By: Franklin ASARE-DONKOH
The New Patriotic Party (NPP) Minority Caucus in Ghana’s Parliament has accused management of the Ghana Gold Board (GoldBod) and the Bank of Ghana (BoG) of attempting to downplay what it describes as substantial financial losses, arising from Ghana’s gold trading arrangements.
The Minority Caucus has thus called on managers of the two entities to come clean on the alleged Gold Trading Loss recorded during its short stay in office, warning that the public must not be misled by what it calls “carefully worded statements”.
Addressing a section of the media at a press conference in Parliament House, Accra, on Monday, December 29, 2025, the Member of Parliament for Ofoase-Ayirebi, Kojo Oppong Nkrumah, said the Minority was alarmed by what it described as deliberate efforts to obscure the scale of losses already incurred.
“What is even more worrying is that, in the face of this devastation, what we are seeing are statements being issued from the GoldBod and the Bank of Ghana trying to confuse people. They rely on some words in the original IMF draft to suggest that this is speculative or that this is a significant downside risk. We must be clear, a loss of US$214 million has already been made. It will be about US$300 million by the end of the year, and the people of Ghana cannot be taken for fools by some long-winded statement seeking to parry this tragedy away,” he added.
The Minority’s comments follow controversy surrounding an International Monetary Fund (IMF) report, which flagged losses estimated at US$214 million linked to gold transactions involving the Bank of Ghana.
The IMF described the losses as a potential downside risk to Ghana’s macroeconomic stabilisation efforts, citing dealings in artisanal and small-scale mining (ASM) doré gold and what it termed “GoldBod off-taker fees”.
However, the Ghana Gold Board has strongly rejected the IMF-linked claims. In a detailed response issued on social media, GoldBod Chief Executive Officer, Sammy Gyamfi, described the assertions as inaccurate and based on a misunderstanding of the Board’s operational model.
According to Mr Gyamfi, GoldBod has not recorded any losses under its gold trading programmes. He said, instead the Goldbod is on course to declare an income surplus of not less than GH¢600 million for the 2025 financial year, based on unaudited financial statements published on its website.
But the Minority insists that the explanations offered by GoldBod and the Bank of Ghana fail to address the substance of the IMF’s findings and the implications for Ghana’s public finances, calling for greater transparency and accountability.
Mr Oppong Nkrumah said Parliament and the public deserved clear answers, warning that continued attempts to “reframe” the issue would further erode confidence in the management of the country’s gold resources.
