Ghana Gold Board faces scrutiny over alleged US$1.7bn programme losses

The Ghana Gold Board (GoldBod) and the Bank of Ghana are facing scrutiny over the financial performance of the Domestic Gold Purchase Programme (DGPP). Abena Osei Asare, Chairperson of Parliament’s Public Accounts Committee, has called for an investigation into reported losses of approximately US$1.7 billion associated with the programme. She highlighted a significant discrepancy between the IMF’s estimate of US$1.7 billion in losses and the Bank of Ghana’s reported loss of US$214 million.

GoldBod CEO Sammy Gyamfi has defended the institution’s operations, stating that the DGPP’s foundational agency agreements were established in 2023 under the previous administration. Gyamfi noted that GoldBod generated GH¢970 million in non-tax revenue in 2025 through assay fees and is working to formalize the gold sector. He also announced plans to support anti-illegal mining efforts by budgeting for 10 speedboats and supporting forest reclamation.

Separately, the Bank of Ghana reported that national foreign exchange reserves remain strong at US$12.9 billion, providing a buffer against external shocks. Despite this, the central bank faces pressure from high import bills and global economic uncertainties.