Gideon Boako: GoldBod books must be stretched to establish true nature of reserves support
The Tano North Member of Parliament (MP), Dr Gideon Boako, has called for closer scrutiny of the books of the Ghana Gold Board (GoldBod) to determine the true nature of the reported $1.1 billion contribution to Ghana’s foreign exchange reserves.
Dr Gideon Boako, the Tano North MP, is advocating for a more thorough investigation of Ghana's Gold Board (GoldBod) financial records. He wants to uncover the true extent of the reported $1.1 billion contribution to Ghana's foreign exchange reserves. Boako believes that simply looking at the headline figures is not enough; the underlying financial obligations behind GoldBod's gold purchases must be established as well.
In a recent article on October 1, Boako stated that GoldBod's reported $1.8 billion in foreign exchange generation needs to be compared against its existing obligations to the Bank of Ghana, including around GH¢3.7 billion in outstanding gold supplies in 2025. The MP emphasized that the financing structure is crucial because GoldBod's ability to allocate its dollar earnings towards reserves will depend on the origin of the funds used to buy the gold.
He explained that commercial bank funds would need to be repaid through equivalent foreign exchange sales, while off-taker funds would similarly have to be matched with gold deliveries or related profits. Boako suggested that potential funding sources might include the Ministry of Finance or GoldBod's own debt instruments. He questioned whether the Bank of Ghana is still providing funding to GoldBod, despite its announced plans to phase out the funding arrangement.
Boako also requested clarity from GoldBod regarding the reported GH¢5 billion commitment from the Ministry of Finance and how much of that amount has actually been utilized for gold acquisitions.
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