GoldBod operations flagged as insufficient risk by World Bank

The World Bank has identified GoldBod-related operations as a “significant and insufficiently monitored risk” to Ghana’s economy. In its August 2026 Ghana Economic Update, the institution noted that gold reserves accumulated through the Domestic Gold Purchase Programme (DGPP) are not being tracked in the same manner as other national reserves.

Jerry Ahmed Shaib, the Second Deputy Minority Whip, has called for a parliamentary inquiry and standardized reserve reporting to address these management concerns. Shaib cited an August 2026 IMF report indicating that the DGPP recorded losses exceeding US$1.7 billion in 2025, which represents approximately 1.5% of Ghana’s GDP. These losses have contributed to a negative equity position at the Bank of Ghana.

Shaib emphasized that while the original policy of using gold to build reserves and protect the cedi was sound, the current administration has failed in its execution. He highlighted risks involving undisclosed off-taker agreements, unapproved price discounts, and hidden transaction fees that have exposed the state to fiscal vulnerabilities.