GoldBod’s reported profits raise questions over its financials – Gideon Boako
The Member of Parliament for Tano North, Dr Gideon Boako, has raised questions about the financial position of the Ghana Gold Board (GoldBod), particularly its reported profits and gold supply obligations to the Bank of Ghana (BoG).
He alleged that GoldBod had been unable to supply the full value of gold it was expected to provide to the central bank due to trading decisions that have affected the value of its stock.
Dr Boako also questioned the sharp increase in service charges paid by the Bank of Ghana to GoldBod despite a relatively smaller increase in the volume of gold purchased for the central bank.
Speaking on Accra-based GHOne TV on Tuesday, August 25, the New Patriotic Party (NPP) lawmaker said GoldBod may be holding onto some of its gold stock until market prices rise enough to match the value at which the gold was acquired.
“GoldBod is supposed to supply to Bank of Ghana. To date, they’ve not been able to supply, and that arose from trading decisions of GoldBod,” Dr Boako said.
He said this could explain why the Bank of Ghana was reportedly reluctant to take the stock at its current market value, which would result in a lower value being recorded in the central bank’s books.
Dr Boako further questioned GoldBod’s claims of strong financial performance, arguing that its reported profits should be subjected to closer scrutiny.
He cited figures from GoldBod’s 2025 audited financial statements, which he said showed that gold purchased for the Bank of Ghana increased from 63 metric tonnes in 2024 to 104 metric tonnes in 2025.
According to him, the service charges paid by the Bank of Ghana to GoldBod, however, increased disproportionately during the same period.
He said the service charge rose from GH¢74.1 million for 63 metric tonnes in 2024 to about GH¢558 million for 104 metric tonnes in 2025.
“So, if the Bank of Ghana had to pay GH¢74.1 million by way of service charges to GoldBod for 63 tons of gold, why is the same Bank of Ghana paying over GH¢500 million for 104 tons? It doesn’t make sense,” he said.