$214m Gold Trading Loss: Bright Simons Defends IMF Assessment Amid Government Denials
Bright Simons, Honorary Vice President of IMANI Africa, has rejected efforts to downplay the International Monetary Fund’s (IMF) assessment that Ghana incurred about US$214 million in trading losses linked to gold transactions, insisting the Fund acted fully within its mandate.
Speaking on JoyNews’ Newsfile on Saturday, January 3, Simons said the IMF’s characterisation of the issue as “trading losses” was not arbitrary but flowed from its Article IV surveillance responsibilities, which apply to all IMF member states, regardless of whether they are on an active IMF-supported programme.
“The IMF insists that we should call it trading losses. We did not use that term arbitrarily,” Simons said, stressing that IMF surveillance is rooted in treaty obligations Ghana voluntarily accepted as a member of the Bretton Woods institution.
His comments come amid intense public debate following reports that GoldBod, the state-linked gold trading entity, recorded losses amounting to US$214 million—claims the government has strongly denied.
Simons emphasised that IMF surveillance is not optional, even for wealthy or non-borrowing countries.
“The IMF is a treaty organisation. We are members. As long as you are part of that treaty, the IMF surveillance function applies,” he noted.
He further rejected attempts to reframe the matter as a mere administrative or accounting issue, arguing that the IMF’s assessment pointed clearly to a commercial outcome.
“You cannot all of a sudden convert a trading loss into something that’s purely administrative. A trading loss means it’s a commercial loss,” he said, adding that the Fund’s conclusions were based on data reviews and extensive engagement with Ghanaian authorities.
However, government officials continue to dispute the IMF-linked claims.
Also appearing on Newsfile, GoldBod Chief Executive Officer Sammy Gyamfi dismissed the reports as “false and misleading,” insisting the entity has not recorded any losses.
“Emphatically, no. GoldBod, even though it is not a profit-making public institution, has not made any losses,” Gyamfi said.
He disclosed that GoldBod generated over GH₵960 million in revenue in 2025, while total expenditure stood at less than GH₵120 million, based on unaudited management accounts.
“From all indications, we are on course to declaring an income surplus,” he added.
The divergence between the IMF’s assessment and the government’s position is likely to intensify scrutiny of Ghana’s gold trading operations, especially as the country remains under close international surveillance amid ongoing economic reforms.
