Ghana Gold Board (GoldBod) is facing another intense public scrutiny as Mining Consultant, Ing. Wisdom Edem Gomashie has raised critical questions regarding the institution’s US$214 million operational losses and the transparency of its Gold for Reserves (G4R) programme.
Stakeholders are demanding that GoldBod’s CEO, Hon. Sammy Gyamfi, clarifies the legal and fiscal frameworks that have governed the Board since its controversial inception in April 2025.
“Failure for the above questions to be answered, clarified, responsibilities accepted, and a bi-partisan approach forged, Ghana’s gold trade may be at the edge of chaos.”
Ing. Wisdom Edem Gomashie
Gomashie’s intervention comes at a time when the State has granted GoldBod monopoly powers over gold trading, a move that critics argue has centralized fiscal risk without adequate oversight.
As the CEO prepares for a State of the Nation Address on January 5, 2026, the ordinary Ghanaian is seeking answers on why a state entity controlling all gold exports is recording massive losses while simultaneously claiming credit for national macroeconomic stability.
Legal Mandate and Institutional Authority under Act 1140
The primary concern revolves around the statutory objects of GoldBod under Act 1140 and whether it has been reduced to a mere “agent” of the Bank of Ghana.
Gomashie pointedly asked why GoldBod claims ignorance of gold offtakers while publishing quarterly reports on export volumes.
If the Board is not set up for profit, as leadership suggests, then the legal instrument authorizing the Bank of Ghana to perform functions explicitly assigned to GoldBod such as trading and export arrangements remains shrouded in mystery.
Furthermore, the “monopoly powers” granted to GoldBod raise questions about the survival of the private sector. Previously, licensed dealers operated profitably while paying taxes; today, the State bears the risk of price volatility and logistics costs.
Without a PIAC-type independent oversight mechanism, the consultant argues that the current structure lacks the transparency required in a “serious democracy” to monitor such significant fiscal exposure.
Fiscal Discipline and the Reality of $214 Million Losses
While some analysts describe the US$214 million deficit as a “policy cost,” Gomashie and other experts challenge the logic of using foreign exchange (FX) inflows to justify operational losses.
History shows that FX inflows from gold predated GoldBod’s incorporation, occurring under previous frameworks without such staggering deficits.
The consultant questions whether GoldBod was “deliberately designed to operate at a loss” during its first year, especially as it prepares for full operational maturity in 2026.
The attribution of credit for reserve growth also remains a point of contention. Ghana’s gold reserves stood at 30.62 tonnes by January 2025, largely built by the previous administration’s efforts which added nearly 22 tonnes in under two years.
With gold prices surging to over US$4,500 per ounce, the failure to provide a consolidated, audited account of trading activities has left a vacuum filled by skepticism.
“If audited accounts are still pending, on what basis are public assurances being given that no losses exist?” Gomashie asked.
Illicit Mining and the Integrity of the Supply Chain
According to Gomashie, the most alarming aspect of the saga involves the “volume-growth relationship” in the face of intensified anti-galamsey enforcement. In 2025, GoldBod recorded 101 tonnes of gold purchases, yet no new mining licenses were issued and several were revoked.
This mismatch suggests that the State may be absorbing illicit supply rather than eliminating it. Gomashie noted that if the 63 tonnes produced in 2024 was labeled a “galamsey economy,” the current 101-tonne output could be viewed as “galamsey pro-max.”
The G4R programme’s success depends entirely on “responsible source integrity.” If GoldBod cannot distinguish legally produced gold from illegal production, it risks tainting national reserves and violating international standards.
Ignoring these concerns could hamper the long-term success of the initiative, as the global market demands strict traceability from the “mine gate” to the export point.
Without a transparent pricing strategy to beat smugglers and provide miners a fair price, the current framework remains a fragile pillar for the economy.
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