The reported plan by the Ghana Export-Import Bank (EXIM Bank) to consider a $100 million financing facility for Heath Goldfields Limited is generating increasing public concern—not only about the use of scarce state-backed funds, but also about governance and transparency at the highest levels.
At the center of the issue is the takeover of the Bogoso-Prestea Mine by Heath Goldfields, a development that was initially justified on the basis of strong financial and technical backing. Key among these representations was a reported $500 million partnership with Yilmaden Holding, which was widely viewed as a critical assurance of the company’s capacity to restore operations and safeguard jobs.
However, within a relatively short period of assuming control, Heath Goldfields is now reportedly seeking substantial financial support from EXIM Bank. This development raises fundamental questions about whether the company’s initial financial position has changed or whether earlier assurances require further clarification.
Beyond the financing request itself, governance concerns are now coming into sharper focus. In particular, questions are being raised in the public domain regarding potential links between entities associated with Heath Goldfields and interests connected to leadership within EXIM Bank. While these concerns remain matters for verification, they underscore the importance of strict adherence to conflict-of-interest rules, especially in transactions of this magnitude.
Under the Ghana Export-Import Bank Act, 2016 (Act 911), members of the Board are required to disclose any interest in matters under consideration and to recuse themselves from related deliberations. These provisions are not merely procedural—they are essential safeguards designed to protect the integrity of public institutions and ensure that decisions are made in the national interest.
Given the scale of the reported $100 million facility, it is imperative that EXIM Bank demonstrates full transparency in its decision-making process. The public deserves clear answers on whether:
* Any potential conflicts of interest have been formally disclosed;
* All relevant parties have recused themselves where necessary;
* The proposed financing aligns with the Bank’s mandate to support export-driven and broad-based economic growth.
Equally important is the broader question of priority. At a time when thousands of small and medium-sized enterprises across Ghana continue to face significant challenges in accessing finance, the allocation of such a substantial sum to a single entity must be carefully justified in terms of national impact.
This is not an argument against supporting strategic industries. Rather, it is a call for balance, accountability, and fairness in the use of public resources.
The Bogoso-Prestea Mine remains a critical national asset, and its successful operation is important for employment, local economies, and export revenues. However, the pathway to that success must be built on transparency, credible financing structures, and governance processes that command public trust.
We therefore call on EXIM Bank, the Ministry of Finance, and all relevant regulatory bodies to provide full disclosure on the reported facility, the due diligence undertaken, and the governance measures in place to manage any potential conflicts of interest.
In matters involving public funds and national resources, perception matters as much as reality. Ensuring that both are beyond reproach is not optional—it is essential.
The Ghanaian public is watching, and rightly so.
— BY PROSPER AGBENYEGA
