The Ghana Gold Board (GOLDBOD) recorded a significant difference in gold supplies to the Bank of Ghana (BoG) in 2025, according to a detailed trade report and audited financial statements. The amount payable to the central bank stood at GHC3.78 billion at the end of 2025. This figure relates to differences between the expected and actual value of gold supplied to the BoG during the year.
GOLDBOD recorded total inflows of GHC133.26 billion in 2025, with GHC132.29 billion being the expected value of gold to be supplied to the BoG. However, the actual gold supplied was valued at GHC128.55 billion, equivalent to 80,762.55 kilogrammes. This resulted in a net difference of GHC3.78 billion, covering over-supplies, under-supplies, and undistributed funds.
The GHC3.78 billion figure was not linked to a single transaction but resulted from several transactions during the year where gold supplied was sometimes above or below the expected amount. For instance, on June 26, GOLDBOD supplied gold valued at GHC5.28 billion against an expected amount of about GHC1.63 billion, resulting in an over-supply of about GHC3.64 billion.
The gold supplied on June 26 weighed 3,579.36 kilogrammes. Another major over-supply was recorded on August 1, when gold worth GHC4.13 billion was supplied against an expected GHC2.73 billion. On October 24, 2025, GOLDBOD supplied gold valued at GHC3.84 billion against an expected GHC1.59 billion.
The report also recorded significant under-supplies. On August 22, for example, gold worth about GHC569.40 million was supplied against an expected GHC2.02 billion, leaving an under-supply of about GHC1.47 billion. There were also transactions where funds were received but no corresponding gold supply was recorded.
An inflow of GHC500 million on April 24 had no recorded gold supply. Similar entries appeared at the end of the year, with inflows of GHC2 billion each recorded on December 30 and 31 without corresponding gold supplies. GOLDBOD's report shows large movements in December, with some transactions recording substantial over-supplies while others recorded under-supplies.
The report forms part of GOLDBOD's 2025 financial records and provides details of transactions under the Domestic Gold Purchase Programme. The amount payable to the central bank formed the largest part of GOLDBOD's total trade payables of GHC3,883,803,022 at the end of 2025.
Key points
- The Ghana Gold Board recorded a GHC3.78 billion difference in gold supplies to the Bank of Ghana in 2025.
- The difference resulted from several transactions where gold supplied was sometimes above or below the expected amount.
- The amount payable to the central bank formed the largest part of GOLDBOD's total trade payables of GHC3,883,803,022 at the end of 2025.
