GoldBod Loss Claims: “If It Is Making Profits, Where Is the Accounting Cost Coming From?” — Chairman Nkansah Communication Team Member for Ken’s Camp

The controversy surrounding the alleged losses at GoldBod has intensified, with Chairman Nkansah, a Communication Team Member for Ken’s Camp, questioning the explanation being offered by GoldBod officials. Speaking in an interview with Nhyiraba Kwabena Asirifi on the ICADTV Ghana Nti Morning Show, Chairman Nkansah said Sammy Gyamfi’s characterization of the reported loss as an “accounting cost” raises further questions about the financial position of GoldBod. “Sammy Gyamfi has acknowledged that there is a loss, but describes it as an accounting cost. If GoldBod is making profits, then the question is: where exactly is this accounting cost coming from?” he asked. According to Chairman Nkansah, describing the loss as an accounting cost rather than a physical cash loss does not, by itself, resolve concerns about GoldBod’s financial performance. He called for a clearer explanation of how the reported figure was calculated and what specifically accounted for the loss. He further criticized Sammy Gyamfi’s comments on exchange rates, arguing that as a lawyer and a government spokesperson, he should provide a clear and convincing explanation to the public. “No economist can tell me that they do not understand how the exchange rate works,” Chairman Nkansah stated. He maintained that the government must provide greater transparency on GoldBod’s accounts, particularly regarding its revenue, expenditure, exchange-rate effects and the distinction between accounting losses and actual cash losses. The debate over GoldBod’s financial performance continues, with calls for the government and the Minority to present clear figures to enable Ghanaians to independently understand whether the institution has made a genuine financial loss or whether the reported figure is primarily an accounting adjustment.