$1.17bn GoldBod gave BoG is repayment, not new money’ – Dr. Gideon Boako

Member of Parliament for Tano North, Dr Gideon Boako, has questioned the source of funds behind the Ghana Gold Board’s reported US$1.170 billion contribution to the Bank of Ghana’s foreign exchange reserves in September 2026.

In a statement issued on Wednesday, September 30, GoldBod announced that it generated US$1.871 billion from its artisanal and small-scale mining gold trading operations during the month, exceeding its US$1.4 billion target.

Of the amount, US$701.3 million was sold to authorised commercial banks to support foreign exchange market stability, while US$1.170 billion was provided to the Bank of Ghana for reserve accumulation.

However, Dr Boako, in a social media post on Thursday, October 1, questioned whether the reported reserve support represented genuinely new foreign exchange or was linked to outstanding obligations from previous GoldBod transactions.

“In 2025, GoldBod owed BoG over GH¢3.78bn in undelivered gold. BoG had advanced cedis for gold purchases and GoldBod failed to deliver for months. That $1.8 billion of which $1.1 billion is deemed as FX reserves support is not new money. It's repayment of what was already owed," he wrote.

Dr Boako also challenged GoldBod’s current financing arrangement, arguing that where commercial banks provide cedis to finance gold purchases, the corresponding dollar proceeds would ordinarily be due to those banks or off-takers.

“Under GoldBod's current architecture, all proceeds from gold purchased with funds from commercial banks (FX forwards/off-takers) must go to the banks or off-takers. GoldBod CANNOT give part of the dollar proceeds to BoG to boost reserves. It is structurally impossible," he noted.

He therefore called on GoldBod to disclose the source of funding for the gold behind the reported foreign exchange generation and account for the GH¢5 billion reportedly committed by the Ministry of Finance for gold purchases.