GoldBod has fully met its reporting obligations and welcomes public feedback

Recent commentary on GoldBod’s 2nd and 3rd Quarter reports by Bright Simons of IMANI Africa has raised questions about the scope and detail of the reports and has called the integrity of the reports into question, on the grounds of what he described as gaps in the information provided.

While public commentary on the reports is both welcome and important for strengthening accountability within the gold trade sector, such discussions must remain within the remit of the established legal parameters and be conducted without malice. It is instructive to note that Section 42 of Act 1140, which established GoldBod, provides guidance on the broad areas to be covered in the quarterly reports but does not prescribe specific details. The revenues, fees, operational figures, summary financial statements, and information on responsible sourcing and traceability contained in the published reports respond directly to the prescribed reporting requirements.

Be that as it may, the public still has the opportunity, under the Right to Information framework, to request any additional information of interest to them. The public also has a further opportunity to undertake a more comprehensive review of GoldBod’s operations when its activities and finances are audited and published in accordance with applicable laws and international accounting standards. Quarterly reports should not be confused with annual audit reports, which provide a more detailed assessment of an institution’s financial and operational performance.

GoldBod has a history of working collaboratively and constructively with fair-minded policy think tanks, analysts, and civil society actors in strengthening transparency within the natural resource governance space. The institution therefore wishes to assure all stakeholders that it welcomes public scrutiny and considers such engagements valuable to the broader reform agenda within Ghana’s gold ecosystem.

GoldBod takes pride in its significant achievements, which have been acknowledged by industry experts, former government officials, and seasoned policy analysts within the mining and financial sectors. These achievements include:

• Reduction in smuggling, resulting in more stable and formalised gold flows within the small-scale mining ecosystem.
• Improvement in the quality, traceability, and accountability of artisanal and small-scale mining (ASM) gold through its purchasing programme.
• Active support for national policy objectives relating to foreign exchange stability, sector formalisation, and improved transparency in gold trading.

The Ghana Gold Board wishes to assure Ghanaians that it will continue to focus on fulfilling its mandate, upholding statutory transparency requirements, and engaging stakeholders constructively while delivering the reforms and results that Ghana’s mineral sector urgently requires.

GoldBod remains committed to encouraging public participation and values every contribution that strengthens Ghana’s mineral governance. However, expectations and assessments of its reports must remain aligned with the legal framework guiding the institution’s operations.

Feedback and inquiries regarding the entity’s reports should be directed to the Chief Executive Officer of GoldBod and the Minister of Finance, as prescribed by law.