Ghana’s GoldBod Faces Questions Over Reported $214 Million Loss

Ghana’s gold sector has come under intense public attention following reports that the Ghana Gold Board (GoldBod) recorded an estimated $214 million loss under the country’s gold-for-reserves programme.

The figure was highlighted in a recent International Monetary Fund (IMF) review assessing Ghana’s economic performance during the first nine months of the year. According to the report, the losses were linked to gold trading operations carried out by the Bank of Ghana, aimed at strengthening the country’s foreign exchange reserves and stabilising the local currency.

Background to the Gold-for-Reserves Programme

The gold-for-reserves initiative was introduced as part of Ghana’s broader economic recovery strategy. The programme sought to centralise gold purchases, reduce dependence on foreign currency, and allow the state to benefit more directly from the country’s gold resources. GoldBod was established to oversee gold purchases from small-scale miners and regulate exports under this framework.

Dispute Over the Loss Figures

The reported $214 million figure has sparked political and public debate. Some lawmakers and analysts have described it as a significant loss that raises questions about management and pricing mechanisms within the programme.

However, officials connected to GoldBod and the governing majority in Parliament have disputed the interpretation. They argue that the amount reflects transactional, hedging, and operational costs associated with gold trading, rather than a direct financial loss. According to them, such costs are common in large-scale commodity trading and should not be misrepresented before audited accounts are released.

Parliamentary and Public Reactions

Opposition members in Parliament have called for deeper scrutiny and full disclosure, insisting that Ghanaians deserve transparency over how public resources are managed. They have urged authorities to publish detailed financial records and clarify how gold was priced, purchased, and sold under the programme.

Civil society organisations have also joined the conversation, stressing the need for accountability and compliance with right-to-information laws. Analysts note that clearer reporting and stronger oversight could help rebuild public confidence in gold-backed financial initiatives.

What Comes Next

The Bank of Ghana and GoldBod are expected to present audited financial statements to Parliament in the coming months. Officials say these documents will provide a clearer picture of whether the reported amount represents an actual loss or standard operational costs.

Until then, the issue remains a key topic in Ghana’s economic and political discourse, highlighting broader concerns about natural resource management, transparency, and long-term economic sustainability.

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By Brundai cue