Ghana Gold Board

Also known as: GoldBod · Ghana GoldBod · GoldBoard · artisanal gold marketing agency GoldBod

State-owned enterprise established under the Ghana Gold Board Act, 2025, managing domestic gold purchases and international gold trading, with 2025 revenue of GH¢1 billion.

2026-04-222026-09-13

In coverage

Verbatim sentences from the source article.

August 2026
26 AugJoy Online
The Institute of Economic Affairs (IEA) has rejected the attribution of a GH¢1.7 billion loss under the Bank of Ghana’s Domestic Gold Purchase Programme to the Ghana Gold Board (GoldBod). …
GH¢1.7bn GoldBod loss misconstrued – IEA
26 AugJoy Online
The Africa Policy Lens (APL) is calling for an immediate forensic investigation into the Ghana Gold Board (GOLDBOD), following disclosures in the IMF’s August 2026 report that Ghana lost more than US$1.7 billion in gold trading under the Domestic Gold Purchase Programme (DGPP). …
APL demands forensic probe into GoldBod following $1.7billion gold-trading losses
26 AugJoy Online
… Mr Mintah also criticised Mr Afenyo-Markin over his recent exchanges with GoldBod Chief Executive Officer Sammy Gyamfi. …
Okai Mintah declares Effutu winnable for NDC ahead of 2028 general elections
26 AugJoy Online
… For our purposes, The Principal is BoG and the Agent is GoldBod. Theory further states that three main problems arise as a result of the behaviour of GoldBod (Agent) that do not inure to the benefit of the BoG (Principal). …
Principal Agent Theory can teach us a lot about the GoldBod $1.7 Billion Loss
26 AugDaily Guide
Patricia Appiagyei The Minority in Parliament has called for a parliamentary inquiry into losses associated with the Bank of Ghana’s Domestic Gold Purchase Programme (DGPP), demanding that the Ghana Gold Board (GoldBod) account fully for the financial discrepancies identified in …
Minority Demands Parliamentary Probe Into GoldBod Losses
26 AugJoy Online
… In a statement signed by its Secretariat, the CLGB said the reported US$1.7 billion primarily relates to the Bank of Ghana’s gold purchasing and reserve operations and should not automatically be classified as a loss incurred by the Ghana Gold Board (GoldBod). …
Gold strategy must shield BoG from commercial risks – Licensed Gold Buyers
26 AugJoy Online
… It wants the roles of the Bank of Ghana (BoG) and GoldBOD to be scrutinised, particularly in relation to their respective financial exposures and the accounting treatment of transactions undertaken under the programme. …
CPS says DGPP design makes losses inevitable, calls for overhaul
26 AugJoy Online
… In a statement, the CPS welcomed a fresh motion by the Minority in Parliament seeking an inquiry into the matter and specifically endorsed Minority Leader Alexander Afenyo-Markin’s call for an Ad Hoc Committee to investigate the reported losses by GoldBOD. …
CPS backs probe into reported GH¢22bn GoldBOD losses
26 AugJoy Online
… His comments follow allegations involving Minority Leader Alexander Afenyo-Markin and GoldBod Chief Executive Officer Sammy Gyamfi. …
Show us how allegations involving MPs end – Dr Dramani demands clear path from probe to resolution
26 AugJoy Online
… We need a minority with a very high level of integrity to be able to hold this supermajority and the executive accountable.” His comments come amid the controversy triggered by GoldBod Chief Executive Officer Sammy Gyamfi’s allegation that Mr Afenyo-Markin was an “extortionist.” …
We need leaders with integrity – Dramani warns supermajority Parliament over Afenyo-Markin allegations

Politics

Dafeamekpor accuses IMF of political bias against NDC

The News

The Majority Chief Whip has accused the IMF of showing political bias against the NDC government following the Fund's assessment of governance in Ghana's state-owned enterprises, arguing that the IMF criticises NDC administrations over practices also prevalent under NPP rule. The IMF report identified the politicisation of board and chief executive appointments as a major weakness, noting that appointments remain highly political and centralised in the Presidency despite Ghana's framework intended to make them merit-based.

