The Minority in Parliament has accused the Ghana Gold Board (GOLDBOD) and the Bank of Ghana of attempting to downplay what it describes as significant financial losses arising from Ghana’s gold trading arrangements, warning that the public must not be misled by what it termed “carefully worded statements.”
Addressing a press conference on Monday, December 29, 2025, the Member of Parliament for Ofoase-Ayirebi, Kojo Oppong Nkrumah, said the Minority was deeply concerned about what it believes are deliberate efforts to obscure the true scale of losses already incurred.
“What is even more worrying is that in the face of this devastation, we are seeing statements from GOLDBOD and the Bank of Ghana that seek to obfuscate the issue,” Mr. Oppong Nkrumah said.
He rejected suggestions that the losses were merely speculative or potential risks, insisting that the figures cited were real and already recorded.
“They rely on selective wording from the original IMF draft to suggest that this is speculative or simply a downside risk. We must be clear: a loss of US$214 million has already occurred. This could rise to about US$300 million by the end of the year, and the people of Ghana cannot be taken for fools by long-winded statements aimed at parrying away this tragedy,” he added.
The Minority’s comments follow controversy sparked by an International Monetary Fund (IMF) report that flagged estimated losses of about 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 transactions in artisanal and small-scale mining (ASM) doré gold and what it referred to as “GOLDBOD off-taker fees.”
In response, the Ghana Gold Board has firmly rejected the IMF-linked claims. In a detailed statement 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.
Mr Gyamfi said GoldBod has not recorded any losses under its gold trading programmes and is instead on track to declare an income surplus of at least GH¢600 million for the 2025 financial year, according to unaudited financial statements published on the Board’s website.
However, the Minority maintains that the explanations provided by GOLDBOD and the Bank of Ghana fail to address the substance of the IMF’s findings and their implications for Ghana’s public finances. It is therefore calling for greater transparency and accountability in the management of the country’s gold resources.
Mr. Oppong Nkrumah warned that continued attempts to “reframe” the issue would only deepen public mistrust and further erode confidence in the stewardship of Ghana’s gold sector.
