GoldBod never made the GH¢5.5 billion surplus it claims – Tiah Mahama

Member of Parliament for Walewale, Dr Tiah Abdul-Kabiru Mahama, has challenged the reported surplus recorded by the Ghana Gold Board (GoldBod) in its 2025 audited accounts.

He argued that a significant portion of GoldBod’s reported revenue came from government funds and should have been treated as capital rather than revenue.

According to him, classifying the government’s financial support as revenue created a misleading picture of GoldBod’s financial performance.

“GoldBod never made the surplus they claim to have made. It is another scam. Rather, they caused GH¢22bn loss to Ghana,” Dr Mahama said in a social media post on Wednesday, August 26.

He said GoldBod’s audited accounts recorded total revenue of about GH¢5.5 billion for the year ending 2025, of which GH¢4.5 billion came from government subvention.

Dr Mahama noted that this meant government funds accounted for more than 80% of GoldBod’s reported total revenue.

He argued that GoldBod, as a wholly state-owned enterprise, should not classify capital received from its sole shareholder as a grant or revenue.

According to him, the audited report itself described the funds received from government as revolving trade capital, raising questions about why the amount was subsequently treated as revenue.

“The noise about making surplus is because GoldBod received non-exchange fund, which should have been treated as owner’s capital as revenue,” he said.

The New Patriotic Party lawmaker further alleged that the classification was intended to make GoldBod’s financial position appear stronger than it was.

He said that without the government funds transferred to GoldBod’s account, the institution’s total revenue would have been about GH¢1 billion.