11 September 2026 · Joy Online →

Friday 11 September

Dafeamekpor accuses IMF of political bias against NDC
The Majority Chief Whip has accused the IMF of showing political bias against the NDC government following the Fund's assessment of governance in Ghana's state-owned enterprises, arguing that the IMF criticises NDC administrations over practices also prevalent under NPP rule. The IMF report identified the politicisation of board and chief executive appointments as a major weakness, noting that appointments remain highly political and centralised in the Presidency despite Ghana's framework intended to make them merit-based.
11 September 2026 · Joy Online →
GMTF invests in cardiac, cancer and diagnostic centres nationwide
The Ghana Medical Trust Fund is shifting from paying patients' medical bills to addressing structural healthcare gaps, investing in cardiac centres in Kumasi and Tamale, a cancer facility at Korle Bu, and a US$10 million Diagnostic and Imaging Centre at the Greater Accra Regional Hospital. The Fund's strategy, informed by a nationwide healthcare needs assessment, combines financial assistance, medical equipment and infrastructure, specialist training and research into non-communicable diseases.
11 September 2026 · Joy Online →

Thursday 10 September

Mahama praises Ghana Gold Board's GH¢896m profit
President Mahama commended the Ghana Gold Board for recording a net profit of approximately GH¢896 million (compared with GH¢178.5 million in 2024), attributing the performance to transparent and accountable structures around Ghana's gold trade. He cautioned that the gains must be sustained through stronger core operations and cannot depend indefinitely on favourable business conditions and exchange rate movements.
10 September 2026 · Joy Online →

Wednesday 9 September

World Bank flags GoldBod as economic risk, Minority seeks inquiry
Ghana's parliamentary Minority has renewed calls for an inquiry into the Ghana Gold Board, citing a World Bank economic update that described GoldBod operations as a "significant and insufficiently monitored risk" to the economy and raised concerns about how gold reserves acquired through the Domestic Gold Purchase Programme are tracked.
9 September 2026 · Joy Online →

Monday 7 September

Christian Council commends GoldBod on gold management transparency
The Christian Council of Ghana has commended the Ghana Gold Board for promoting transparency, responsible gold trading and environmental sustainability. GoldBod's CEO outlined the institution's mandate under the Ghana Gold Board Act, 2025, and highlighted initiatives including local gold refining expansion, a fire assay laboratory, and water system rehabilitation.
7 September 2026 · Joy Online →
GoldBod withdraws bid for Parks and Gardens land
The Ghana Gold Board has abandoned plans to acquire approximately three acres of Department of Parks and Gardens land at Cantonments in Accra following public reaction to the proposal, which would have involved GoldBod constructing new administrative facilities for Parks and Gardens in exchange for the land.
7 September 2026 · Daily Guide →

Friday 4 September

Ghana Gold Board withdraws bid for Cantonments Parks land
The Ghana Gold Board has withdrawn its proposal to acquire about three acres of land at Cantonments belonging to the Department of Parks and Gardens for construction of its permanent headquarters, following public reaction to the proposed arrangement.
4 September 2026 · Joy Online →
GoldBod drives manufacturing SOE revenue to GH¢1.21bn
Manufacturing state-owned enterprises' revenue grew 114.74 per cent to GH¢1.21 billion in 2025, largely due to GoldBod, which was established following the restructuring of the Precious Minerals Marketing Company and generated GH¢1 billion in revenue, accounting for 83.34 per cent of the subsector's aggregate revenue.
4 September 2026 · Joy Online →

