Patrick Boamah, a member of Parliament’s Finance Committee, has voiced serious concerns regarding the state of Ghana’s gold trade, particularly criticizing practices by Goldbod that he claims lack transparency and fairness. Speaking to the media, he highlighted issues such as unfair pricing of gold in the local market, questioning the government’s involvement, especially concerning Goldbod’s use of the interbank rate for daily gold valuations. Boamah described this approach as unfair and a rip-off, noting that no other commodity pricing uses this rate, including government transactions for foreign currency-denominated goods.
He further accused the Bank of Ghana of manipulating the interbank rate to benefit certain interests, ultimately disadvantaging local miners. Boamah also raised alarm over reports of national security operatives intimidating miners and traders to enforce what he described as an opaque market system introduced by Goldbod. He emphasized the need for urgent protection for small-scale miners, who primarily drive Ghana’s gold sector, to prevent potential collapse.
Additionally, he questioned the rationale behind Goldbod’s issuance of two daily gold prices, criticizing this practice as lacking economic logic and transparency. Boamah challenged the government and Goldbod to clarify why they maintain different prices for the same commodity, suggesting that this indicates an attempt to conceal the true market value of gold in Ghana. He called for honesty in pricing, urging that if Goldbod can offer bonuses for gold, they should also declare a fair and consistent price for the commodity.