Accra: The Institute of Economic Research and Public Policy (IERPP) has formally demanded full documentary disclosure from GoldBod and relevant state institutions over an alleged GHS2 billion advance payment guarantee linked to Ghana's gold aggregation and trading arrangements. Addressing a press conference at the Ghana International Press Centre, the Executive Director of IERPP, Prof Isaac Boadi, warned that any attempt to downplay the transaction would amount to economic recklessness, emphasizing the significant public financial exposure and sovereign risk involved.
According to Ghana Web, the press briefing followed a public admission attributed to Sammy Gyamfi, a leading official associated with the GoldBod policy framework. The admission revealed that Bawa Rock Company Limited provided a GHS2 billion advance payment guarantee related to GoldBod's operations, prompting IERPP to call for urgent clarification, transparency, and accountability due to the strategic importance of gold to Ghana's economy.
Prof Boadi announced that IERPP had formally requested certified true copies of documents across five key areas, seeking information on the contractual basis of the transaction, the nature of the guarantee, the source of funds, governance approvals, and financial treatment. The demanded documents include principal contracts, MOUs, or agreements between GoldBod and Bawa Rock Company Limited, as well as any related side letters, escrow agreements, or comfort letters.
In terms of financial implications, Prof. Boadi highlighted that under International Financial Reporting Standards (IFRS), guarantees are considered off-balance-sheet exposures that become financial liabilities once triggered. He questioned which financial institution issued or backed the alleged GHS2 billion guarantee, noting the potential regulatory breaches given Ghana's banking laws and the financial positions of major Ghanaian banks.
IERPP grounded its demands in the Right to Information Act, 2019, emphasizing the public's right to information concerning the management of public resources and potential financial risks to the State. Prof Boadi stressed that any refusal to disclose information must be legally justified and advocated for disclosure through severability where necessary.
Prof Boadi dismissed any notions of political motivation behind IERPP's actions, asserting that the intervention is a constitutional demand for openness, accountability, and protection of the public purse. He emphasized the public's right to clear answers regarding the management of strategic national assets and the associated financial risks.
IERPP committed to keeping the public informed of developments, including any failure by relevant institutions to comply with legal disclosure requirements.