Thursday 3 September

GoldBod and EOCO team up against gold smuggling
The Ghana Gold Board and Economic and Organised Crime Office have held a meeting to strengthen collaboration against gold smuggling, money laundering and illicit financial flows linked to the gold sector, developing an operational framework for closer cooperation and information sharing.
3 September 2026 · Joy Online →
BoG cuts September forex support to $500m amid GoldBod boost
The Bank of Ghana has reduced its planned foreign exchange sales to $500 million in September 2026, down from $1.5 billion and $1 billion in previous months, as GoldBod and artisanal mining receipts increasingly supply dollars to the market. In August, GoldBod generated $1.32 billion in FX receipts, with $668.21 million sold to commercial banks and $646.59 million allocated to reserves.
3 September 2026 · Joy Online →
Bank of Ghana cuts September FX support; GoldBod increases direct market sales
The Bank of Ghana is reducing its forex sales target to US$500 million in September 2026, down from US$1.5 billion and US$1 billion in previous months, as GoldBod redirects artisanal and small-scale mining receipts directly to commercial banks. GoldBod is targeting US$1.4 billion in FX receipts for September, with US$700 million going directly to commercial banks through spot sales and funded forward arrangements.
3 September 2026 · Joy Online →
SIGA SOE report credibility questioned over conflicting figures
The Dean of the Faculty of Finance and Accounting at UPSA has questioned the credibility of the State Interests and Governance Authority's recent report on state-owned enterprises, citing major inconsistencies in figures for other state enterprises — the report lists figures ranging from ¢2.4 billion to ¢11 billion in different sections.
3 September 2026 · Joy Online →
UPSA Dean questions credibility of SOE financial report
The Dean of UPSA's Faculty of Finance and Accounting has questioned the credibility of a report on state-owned enterprises' financial performance, citing inconsistencies in the figures presented. He highlighted ECG's rising liabilities (¢82.3 billion from above ¢70 billion in 2024) and noted that financial challenges extend to other state entities including the Ghana Gold Board.
3 September 2026 · Joy Online →

Wednesday 2 September

Ghana's media must investigate GoldBod claims, not just relay them
An opinion piece argues that Ghanaian media coverage of allegations and counter-allegations between Parliament's Minority Leader and the Ghana Gold Board CEO has failed to independently verify claims or educate the public, instead simply giving both sides equal airtime.
2 September 2026 · Joy Online →
GoldBod losses total $1.9bn including foregone tax revenue
Former Finance Minister Dr. Mohammed Amin Adam alleged that Ghana's total loss from the gold purchasing programme in 2025 was US$1.9 billion when including US$150 million in foregone tax revenue from the scrapped withholding tax on unprocessed small-scale gold, not the reported US$1.7 billion in trading losses alone.
2 September 2026 · The Chronicle →
Volta NPP Chair calls for Sammy Gyamfi's dismissal over misconduct
The Volta Regional Chairman of the NPP has urged President Mahama to dismiss Sammy Gyamfi, Ghana Gold Board CEO, citing reported company losses and Gyamfi's demeaning language directed at the Minority Leader who was investigating a reported $1.7 billion loss.
2 September 2026 · Joy Online →

