Ing. Wisdom Gomashie has flagged several portions of the Ghana Gold Board’s (GoldBod) July to September Statuary Quarterly Report.
Gomashie scrutinizes the latest financial performance of the state-owned Gold Board (GoldBod) thereby raising serious concerns over lingering transparency issues in the organization’s quarterly report.
Ing. Wisdom Gomashie, a respected mining consultant, issued a scathing commentary, calling on GoldBod to address the glaring gaps in its disclosures and provide a comprehensive account of its operations, particularly its gold procurement and export activities.
“The State must know the margins whether positive or negative on the 90t purchased so far as declared by the CEO, Hon. Sammy Gyamfi at the Dubai Precious Metals Conference on November 24, 2025. The quarterly report doesn’t capture this, a huge gap on transparency.”
Ing. Wisdom Gomashie
“GOLDBOD Expenditure should not be only about administration and Donations, but about its operations, THE MAIN DEAL,” Gomashie asserted, underscoring the need for the state-owned enterprise to provide a transparent breakdown of its financial dealings.
The mining expert further questioned the absence of information on the margins generated by GoldBod’s gold purchases, emphasizing that as a state monopoly, the organization has a duty to account for the profits or losses on its trading activities.
Transparency and Accountability
GoldBod’s third-quarter financial report, as detailed on is official website, showcases the organization’s growing influence in Ghana’s gold and mineral export ecosystem.
The report highlights impressive revenue figures, with GH¢691.14 million in total revenue and a net comprehensive income of GH¢637.39 million for the July to September 2025 period.
However, Gomashie’s analysis suggests that these figures only tell a partial story, as the report lacks crucial details that would allow for a comprehensive assessment of GoldBod’s operations and its impact on the country’s mining sector.
The mining expert’s calls for transparency extend beyond the financial numbers, as he raises concerns about the sources of GoldBod’s funding and the potential involvement of commercial banks or off-takers in its gold purchasing activities.
Traceability and Illegal Mining Fight
Gomashie’s analysis delves deeper into the issue of traceability, a critical aspect of responsible mineral sourcing. He pointed out that the GoldBod’s quarterly reports have failed to provide details on the licensed small-scale miners from whom the organization’s licensed buyers procure gold.
According to him, “The failure of Goldbod to provide this detail in two quarterly solidifies its POSITION AS A STATE SPONSORED GALAMSEY VEHICLE, a situation we are all not ready for because of FOREX INFLOWS.”
Mr. Gomashie’s concerns underscore the importance of transparent and accountable practices in the gold and mineral trade, particularly in the context of Ghana’s ongoing battle against illegal mining activities.
Call for Comprehensive Reporting and Stakeholder Engagement
Gomashie’s comments go beyond mere criticism, as he outlines a series of specific demands for GoldBod to address the transparency gaps in its reporting.
These include the disclosure of all sources of funding, the cost of gold purchases, the margins generated, and the ultimate destinations of the exported gold.
By advocating for a more comprehensive and transparent approach, Mr. Gomashie aims to ensure that GoldBod’s operations truly serve the best interests of the Ghanaian state and its citizens.
His advocacy for accountability and stakeholder engagement reflects the mining industry’s growing demands for responsible governance in the extractives sector.
Scrutiny from industry players including Ing. Gomashie is crucial in keeping state-agencies on their toes as they are compelled to deliver up to their mandates.
Experts and the general public will be highly interested in the organization’s response and the steps it takes to address the concerns raised by Ing. Wisdom Gomashie and other relevant stakeholders.
The outcome of these advocacies will have far-reaching implications for the country’s mining sector and its ability to harness the full potential of its natural resources for the benefit of the nation.
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