Dr. Gideon Boako, the Member of Parliament for Tano North, has urged for a thorough examination of the Ghana Gold Board's (GoldBod) financial records to establish the true nature of its reported contribution to Ghana's foreign exchange reserves. According to Dr. Boako, the public discussion surrounding the reported reserves support should go beyond the headline figures and examine the financial obligations underlying GoldBod's gold purchases.
GoldBod reportedly generated $1.8 billion in foreign exchange, but Dr. Boako argues that this figure should be examined against its previous obligations to the Bank of Ghana, including about GH¢3.7 billion in gold supplies that remained outstanding in 2025. The MP emphasized that the financing structure of GoldBod's gold purchases is crucial in determining the true nature of the reported reserves support.
Dr. Boako noted that GoldBod's ability to direct dollar proceeds towards reserves would depend on the source of the funds used to purchase the gold. He explained that funds obtained from commercial banks would have to be repaid through corresponding foreign exchange sales, while funds provided by off-takers would similarly have to be matched with gold deliveries or related proceeds.
The MP identified potential sources that could allow the proceeds to support reserves, including Ministry of Finance funding or GoldBod debt instruments. He also questioned whether the Bank of Ghana was still financing GoldBod despite its stated intention to exit the funding scheme. Dr. Boako called on GoldBod to provide clarity on the reported GH¢5 billion commitment from the Ministry of Finance and how much of it had been used for gold purchases.
Dr. Boako's comments come after GoldBod reportedly generated $1.87 billion in September, exceeding its monthly target. The MP's call for scrutiny of GoldBod's books is aimed at establishing transparency in the gold sector and ensuring that the reported reserves support is accurately reflected in Ghana's foreign exchange reserves.
The Bank of Ghana has signaled that it will not engage in foreign exchange intermediation for October, as GoldBod plans to provide $1 billion in support for banks. The development highlights the critical role that GoldBod plays in Ghana's foreign exchange market and the need for transparency in its operations.
The issue has sparked debate among stakeholders, with some questioning the accuracy of GoldBod's reported contribution to Ghana's foreign exchange reserves. Dr. Boako's call for closer scrutiny of GoldBod's books is expected to shed more light on the matter and ensure that the gold sector operates transparently.
Key points
- Dr. Gideon Boako calls for scrutiny of GoldBod's books to determine the true nature of its reported $1.1 billion contribution to Ghana's foreign exchange reserves.
- GoldBod reportedly generated $1.8 billion in foreign exchange, but its financial obligations, including GH¢3.7 billion in outstanding gold supplies, need to be examined.
- The financing structure of GoldBod's gold purchases is crucial in determining the true nature of the reported reserves support.
