The newly established Ghana Gold Board (GoldBod) has been urged to demonstrate its commitment to transparency and accountability by releasing its first quarterly report.
Civil society voices and policy analysts argue that failure to meet this statutory obligation risks undermining public confidence in the institution before it has had the chance to fully establish itself.
In a sharp reminder to the GoldBod, Data and Policy Analyst Alfred Appiah has urged the agency to honor its legal and moral obligations to the Ghanaian people. “You promised us transparency in your operations, but from a reporting perspective the signs so far are not encouraging,” Appiah noted.
“As you know, previous gold trading schemes were shrouded in secrecy, and we only found out after the fact that programs like Gold for Oil had made significant losses.
“You cannot allow those lapses in governance to be repeated.”
Alfred Appiah, Data and Policy Analyst
The GoldBod was created to oversee the management of Ghana’s gold resources, including gold purchasing, refining, trading, and related activities.
Its establishment followed long-standing debates over how best to maximize the benefits of Ghana’s gold reserves while ensuring governance structures were robust enough to avoid past mistakes.
Under its enabling legislation, the GoldBod is required to provide quarterly reports on its operations.
These reports are expected to cover details of gold purchases, sales, revenues, expenditures, and export volumes. But critics say the institution has not lived up to these requirements.
Appiah pointed out that, so far, not a single quarterly report has been made public. Even the monthly export volume data, which the board initially shared during its early operations, has ceased.
Building Public Trust
The analyst argued that transparency is not only a legal requirement but also a strategic necessity for the GoldBod’s long-term success.
“I am genuinely invested in your success, and I believe transparency is one of the best ways to build public confidence and help tell your story.”
Alfred Appiah, Data and Policy Analyst
He further reminded the board of its early success in engaging stakeholders during its establishment phase.
The GoldBod had been praised for conducting broad consultations with industry actors, civil society, and policymakers. Those efforts, Appiah said, had raised expectations of an open and responsive institution.
“You did well with broad consultations during your setup, and you promised openness to Ghanaians.
“Please don’t let this become another cycle of opacity in government operations. When can we expect the first quarterly report on your operations?”
Alfred Appiah, Data and Policy Analyst
Analysts and industry observers say the GoldBod’s credibility hinges on its ability to distance itself from the mistakes of past resource management schemes.
The much-criticized Gold-for-Oil program is frequently cited as a cautionary tale. That initiative, rolled out with the goal of stabilizing fuel prices through gold-backed transactions, was later revealed to have incurred heavy losses amid weak oversight and opaque reporting.
For many Ghanaians, the fear is that without proactive disclosure, the GoldBod could fall into a similar cycle of secrecy, leaving the public in the dark until problems surface.
“The Gold Board has a real opportunity to set a new standard.
“Publishing these reports is not just about compliance, it’s about building a culture of trust and showing that the mistakes of the past will not be repeated.”
Alfred Appiah, Data and Policy Analyst
With global demand for gold on the rise, Ghana stands to benefit enormously from efficient management of its resources. But for that potential to be realized, the GoldBod must strike a balance between profit-making and transparency.
For now, the call from analysts like Alfred Appiah and civil society groups is clear: the public deserves to know how Ghana’s gold resources are being managed, and statutory reporting requirements cannot be optional.
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