PAGA demands answers on US$1.7 billion gold purchase program loss and addresses extortion allegations

PAGA stated that the debate over which institution's balance sheet carries the loss is a distraction, as the financial burden ultimately falls on Ghanaian taxpayers. The group questioned the identity of gold off-takers, discounts granted, fees paid to GoldBod and other intermediaries, and the pricing and foreign exchange arrangements. PAGA also sought an explanation for why gold was allegedly sold at a discount and demanded disclosure of how much of the loss resulted from foreign exchange differentials, as well as the identification of officials who approved the arrangements.

PAGA urged President John Dramani Mahama to prevent such losses from recurring and demanded a complete, reconciled account of the program, publication of audited financial statements, and identification of officials responsible for avoidable losses. Additionally, PAGA addressed an allegation by GoldBod Chief Executive Officer Sammy Gyamfi against Minority Leader Alexander Afenyo-Markin, whom Gyamfi publicly described as an “extortionist.” PAGA urged Afenyo-Markin to address the allegation to protect his reputation and called on Gyamfi to provide evidence for his claim.

PAGA emphasized that both men owe Ghanaians a clear account of the matter, insis