GoldBod Faces Scrutiny Over GH¢5.45 Billion Surplus as Ghana Mandates Local Gold Refining

The Ghana Gold Board (GoldBod) has come under intense financial scrutiny after reporting a surplus of GH¢5.45 billion for 2025. Dr. Mohammed Amin Adam, a Member of Parliament and former Finance Minister, has formally challenged the credibility of these figures, asserting that the reported surplus is fundamentally misleading. According to Dr. Amin Adam, approximately GH¢4.54 billion of the total amount was actually a government capital injection provided just before the close of the fiscal year. He argues that under standard accounting practices, this injection should be classified as capital rather than revenue, and has called for an immediate restatement of GoldBod’s financial statements to accurately reflect its trading performance.

Dr. Amin Adam’s critique extends to the broader gold purchase program, which he claims has failed to deliver expected financial benefits for the country. Despite a 62.9% surge in international gold prices—rising from an average of US$2,395 to US$3,441 per ounce in 2025—Ghana reportedly incurred substantial losses. Dr. Amin Adam attributed these losses to unfavorable transaction costs, including significant discounts offered to foreign buyers, exchange-rate discrepancies, and high handling fees. He further questioned the logic of GoldBod reporting a surplus while its primary financing institution, the Bank of Ghana, faced significant losses linked to the same gold purchasing initiatives.

In response to concerns regarding the financial burden of new industry mandates, GoldBod has clarified the funding structure for local gold refining. Media Relations Officer Prince Kwame Minkah emphasized that under the Ghana Gold Board Act, 2025 (Act 1140), the costs associated with refining gold to 99.99% purity will be borne by self-financing private aggregators and their foreign offtakers, not the state. This arrangement is designed to protect GoldBod’s revenue while ensuring the country captures the added economic value of domestic processing. Financial economist Dr. Peter Tekper supported the move toward local refining for its job creation potential but cautioned that policymakers must maintain strict cost controls to ensure these requirements do not eventually weigh on GoldBod’s profitability.

Amidst these debates over accounting and costs, GoldBod is moving forward with aggressive foreign exchange targets to support the national economy. The institution aims to generate US$1.4 billion in foreign exchange by September 2026 through the Ghana Accelerated National Reserve Accumulation Policy (GANRAP). Under this financing model, proceeds will be split evenly, with US$700 million slated for commercial banks and US$700 million dedicated to bolstering the Bank of Ghana’s international reserves. While these targets are viewed as vital for currency stability, the ongoing disputes over financial transparency and transaction costs remain central to the discourse surrounding Ghana's gold sector management.