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 Boako said the public discussion surrounding the reported reserves support should go beyond the headline figures and establish the financial obligations underlying GoldBod’s gold purchases.
He argued that GoldBod’s reported $1.8 billion in foreign exchange generation should be examined against its previous obligations to the Bank of Ghana, including about GH¢3.7 billion in gold supplies he said remained outstanding in 2025.
According to the MP, the financing structure is particularly important because GoldBod’s ability to direct dollar proceeds towards reserves would depend on the source of the funds used to purchase the gold.
He said funds obtained from commercial banks would have to be repaid through corresponding foreign exchange sales, while funds provided by off-takers would similarly have to be matched with gold deliveries or related proceeds.
Dr Boako said the potential sources that could allow the proceeds to support reserves would include Ministry of Finance funding or GoldBod debt instruments.
“The true length of this GoldBod arrangement will be known when we finally stretch the books,” Dr Boako said.
He also questioned whether the Bank of Ghana was still financing GoldBod despite its stated intention to exit the funding scheme, and asked GoldBod to provide clarity on the reported GH¢5 billion commitment from the Ministry of Finance and how much of it had so far been used for gold purchases.
