Minority has called on President John Dramani Mahama to order further investigations into the operations and financial performance of GoldBod amid concerns over losses reportedly linked to Ghana’s domestic gold purchase programme.
In an interview, Chairperson of the Public Accounts Committee, Abena Osei Asare called for the investigation, citing growing scrutiny over the financial relationship between GoldBod and the Bank of Ghana, particularly following reported discrepancies in the losses recorded under the programme.
The domestic gold purchase programme forms part of Ghana’s efforts to increase state participation in the gold trade, strengthen foreign-exchange reserves and improve the country’s earnings from its mineral resources. GoldBod is responsible for regulating and purchasing gold from the artisanal and small-scale mining sector.
However, concerns have been raised about the financial burden of the programme on the central bank. The Bank of Ghana’s 2025 financial statements reportedly recorded a US$214 million loss, while the International Monetary Fund’s latest Article IV consultation put losses associated with the programme at about US$1.7 billion.
Madam Osei Asare said the difference in the figures requires closer scrutiny, particularly given the Bank of Ghana’s worsening negative equity position and the level of government support provided to the central bank.
She also questioned how GoldBod could report profits while the Bank of Ghana was carrying substantial losses connected to the programme.
“Clearly, we ought to look into this.”
She called for GoldBod’s current programme to be presented to Parliament for scrutiny, arguing that an institution receiving public funds should be subject to regular reporting and accountability.
Madam Asare further urged President Mahama to apply his earlier position on underperforming state-owned enterprises to GoldBod by reviewing its financial performance and determining whether reforms, restructuring or other measures are necessary.
“President Mahama, we are asking you to call for proper and further investigations into what is happening at GoldBod.
She said the matter should be addressed through transparency and accountability rather than public confrontation.
“We expect some transparency. We expect some accountability and not contradiction in numbers as is being put out there.”
