Ghana’s bullion depository – the Ghana Gold Board (GOLDBOD) – is facing renewed scrutiny as a reported $214 million shortfall in gold purchasing accounts for 2025 raises questions about its sources of funding and operational transparency.
Wisdom Edem Gomashie, an engineer and mining consultant, has highlighted the lack of clarity about how GOLDBOD has been financed, particularly after the 2025 Budget earmarked $279 million for the depository but no allocations were recorded.
He was speaking on The Forum on Asaase Radio on Saturday (3 December).
No transparency
Gomashie further questioned whether GOLDBOD relies on other revenue streams, stressing that without proper disclosure, the management of Ghana’s gold trading remains opaque.
“It appears the Bank of Ghana stepped in to fund GOLDBOD, but under what conditions remains unclear,” he said. “Until these questions are answered, stakeholders cannot have confidence in the system.”
The consultant also expressed concern about accountability moving into 2026, particularly regarding foreign exchange or operational losses.
“Will GOLDBOD bear these losses itself, or will the Bank of Ghana be called upon again?” Gomashie asked, noting that these matters need clarification under the GOLDBOD Act.
GOLDBOD defence
Meanwhile, the chief executive officer of GOLDBOD, Sammy Gyamfi, has rejected claims that the institution incurred losses last year under the national Gold-for-Reserves (G4R) programme, insisting that GOLDBOD closed the 2025 financial year with a substantial surplus.
Speaking on JoyNews’s Newsfile on Saturday (3 January), Gyamfi described reports suggesting a US$214 million loss as false and misleading.
“Emphatically, no. GOLDBOD, even though it is not a profit-making public institution, has not made any losses,” he said.
According to Gyamfi, GOLDBOD generated more than GHC960 million in revenue in 2025, while total expenditure for the same period remained below GHC120 million, based on unaudited management accounts.
“These are management accounts and, from all indications, we are on course to declaring an income surplus,” he said.
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