a trading loss into something that is purely an administrative matter. A trading loss is a commercial loss. It means that you bought gold at a specific price and were unable to realize that price by the end of the trading cycle. Nothing else qualifies as a trading loss," Simons explained.
This statement comes amidst political scrutiny regarding a reported US$214 million loss under the Bank of Ghana’s Gold-for-Reserves programme. The Minority in Parliament has called for a full-scale investigation into the contracts, fees, and pricing mechanisms associated with the programme to ensure transparency.
The Ghana Gold Board (GoldBod), headed by CEO Sammy Gyamfi, has repeatedly denied any losses. Gyamfi clarified that GoldBod, as a public institution, measures its success in surpluses rather than profits. For the year 2025, GoldBod expects to report over GHS960 million in revenue, with expenditures below GHS120 million, projecting a conservative surplus between GHS700 million and GHS800 million.
Gyamfi also pointed out that the Gold-for-Reserves programme is fully funded by the Bank of Ghana, predates GoldBod’s formation in April 2025, and any reported losses stem from policy design rather than mismanagement by GoldBod.
Simons’ statements align with this position, reiterating that trading losses should be viewed as a commercial issue, not an administrative failure.
Source: citinewsroom.com
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