World Bank flags GoldBod operations "insufficiently monitored" risk; Minority's parliamentary probe justified

The Second Deputy Minority Whip and Member of Parliament for Weija-Gbawe, Jerry Ahmed Shaib, has accused the government of failing to adequately monitor risks associated with the operations of the Ghana Gold Board (GoldBod), citing findings attributed to the World Bank.

According to Mr Shaib, the World Bank has identified GoldBod-related operations as a significant risk to Ghana’s economy that remains insufficiently monitored.

In a statement, he said the observation was contained in the World Bank’s 10th Ghana Economic Update, titled Reset for Growth, Sustaining Macroeconomic Recovery and Unlocking Transport for Transformation, published in August 2026.

Mr Shaib also referred to an earlier report by the International Monetary Fund (IMF), Ghana: Selected Issues (IMF Country Report No. 26/213, August 2026), which he said found that the country’s gold programme recorded losses exceeding $1.7 billion in 2025 alone.

He said the reported loss, equivalent to about 1.5% of GDP, contributed to the Bank of Ghana’s negative equity position.

‘Problem Is Management’
Mr Shaib defended the Domestic Gold Purchase Programme, describing it as a sound policy introduced under the erstwhile Nana Akufo-Addo administration and designed by Dr. Mahamudu Bawumia to leverage gold purchases to strengthen Ghana’s reserves and support the stability of the cedi.

He argued that the concept itself was not the problem, but rather how the programme was being managed under the current administration.

“The World Bank also found that gold reserves under this programme are not being tracked the same way as our other reserves, and on page 47 it lists GoldBod and reform delays as an ongoing risk to our economy, right now, under this administration's watch,” the statement said.

The Weija-Gbawe MP further cited other concerns contained in the World Bank report, including weak banks and specialised deposit-taking institutions that remain inadequately capitalised, COCOBOD’s financial difficulties and Ghana’s exposure to fluctuations in international gold prices.

He argued that these risks were not being adequately addressed.

Minority Demands Parliamentary Probe
Mr Shaib welcomed the Speaker of Parliament’s admission of the Minority’s motion on the matter, saying it provides an opportunity for Parliament to demand answers on the operations of GoldBod and the Bank of Ghana’s gold programme.

He said the Minority wanted clarity on the identity of off-takers, discounts applied to gold transactions, fees paid and which institution ultimately absorbed losses arising from the programme.

The Minority is consequently demanding a full parliamentary inquiry into GoldBod and the Bank of Ghana’s gold operations, including the authority to summon officials and compel the production of relevant documents.

It is also calling for the full disclosure of off-takers, discounts granted, fees charged and whether GoldBod or the Bank of Ghana bore each loss.

The Minority further wants systematic public disclosure of all contingent liabilities associated with the programme, in line with the recommendation cited on page 49 of the World Bank report.

It is also demanding transparent accounting for all gold reserves under standard reserve-reporting practices.

Additionally, the Minority wants the government to provide a clear action plan and timeline for addressing the weaknesses identified by both the IMF and World Bank, including vulnerabilities in the banking sector, COCOBOD’s financial position and exposure to fluctuations in gold prices.

“Two independent international institutions have now confirmed the same thing, and Parliament has taken the first step toward accountability. Ghanaians deserve competent stewardship of a good idea, not excuses,” Mr. Shaib said.