Explain GH¢4.55bn ‘revolving capital’ in your accounts – Abena Osei Asare to GoldBod
The Chairperson of Parliament’s Public Accounts Committee, Abena Osei Asare, has demanded a detailed explanation from the Ghana Gold Board (GoldBod) over the treatment of GH¢4.5477 billion in government funding in its 2025 financial statements.
She questioned how the amount, which GoldBod described as revolving trade capital for gold purchasing, trading and export operations, was recognised as grant revenue and included in the institution’s reported surplus of about GH¢5.44 billion.
Her concerns come amid a wider controversy over GoldBod’s 2025 financial performance, with the institution reporting an overall surplus of GH¢5.44 billion, including GH¢4.55 billion in unutilised government subvention.
In a social media post on Thursday, August 27, the lawmaker said the issue requires a clear public explanation because GoldBod’s own report appeared to describe the same funds differently.
“How did GH¢4.5477 billion provided as revolving trade capital, and still unutilised at year-end, come to be recognised as revenue contributing to a reported surplus of about GH¢5.44 billion?” she asked.
She noted that the financial statements indicated that the full amount remained at the Bank of Ghana at the end of 2025, despite its recognition as revenue.
GoldBod has previously explained that the treatment was consistent with the International Public Sector Accounting Standards (IPSAS), particularly IPSAS 23, which governs revenue from non-exchange transactions.
The institution has also noted that, excluding the government grant, it still recorded an operational surplus of about GH¢896.3 million.
The GoldBod CEO, Sammy Gyamfi, also said recently that the 2025 accounts had been audited by the Auditor-General and had no adverse findings.
He said the GH¢4.5 billion revolving seed capital was provided around December 30, 2025, remained unencumbered and was therefore included in the overall surplus.
The development comes as GoldBod faces increased scrutiny over its finances and the broader Domestic Gold Purchase Programme (DGPP).
Parliament is already preparing to scrutinise an alleged US$1.7 billion loss, equivalent to about GH¢22 billion, linked to the programme after the NPP Minority filed a motion seeking an inquiry.