Goldbod Imposes $1.7bn Debt On BoG -Minority

The Minority in Ghana's Parliament has raised concerns over the financial implications of the Domestic Gold Purchase Programme, operated through the Ghana Gold Board (GoldBod), which resulted in a loss of approximately US$1.7 billion to the Bank of Ghana (BoG) in 2025. This loss, equivalent to about 1.5% of Ghana's Gross Domestic Product (GDP), was reported in the International Monetary Fund's (IMF) latest assessment of Ghana's economy.

Minority Leader Alexander Afenyo-Markin stated that the figure is not an allegation but contained in the IMF's report, and called for a full examination of the programme's structure, financing, and management. The IMF report indicated that the programme generated losses of more than US$1.7 billion in 2025, highlighting fundamental questions about the relationship between GoldBod and the central bank.

The Minority questioned the incentive imbalance where GoldBod earned fees while the Bank of Ghana absorbed the losses. They also demanded details of the gold prices paid, premiums, and off-taker selection. Furthermore, the Minority pointed out a significant change in the financing arrangement, with GoldBod now mobilizing financing directly from commercial banks and off-takers, ending its role as a buying agent for the BoG in March 2026.