Tuesday 1 September

NDC chairman dismisses NPP attacks on Ghana Gold Board
National Democratic Congress chairman Johnson Asiedu Nketia rejected opposition criticism of the Ghana Gold Board, describing it as political distraction from the government's gold purchase programme. The NPP has questioned the institution's financial performance, with Minority Leader Alexander Afenyo-Markin citing reported losses of about GH¢1.7 billion, though the GoldBod CEO has rejected the claim.
1 September 2026 · Joy Online →
GoldBod denies unlawful forex trading without Bank of Ghana approval
The Ghana Gold Board has dismissed opposition NPP allegations that it is unlawfully conducting foreign exchange sales without Bank of Ghana authorisation, saying its forex operations have full central bank alignment and regulatory approval and allow commercial banks to participate without breaching BoG guidelines.
1 September 2026 · Joy Online →
GoldBod defends $1.315bn forex generation under GANRAP policy
The Ghana Gold Board has defended its $1.315 billion in foreign exchange generation in August, stating the transactions are part of the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), approved by Cabinet and Parliament, aimed at building Ghana's gold and foreign exchange reserves to stabilize the cedi.
1 September 2026 · Joy Online →
GoldBod: private aggregators will pay local gold refining costs
Ghana Gold Board says the cost of refining gold locally will be borne by self-financing gold aggregators and their approved foreign offtakers, not the state institution, under the mandatory local refining policy established by the Ghana Gold Board Act, 2025.
1 September 2026 · Joy Online →
Local gold refining benefits economy but costs need monitoring
Dr. Peter Tekper supports Ghana's mandatory local refining of gold doré before export, saying it helps retain economic value and create jobs, but warns that excessive refining costs could burden the Ghana Gold Board's profitability and financial position.
1 September 2026 · Joy Online →
GoldBod gold purchases contributed 1.3% to reserves growth
Former Finance Minister Dr Mohammed Amin Adam disputed claims that Ghana's gold purchase programme significantly boosted foreign exchange reserves, citing Bank of Ghana data showing gold contributed only US$60.9 million (1.3%) of a US$4.716 billion reserves increase, while actual gold holdings fell 39% from 30.5 tonnes to 18.6 tonnes.
1 September 2026 · Joy Online →
Ghana lost money selling gold despite exceptional price surge
Former Finance Minister Amin Adam says Ghana's gold purchase programme lost about 17 per cent of the value of raw gold sold by the Bank of Ghana, despite gold prices rising 62.9 per cent in 2025. He attributes the losses to exchange rate differences, discounts to foreign buyers, and transaction fees rather than market conditions.
1 September 2026 · Joy Online →
NPP demands accountability on Ghana gold trading programme losses
Former Finance Minister Dr Mohammed Amin Adam has called for full disclosure and accountability regarding reported losses in Ghana's gold trading programme, citing discrepancies between figures in the IMF Country Report (approximately GH¢22 billion economic cost), the Bank of Ghana's reported loss (GH¢9.05 billion), and GoldBod's reported surplus. Dr Amin Adam said the NPP is seeking answers and supporting documents, including a formal reconciliation of these figures from the relevant institutions.
1 September 2026 · Joy Online →
NPP questions GoldBod's authority to operate forex bureau
The NPP's Dr Mohammed Amin Adam said the Ghana Gold Board appears to be conducting foreign exchange sales and auctions, and questioned whether it has legal mandate under the Ghana Gold Board Act or licensing from the Bank of Ghana to do so.
1 September 2026 · Joy Online →
Former Finance Minister demands BoG Governor step down from GoldBod board
Karaga MP and former Finance Minister Dr Mohammed Amin Adam has called for the removal of the Bank of Ghana Governor from the Ghana Gold Board's board, citing conflict of interest since the central bank finances the gold purchase programme while also recording losses from it.
1 September 2026 · Joy Online →
Ghana's gold programme lost money despite 62.9% price rise
Former Finance Minister Amin Adam says Ghana's gold purchase programme incurred substantial losses in 2025 despite international gold prices rising 62.9 per cent, citing exchange-rate gaps, discounts to foreign buyers, and handling fees as major costs built into every transaction.
1 September 2026 · Joy Online →
Amin Adam questions GoldBod's GH¢5.45 billion reported surplus
Former Finance Minister Dr Mohammed Amin Adam has challenged GoldBod's reported GH¢5.45 billion surplus for 2025, arguing that GH¢4.54 billion of it was a government capital injection credited on December 30, 2025, which should not be counted as revenue under standard accounting rules. He stated that of the remaining GH¢909.9 million, about GH¢827 million was fee income from the Bank of Ghana, and questioned how GoldBod could report a surplus while the institution providing the funds recorded a loss.
1 September 2026 · Joy Online →
Bank of Ghana exits gold-buying; GoldBod assumes all programme risk
The Bank of Ghana has transferred its Domestic Gold Purchase Programme entirely to the Ghana Gold Board (GoldBod) as of July 2026, moving an estimated GH₵22 billion in losses from 2025 off the central bank's books. GoldBod now finances its own gold purchases from commercial banks and off-takers, taking on all trading and pricing risk that the central bank previously absorbed.
1 September 2026 · Joy Online →

Monday 31 August

NPP UK branch urges independent audit of Ghana gold purchasing
The NPP UK branch has called for a full independent forensic audit into Ghana's domestic gold purchasing transactions, welcoming a parliamentary inquiry but emphasising it must be informed by objective financial evaluation conducted by non-partisan experts to avoid politicisation.
31 August 2026 · Joy Online →