Christian Council backs GoldBod objectives but demands independent oversight

The Christian Council of Ghana (CCG) has urged the government to strengthen transparency, financial accountability and independent oversight of the Ghana Gold Board (GoldBod), while acknowledging the national objectives behind its establishment.

The Council said efforts to formalise artisanal and small-scale mining, strengthen domestic gold purchasing, improve foreign-exchange management and promote local value addition were legitimate policy goals that deserved support.

However, it stressed that achieving these objectives required transparent reporting, prudent public expenditure, responsible gold sourcing and effective safeguards to protect the national interest.

The Council outlined its position in a paper titled “CCG Position on the GoldBod Public Debate: Truth, Accountability, Responsible Gold Governance and the National Interest,” dated October 19, 2026.

As part of its assessment, the Council disclosed that it had held separate engagements with GoldBod management on September 7 and the Minority Leader, Alexander Afenyo-Markin, and his delegation on October 6, 2026, to understand the concerns surrounding the institution and the Bank of Ghana's Domestic Gold Purchase Programme (DGPP).

According to the CCG, GoldBod officials used their engagement to explain the institution's mandate, operations, financial performance and development plans.

The Minority Leader, on the other hand, raised concerns about the programme's financial implications, transaction costs, exchange-rate exposure, oversight arrangements, illegal mining and environmental degradation.

The Council clarified that the meetings were stakeholder consultations intended to understand the different positions and did not constitute forensic audits, judicial enquiries or statutory investigations.

It added that the allegations and concerns raised by the Minority Leader had not been independently verified during the engagements.

On the financial implications of the programme, the CCG cited estimates by the International Monetary Fund (IMF), which put losses associated primarily with the Bank of Ghana's DGPP operations in 2025 at approximately US$1.7 billion, representing 1.5 per cent of Gross Domestic Product (GDP).

The IMF reportedly identified service and assay fees, off-taker discounts and exchange-rate spreads as some of the factors contributing to the losses.

However, the Council cautioned against interpreting the estimated amount as proof that GoldBod had independently recorded a corporate operating loss of US$1.7 billion.

It explained that the figure related mainly to the Bank of Ghana's programme operations during the period under review and should not automatically be attributed to GoldBod's corporate accounts.

The CCG also referred to GoldBod's published 2025 audited financial information, which reported GH¢5.55 billion in revenue, an operational surplus of GH¢909.71 million and an overall surplus of GH¢5.44 billion, alongside Government seed capital of GH¢4.55 billion.

It said the figures required careful interpretation because revenue, operational surplus, overall accounting surplus, capital injections and the broader fiscal cost of a public policy programme represented different financial measures.

The Council consequently called for a comprehensive reconciliation of the programme's financial records and GoldBod's corporate accounts to establish the actual financial position.

It said the exercise should cover gold volumes and values purchased and sold, pricing and exchange-rate methodologies, transaction fees, financing costs, government transfers and the net fiscal exposure.

The CCG further urged the relevant authorities to publish the special audit of the Domestic Gold Purchase Programme once completed and legally permissible, together with an official response and an implementation plan.

It also called for quarterly disclosures containing consistent information on gold purchases and sales, average prices, fees, commissions, financing and exchange-rate costs, inventory movements, government support and export proceeds.

The Council maintained that parliamentary scrutiny of GoldBod and the gold purchasing programme was both legitimate and necessary, urging the relevant parliamentary committees to organise evidence-based hearings involving GoldBod, the Bank of Ghana, the Ministry of Finance, auditors and other stakeholders.

Council demands responsible gold sourcing and environmental safeguards

Beyond financial accountability, the CCG raised concerns about the need to ensure that gold entering formal purchasing channels was legally produced and responsibly sourced.

It warned that gold obtained through illegal or environmentally destructive mining activities should not be legitimised simply because it had entered the formal market.

The Council called for independently tested traceability systems to establish the origins of gold, distinguish between licensed and unlicensed sources and ensure that suspicious consignments were rejected.

It also urged GoldBod and other regulatory institutions to publish measurable environmental indicators covering water quality, forest and farmland restoration, hazardous substance controls and the reclamation of degraded mining sites.

According to the Council, the country's pursuit of economic benefits and greater value addition must not undermine rivers, forests, agricultural livelihoods, public health and the welfare of mining communities.

The CCG also appealed to political actors and public institutions to exercise restraint in their public commentary on the GoldBod controversy.

It cautioned against inflammatory language, selective quotations and conclusions that exceeded the available evidence, emphasising that raising concerns did not automatically establish wrongdoing.

Similarly, it said institutional denials and favourable financial figures should not be treated as sufficient responses to every question surrounding the operations of the institution.

The Council maintained that any established errors, weaknesses in internal controls or misconduct should be addressed through lawful procedures and proportionate corrective action, rather than premature conclusions about culpability.

Reaffirming its position, the CCG said it would remain non-partisan and guided by evidence, truth, integrity, justice, peace, unity, human dignity and environmental stewardship.

It called on the government, Parliament, political parties, regulators, private-sector operators, civil society organisations and mining communities to put the national interest above partisan considerations in addressing concerns surrounding GoldBod.