GoldBod did not record GH¢22bn loss; audited accounts show GH¢5.44bn surplus – Institute of Fiscal Policy Governance
The Institute of Fiscal Policy Governance has rejected claims that the Ghana Gold Board (GoldBod) recorded a loss of about US$1.7 billion, equivalent to roughly GH¢22 billion, in 2025.
The Institute of Fiscal Policy Governance has debunked assertions that Ghana Gold Board, also known as GoldBod, incurred a loss of around US$1.7 billion, roughly GH¢22 billion, in 2025. The Institute asserts that these claims are unfounded according to GoldBod's audited financial statements, which reveal a surplus of around GH¢5.44 billion for the same period.
This comes in response to Minority Leader Alexander Afenyo-Markin and members of the Minority Caucus who expressed concerns about GoldBod's financial performance at a press conference, specifically regarding the Domestic Gold Purchase Programme's financial implications. Institute's Senior Policy Coordinator, Ernest Ofori-Nti, stated that the claim of a significant loss isn't supported by GoldBod's audited records.
GoldBod's annual financial report for the year concluding December 31, 2025, showed total revenue of GH¢5.55 billion against total expenditure of GH¢109.6 million, leading to a surplus before exceptional items of GH¢5.44 billion and GH¢5.443 billion after accounting for exceptional items. The Institute clarifies that these figures are substantiated in the audited statements, and thus, cannot be classified as a GH¢22 billion loss without supplementary evidence.
The Institute also asserts that the Minority Caucus is conflating GoldBod's financial status with the implications of the Bank of Ghana's Domestic Gold Purchase Programme. It emphasizes that GoldBod and the Bank of Ghana are separate entities with distinct responsibilities, financial records, and reporting obligations. Ofori-Nti points out that any losses incurred by the central bank related to the gold purchase programme, foreign exchange operations, reserve accumulation, or valuation changes cannot be attributed to GoldBod.
He argues that GoldBod and the Bank of Ghana operate under separate statutory functions, accounting records, balance sheets, and reporting requirements. The Institute questions the basis for attributing the alleged GH¢22 billion loss to GoldBod, requesting that the Minority provide an audited schedule, transaction-by-transaction reconciliation, and evidence from the Auditor General verifying the loss.
The Institute further challenges the suggestion that the Auditor General lacked the complete picture when auditing GoldBod. They maintain that if there's evidence of withheld material information from the Auditor General, those raising the allegations should present this evidence and utilize the proper constitutional and statutory procedures to contest the audit.
The Institute reiterates its support for parliamentary oversight of GoldBod and other public institutions but cautions against using accounting terminology to fuel political arguments. They clarify the difference between questioning the Bank of Ghana's expenditures under the Domestic Gold Purchase Programme and alleging that GoldBod itself incurred a GH¢22 billion loss.
The Institute urges the Minority to explicitly state their concerns about the Bank of Ghana's losses, rather than attributing them to GoldBod.
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