Ghana's Member of Parliament for Tano North, Dr. Gideon Boako, has raised concerns about the source of funds behind the Ghana Gold Board's reported $1.17 billion contribution to the Bank of Ghana's foreign exchange reserves in September 2026. According to GoldBod, the $1.17 billion was provided for reserve accumulation, while $701.3 million was sold to authorised commercial banks to support foreign exchange market stability. Dr. Boako questioned whether the reported reserve support represented genuinely new foreign exchange or was linked to outstanding obligations from previous GoldBod transactions.
GoldBod announced that it generated $1.871 billion from its artisanal and small-scale mining gold trading operations during September 2026, exceeding its $1.4 billion target. The organisation attributed the achievement to its efforts to support foreign exchange market stability and reserve accumulation. However, Dr. Boako argued that the $1.17 billion contribution to the BoG might not be new money, but rather repayment of what was already owed.
In 2025, GoldBod owed the BoG over GH¢3.78 billion in undelivered gold, according to Dr. Boako. He claimed that the BoG had advanced cedis for gold purchases, but GoldBod failed to deliver for months. Dr. Boako's assertion suggests that the $1.17 billion contribution might be related to the settlement of outstanding debts rather than new foreign exchange.
Dr. Boako also challenged GoldBod's current financing arrangement, arguing that where commercial banks provide cedis to finance gold purchases, the corresponding dollar proceeds would ordinarily be due to those banks or off-takers. He noted that under GoldBod's current architecture, all proceeds from gold purchased with funds from commercial banks must go to the banks or off-takers.
The MP called on GoldBod to disclose the source of funding for the gold behind the reported foreign exchange generation and account for the GH¢5 billion reportedly committed by the Ministry of Finance for gold purchases. Dr. Boako's concerns highlight the need for transparency in GoldBod's operations and its financing arrangements.
GoldBod's reported achievement has significant implications for Ghana's foreign exchange market and reserve accumulation. The organisation's efforts to support foreign exchange market stability and reserve accumulation are crucial in the current economic climate. However, Dr. Boako's concerns about the source of funds behind the $1.17 billion contribution must be addressed to ensure transparency and accountability.
The issue has sparked a conversation about the transparency and accountability of GoldBod's operations and its financing arrangements. Dr. Boako's assertions have raised questions about the nature of the $1.17 billion contribution to the BoG and the need for clarity on the source of funds.
Key points
- Dr. Gideon Boako questions the source of funds behind GoldBod's $1.17 billion contribution to BoG's foreign exchange reserves.
- GoldBod generated $1.871 billion from its artisanal and small-scale mining gold trading operations in September 2026.
- Dr. Boako calls for transparency in GoldBod's operations and financing arrangements.
