The Minority in Parliament has revealed plans to file a Private Members' Bill to amend the Ghana Gold Board Act, citing inefficiency in the Board's operations.

Speaking to the press, the ranking member of Parliament's Economic and Development Committee, Kojo Oppong-Nkrumah, has said the current practices result in about a 15% loss on every $10 million release by the Bank of Ghana.

"As the leader was mentioning, the government is now admitting that for every $10 million that the Bank of Ghana releases to Gold Board to go and buy gold for them 15% of its doesn't come back, it goes into all sorts of charges, handling charges, bonus and other things. 

"So there are number of things that are in our view very wrong with the current structure, we have professed some views already and that views have not been taken, if it is possible for us to come by private members bill to get amendment we will explore that," he stated.

He stressed that these practices force the government to pay bonuses to gold dealers to curb smuggling as part of regulatory functions, indicating that this causes losses to the state.

"Minority offered a lot of suggestions that this program we started it we know the looples we know the gaps, for example don't mix the role of the regulator to the role of the trader because if you do you may end up funding regulatory functions indicating ways that you shouldn't.

"Now the government is having to as part of regulatory functions pay a bonus to the Gold dealers so that they don't smuggle the gold but if you are going to pay a bonus to discourage people from smuggling, you are going to lose money," he said.

Mr Oppong-Nkrumah added that if the government fails to amend the Act, broader reforms will be pursued when the New Patriotic Party (NPP) next assumes office.