The opposition New Patriotic Party (NPP) has questioned whether the Ghana Gold Board (GoldBod) has the legal mandate to conduct foreign exchange trading and auctions.
The opposition New Patriotic Party (NPP) has questioned whether the Ghana Gold Board (GoldBod) has the legal mandate to conduct foreign exchange trading and auctions.
A member of the NPP’s Policy Coordinating Committee on Finance and Economy, Dr Mohammed Amin Adam, raised the concern at a press conference on Tuesday, September 1.
According to him, GoldBod appears to have expanded its operations beyond purchasing and trading gold to include foreign exchange transactions.
“GoldBod now appears to be operating a forex bureau. They are running foreign exchange sales and foreign exchange auctions,” he claimed.
Dr Amin Adam, a former Finance Minister, questioned whether such activities were authorised under the Ghana Gold Board Act or licensed by the Bank of Ghana.
“The Ghana Gold Board Act gives it no such mandate, and GoldBod holds no licence from the Bank of Ghana to engage in forex trading,” he alleged.
He therefore called on the Bank of Ghana to clarify the legal and regulatory basis for GoldBod’s reported participation in the foreign exchange market.
“If this is happening, the Bank of Ghana needs to explain under what authority it is happening,” he said.
The NPP’s concerns formed part of broader questions raised about the structure, financing and financial performance of the country’s gold purchase programmes.
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