The GoldBod Riddle: When everyone’s numbers are right, who do we believe?
Companies licensed to buy gold for Ghana's artisanal gold marketing agency GoldBod have not been paid for up to three weeks, forcing some operators to halt purchases or borrow to stay in business despite surging bullion prices, five industry sources told Reuters.
The conflicting headlines surrounding GoldBod's financial performance in Ghana have left many ordinary citizens wondering who to believe. On one hand, Minority Leader Alexander Afenyo-Markin cited the IMF's sixth review report, which recorded a $1.7 billion loss, or approximately GH¢22 billion, linked to Ghana's Domestic Gold Purchase Programme in 2025.
On the other hand, GoldBod CEO Sammy Gyamfi presented the institution's audited financial statements, showing an operational surplus of GH¢907 million and an overall surplus of GH¢5.4 billion. Despite the differing claims, both statements can be true simultaneously, as they refer to distinct sets of books and accounting rules. The IMF's loss figure refers to the Bank of Ghana's balance sheet, while GoldBod's surplus is based on its own corporate accounts.
The controversy arises from the fact that both entities are involved in the same programme, leading to contrasting perspectives on financial performance.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
