$214M in gold-for-reserves programme not a loss, Parliament’s economy chair insists it’s a transactional cost

Eric Afful, Chairperson of Parliament’s Economy Committee, has said the reported $214 million “loss” under the Gold-for-Reserves (G4R) programme should not be classified as a loss but rather as a transactional cost incurred by the Ghana Gold Board (GoldBod).

He made the remarks while addressing concerns raised by the Minority in Parliament about the alleged mismanagement of the programme.

Afful, speaking on Monday, December 29, emphasised that the Gold Board has yet to officially release its financial statements. “Gold board has not rendered its financials. Though there was information going on to the IMF that there is that $240 million… I’m saying confidence that the $240 million cannot be described as you speak today, as losses. Cannot be described as losses. It is a cost. It is a transactional cost to the gold board,” he said.

Source: www.myjoyonline.com

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