Bright Simons, Vice President of IMANI Africa, has responded sharply to Sammy Gyamfi, accusing the latter of withholding critical information on Ghana’s gold trade.
Simons is particularly concerned about the losses identified by the International Monetary Fund (IMF) in transactions involving small and artisanal miners in the Dore Gold sector.
The IMF’s recent report has sparked a debate on financial transparency, with Simons calling for greater openness regarding the Bank of Ghana’s management accounts and the economic impact of these losses.
The IMF’s report has been unequivocal in its findings, detailing significant losses incurred in the purchase of Dore Gold from small and artisanal miners. According to the report, these losses stem from transactions involving Ghana’s Bank of Ghana (BoG), which has exclusive authority to purchase Dore Gold on behalf of the country.
Simons points to the specific losses identified in the IMF report, noting that the losses appear to be tied to the buying and selling sides of the Dore Gold transactions. “The IMF’s report clearly lays out the losses, identifying which programs and transactions generated them. If you haven’t read it, Sammy, I’ve attached it again for your review,” Simons stated.
Simons also emphasized the Bank of Ghana’s exclusive role in purchasing Dore Gold. “There is a law in place that makes Sammy Gyamfi the ‘Gold Bossu’ of Ghana, granting him the sole authority to buy Dore Gold from small miners. This role, performed on behalf of the Bank of Ghana, raises questions about where these losses are coming from.”
Simons points out that any losses in the gold trade can only arise from the buying and selling aspects of the transaction. He calls into question the reluctance to disclose more detailed financial data, especially since the IMF has had access to government records and has confirmed the losses.
Simons has urged Gyamfi and other government officials to adopt a culture of transparency. He stresses that the information provided to the IMF should have been shared publicly with stakeholders much earlier. “It’s been months of banter, and yet, you continue to refuse to release vital information. Now, the IMF has confirmed what we’ve been saying all along,” Simons said.
Simons also addressed the broader issue of governance and accountability in Ghana, expressing frustration with the government’s repeated reluctance to share information. “The culture of playing ‘cat and mouse’ with activists over facts and data has been damaging for years. Government officials often deny things that turn out to be true later on, which does nothing to build public trust.”
A key point of contention has been the role of auditors in the reporting of financial losses. Simons clarified that auditors are not responsible for preparing financial statements but are there to confirm that the statements are free of misstatements and comply with financial reporting standards. The responsibility to disclose losses lies with the management, he asserts.
“The management accounts are the key. What does the Bank of Ghana’s management accounts say? If the IMF has access to this data, then it is not speculative. The information used by the IMF would have come from these internal management records, not from any external assumptions,” Simons explained.
Simons emphasized that the goal was not to see the government fail but to ensure its success. However, this can only happen through transparent and thorough scrutiny of financial activities. “We are not hoping for your failure, Sammy. We want to make sure you succeed, but that requires openness, honesty, and transparency,” Simons concluded.
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