GoldBod lists key achievements amid ¢3 Billion losses claim
The Ghana Gold Board (GoldBod) has listed some of its achievements following a recent “Asaase Radio” article alleging that the entity lost more than GH¢3 billion in its first year of operation.
In a statement issued on November 17, 2025, GoldBod described the claim as entirely false and deliberately contrived to undermine the achievements and significant contribution of the Ghana Gold Board to the revitalization of Ghana’s economy.
In addition to condemning what it described as “yellow journalism” by Asaase News, GoldBod outlined what it said were several falsehoods contained in the publication and reiterated some of its key achievements.
1. FALSE CLAIMS ON LOSSES
GoldBod said the assertion that it had recorded “GH¢3 billion in losses” had no factual basis, noting that the article failed to reference any audited financial statement, operational report or institutional data to support the claim.
The Board explained that it operates a robust risk-management, pricing and foreign exchange framework designed to protect the institution from the speculative losses alleged in the publication.
According to GoldBod, gold is purchased using controlled pricing mechanisms and reconciled against global benchmarks, with transparent reporting to the Ministry of Finance and the Bank of Ghana.
It further stated that assertions that GoldBod “loses GH¢8,000 per ounce” are speculative and mathematically inconsistent with its actual operational flows.
2. MISLEADING ASSERTIONS ABOUT RESERVES AND SOURCING
GoldBod also rejected what it described as distorted claims regarding gold aggregation, exports and transfers to national reserves.
The Board said its contributions to Ghana’s national gold reserves have been independently verified and publicly recognized, including during the 2026 Budget Statement presented by the Minister for Finance, Dr. Cassiel Ato Forson.
GoldBod added that its operational model incorporates traceability, auditing and compliance with responsible gold mining and due diligence frameworks.
It further dismissed insinuations that it purchases gold from “unknown sources,” explaining that it operates a structured licensing regime involving Aggregators, Self-Financing Aggregators, as well as Tier 1 and Tier 2 licensed buyers.
The Board said it also works closely with the Minerals Commission, National Security and other regulatory agencies, citing recent multi-agency enforcement operations against illegal gold traders as evidence of this collaboration.
3. OUR ACHIEVEMENTS SPEAK FOR THEMSELVES
Despite what it described as sensational reporting, GoldBod said it remains proud of the significant progress made since its establishment.
Among the achievements highlighted by the Board are support for the country’s highest-ever accumulation of gold reserves, which it said has gained international recognition as an example of resource-backed economic stability.
GoldBod also said it has reduced illicit domestic gold flows through structured aggregation and real-time monitoring, expanded formal market participation and increased transparency across the gold supply chain.
The Board further highlighted its efforts to strengthen Ghana’s position in the global gold economy through standardized aggregation and export reforms, as well as enhanced collaboration with law enforcement agencies to combat smuggling, illegal refining and unlicensed gold trading.
According to GoldBod, these achievements contradict the narrative presented in the publication.
4. OUR COMMITMENT TO TRANSPARENCY
GoldBod said it operates under systems of transparency and accountability, with its activities 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, and compliance with international due diligence standards.
The Board said it welcomes scrutiny based on facts and responsible journalism but would not allow the public to be misled by what it described as unsubstantiated reporting.
5. CALL FOR RESPONSIBLE ENGAGEMENT WITH OUR INSTITUTION
GoldBod advised journalists, analysts, civil society organizations, politicians and members of the public to seek clarification directly from the institution whenever questions arise regarding its operations.
The Board said it remains available to provide accurate data, context and official information about its activities.
GoldBod reaffirmed its commitment to safeguarding Ghana’s gold resources and improving transparency across the mineral value chain, stressing that misinformation would not distract it from fulfilling its mandate.
The Ghana Gold Board (GoldBod) is the sole authority with the exclusive right to buy, sell, weigh, grade, assay, value and export gold and other precious minerals in Ghana.
Ghanaians and foreign nationals interested in trading or refining gold in Ghana are encouraged to visit the GoldBod Head Office at the Old Bank of Ghana Building, High Street, Accra, for further information.
