Africa Policy Lens (APL) has raised severe governance and accountability concerns regarding the Ghana Gold Board (GoldBod), pointing to unfulfilled policy promises on gold traceability and unresolved trading losses exceeding $214 million.
Following its comprehensive evaluation of the extractive sector component in the 2026 Mid-Year Budget Review, the policy watchdog highlighted significant gaps between government announcements and real-world outcomes.
APL emphasized that while the state committed to deploying a comprehensive Gold Traceability System by the first quarter of 2026 to guarantee responsible sourcing, the budget review offers zero evidence of implementation.
“Despite claims of increased gold exports and foreign exchange earnings of US$ 15 billion, GOLDBOD has failed to disclose the licensed small-scale miners from whom it purchases gold, despite several Right to Information requests. The continued lack of transparency over gold purchases, coupled with unresolved questions about reported trading losses exceeding US$214 million and the reported disposal of approximately 22 tonnes of gold held by the Bank of Ghana, raises serious governance concerns.”
Africa Policy Lens (APL)
Elaborating on these findings, the policy think tank revealed that large volumes of illegally mined gold are still actively feeding into official commercial supply lines through GoldBod.
Despite official announcements showcasing foreign exchange inflows of $15 billion and heightened export figures, GoldBod has consistently withheld information regarding its supply base, ignoring statutory Right to Information (RTI) requests seeking to verify its licensed artisanal and small-scale miners.
This systemic opacity is further compounded by unresolved financial anomalies surrounding massive operational trading losses and the recent offloading of 22 tonnes of central bank bullion reserves.
Traceability System Failures and Illegal Mining Risks
The absence of an operational digital tracking framework represents a critical vulnerability in Ghana’s mineral administration.
In its official assessment, APL stressed that implementation in the sector has been “largely partial, with significant concerns about transparency, accountability, value for money and measurable outcomes”.
Without end-to-end chain of custody verification from mine sites to point-of-export, unverified gold produced through informal and illegal channels—commonly known as galamsey—continues to gain access to formal state trading platforms.
This systemic failure directly undermines the state’s environmental protection mandate, as illegal mining operations inflict severe damage on major river bodies, agricultural lands, and forest reserves.
By continuing to purchase gold without transparent buyer-supplier disclosures, state entities inadvertently offer a financial incentive structure to illegal mining operators, diluting ongoing national reclamation and enforcement interventions.
The Strategic Imperative for Openness in GoldBod Operations
Establishing rigorous transparency across GoldBod’s operations is vital for protecting the country’s credibility within global commodity markets.
International buyer networks, international refiners, and accreditation bodies such as the London Bullion Market Association (LBMA) enforce strict OECD Due Diligence Guidance for Responsible Supply Chains of Minerals.
If GoldBod fails to prove that its gold exports are ethically sourced and free from human rights abuses or environmental destruction, Ghanaian gold risks being classified as high-risk, threatening future foreign direct investment and trade access.
Furthermore, public access to information is fundamental to fiscal responsibility. When a monopsonistic state entity manages billions of dollars in precious mineral trading, full public disclosure of purchasing volumes, supplier registries, pricing formulas, and revenue flows is non-negotiable.
Denying statutory RTI requests damages institutional integrity, creates opportunities for rent-seeking, and obscures whether public assets are delivering optimal returns for citizens. Full disclosure ensures market competition, reduces illicit financial flows, and prevents the state from absorbing hidden liabilities.
Unanswered Financial Questions and Legislative Oversight
The intersection of trading losses exceeding $214 million and the disposal of approximately 22 tonnes of Bank of Ghana gold reserves demands immediate public scrutiny.
APL noted that “Parliament must therefore intensify its oversight responsibilities to ensure that Ghana’s mineral resources are managed in the national interest“.
Lawmakers are being urged to initiate parliamentary hearings into GoldBod’s financial sheets to ascertain the root causes of these massive deficits and to track the precise distribution of foreign currency earnings.
Rebuilding confidence in Ghana’s extractive sector management requires immediate structural corrective actions. GoldBod must comply with RTI laws by releasing its list of approved aggregators and licensed small-scale mining partners. Simultaneously, the Ministry of Finance and sector regulators must accelerate the deployment of the national Gold Traceability System.
Only through strict audit measures, public disclosure, and legislative oversight can the state safeguard its mineral endowment against mismanagement and safeguard national wealth for public benefit.
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