The Ghana Gold Board (GoldBod) has listed some of its achievements after a recent “Asaaseradio” article alleging that the entity lost more than GHC 3 billion in its first year of operation.
In a statement issued on November 17, 2025, GoldBod describes the claim as entirely false and deliberately contrived to undermine the successes and significant contribution of the Ghana Gold Board to the revitalization of Ghana’s economy.
In addition to the press statement condemning the ‘yellow journalism’ by Asaase News, GoldBod exposed the numerous falsehoods in the publication, reiterating some of its achievements.
1. FALSE CLAIMS ON LOSSES
The assertion that the Ghana Gold Board has recorded “GHS 3 billion in losses” has no factual basis. The article fails to reference a single audited financial statement, operational report, or institutional data.
GoldBod operates a robust risk-management, pricing, and foreign exchange framework that does not expose the institution to the speculative losses imagined in the publication.
Gold is purchased using controlled pricing mechanisms, reconciled against global benchmarks, with transparent reporting to the Ministry of Finance and the Bank of Ghana. Assertions that the Ghana Gold Board “loses GHS 8,000 per ounce” are speculative and mathematically inconsistent with actual operational flows.
2. MISLEADING ASSERTIONS ABOUT RESERVES AND SOURCING
The publication further distorts the facts regarding gold aggregation, exports, and transfers to national reserves. The Ghana Gold Board’s contributions to the national gold reserves are independently verified and publicly recognized, including during the 2026 official budget statement by the Minister for Finance, Dr. Casiel Ato Forson. Our operational model ensures traceability, auditing, and compliance with the Responsible Gold Mining and Due Diligence frameworks.
Furthermore, insinuations that the Ghana Gold Board purchases gold from “unknown sources” are unfounded. GoldBod enforces a detailed regime, working with credible Aggregators, Self-Financing Aggregators as well as Tier 1 and Tier 2 licensed buyers. We also work closely with the Minerals Commission, National Security, and other regulatory agencies. This is evidenced by recent multi-agency enforcement actions against illegal gold traders.
3. OUR ACHIEVEMENTS SPEAK FOR THEMSELVES
Despite the sensationalism of the Asaase News report, the Ghana Gold Board remains proud of the significant strides made since inception. These include:
- Supporting the country’s highest-ever accumulation of gold reserves, now internationally acknowledged as exemplary for resource-backed stability.
- Reducing illicit domestic gold flows through structured aggregation and real-time monitoring.
- Expanding formal market participation and increasing transparency across the supply chain.
- Strengthening Ghana’s position in the global gold economy through standardised aggregation and export reforms.
- Enhancing collaboration with law enforcement to curb smuggling, illegal refining, and unlicensed trading.
These achievements stand in direct contradiction to the narrative presented in the publication.
4. OUR COMMITMENT TO TRANSPARENCY
The Ghana Gold Board operates with full transparency and accountability. Our systems, audits, and procurement procedures are subject to:
- Oversight from the Ministry of Finance
- Collaboration with the Bank of Ghana
- Regulatory supervision by the Minerals Commission
- Regular internal and external audits
- Compliance with international due-diligence standards
We welcome scrutiny rooted in facts and responsible journalism, but we will not allow the public to be misled by unsubstantiated reporting.
5. CALL FOR RESPONSIBLE ENGAGEMENT WITH OUR INSTITUTION
The Ghana Gold Board advises journalists, analysts, civil society organisations, politicians and the general public to seek clarification directly from us when in doubt.
We remain available to provide accurate data, context, and official information regarding our operations.
The Ghana Gold Board remains unwavering in its mandate to safeguard Ghana’s gold resources and enhance transparency in the mineral value chain. No amount of misinformation will distract us from this responsibility.
The Ghana Gold Board (GoldBod) is the sole authority with exclusive right to buy, sell, weigh, grade, assay, value and export gold and other precious minerals in Ghana.
Any Ghanaian or foreigner interested in trading or refining gold in Ghana should not hesitate to visit the GoldBod Head Office, located at the Old Bank of Ghana building, Highstreet, Accra.
