Jacob Osei Yeboah, former independent presidential candidate in the 2012 and 2016 general elections, has raised serious concerns about the reported $214 million loss recorded by GoldBod, questioning the role of the Bank of Ghana (BoG) and warning of deeper global forces influencing Ghana’s gold economy.
In a strongly worded commentary, Yeboah argued that the financial figures surrounding GoldBod do not add up. According to him, if GoldBod purchases gold from artisanal miners at a 2 percent discount and sells at an estimated 1.5 percent discount, both calculated in dollar equivalents, the remaining 0.5 percent margin should reasonably be sufficient to cover operational and overhead costs.
“How then do the books of GoldBod show losses of $214 million?” Yeboah questioned, suggesting that the explanation being offered to the public is incomplete.
Gold, Central Banks, and Global Influence
Yeboah contends that gold is not a conventional commodity and should be understood within the context of a globally interconnected financial system dominated by central banks and global elites. He argues that this reality limits the autonomy of national institutions and complicates Ghana’s ability to independently control outcomes in its gold sector.
He further questioned why the Bank of Ghana’s financial disclosures appear to emphasize losses without adequately reflecting broader revenue performance or structural constraints affecting gold transactions.
Defense of Sammy Gyamfi
In his remarks, Jacob Osei Yeboah came to the defense of Sammy Gyamfi, describing the intense public criticism against him as misplaced and historically familiar. Yeboah warned that Gyamfi is being subjected to the same kind of pressure once faced by Sir Sam Jonah in the late 1990s.
He recalled how Jonah, then the only Black chief executive leading Ashanti Goldfields Company (AGC), faced sustained resistance while expanding the company globally and enabling Ghanaian professionals to earn expatriate-level salaries. According to Yeboah, those efforts were undermined by powerful interests uncomfortable with African leadership in the global gold industry.
“It is the same illusionary pattern,” Yeboah stated, cautioning that individuals who work to empower others are often the first to be politically and economically isolated.
Call for Institutional Independence
Yeboah argued strongly that GoldBod should operate independently of the Bank of Ghana, stating that such a separation would allow for greater transparency, credibility, and positive financial reporting.
He maintained that the success of GoldBod — reportedly generating over $8 billion in revenue and sustaining an economy inherited in January 2025 — is not being adequately acknowledged. In his view, if even the reported $214 million loss is accurate, it does not negate the broader economic impact of the initiative.
A Warning Against Internal Sabotage
The former presidential candidate also expressed concern about what he described as internal opposition, particularly from politically aligned groups who may not fully understand the global dynamics of the gold trade. He warned that such divisions could undermine national interests for short-term political gains.
Yeboah advised that excessive explanations or public defenses would not resolve the situation, arguing that global financial power structures are rarely influenced by rhetoric alone.
A Strategic Message
According to Jacob Osei Yeboah, sustained results, institutional reform, and structural independence — rather than public debate — will ultimately determine GoldBod’s success.
His commentary concludes with a cautionary note: that challenging entrenched global interests requires patience, strategy, and the willingness to endure criticism until tangible outcomes speak for themselves.
Source: Thepressradio.com
