PAGA demands answers over US$1.7bn gold purchase programme loss, extortion allegation

The group further demanded that the Ministry of Finance, Bank of Ghana and GoldBod publish a reconciled account of the gold purchase programme, explain their financial relationship under the programme and ensure that officials responsible for any avoidable losses are held accountable.

PAGA questioned the identity of the off-takers of Ghana’s gold, discounts granted on the transactions, fees paid to GoldBod and other intermediaries, and the pricing and foreign-exchange arrangements used under the programme.

PAGA said claims that the gold purchase programme helped strengthen the cedi, build reserves and curb gold smuggling could not be used to justify what it described as financial indiscipline.