Gold Board slashes deficit to Central Bank by more than half

The Guyana Gold Board (GGB) has slashed its deficit at the Bank of Guyana from $14,469,024,924 in November 2016 to $6,764,937,380 in November 2017 as a result of the agency’s capitalising on the spike in gold prices and through tighter spending control measures.

A release from the Ministry of Natural Resources on Friday said that the deficit accrued in 2012 and 2013 when the Gold Board borrowed large sums from the country’s treasury to trade in gold, which resulted in massive losses. Since coming into office, the release said that the APNU+AFC administration has been working to bring the debt down and to better regulate the sector. These efforts have shown success, the release said.