The Ghana Gold Board (GoldBod) has made its detailed 2025 gold trading reports publicly available, showcasing a high level of transparency. The reports provide a weekly breakdown of funds provided by the Bank of Ghana (BoG), the value of gold expected to be supplied, the actual value supplied, and the resulting variances. This move has been praised by policy analyst Alfred Appiah, who sees it as an example of the transparency expected of state institutions.
According to Mr. Appiah's review of the figures, there is a variance of about GH¢3.8 billion, with a significant portion of the amount coming from inflows recorded towards the end of the year. The amount is also reflected in GoldBod's audited financial statements as a payable to the BoG under the Domestic Gold Purchase Programme. GoldBod's audited 2025 financial statements show GH¢3.78 billion of its GH¢3.88 billion trade payables as amounts payable to the BoG.
The detailed reports are available on GoldBod's website and cover transactions between the Board and the central bank during 2025. The reports provide transaction-level information, showing the inflow from the BoG, the expected gold supply, the actual gold supplied, and the variance. The final figures show total inflows of about GH¢133.26 billion, expected gold supplies of GH¢132.29 billion, and actual gold supplies valued at approximately GH¢128.55 billion, representing 80,762.55 kilogrammes of gold.
The trade reports also reveal that the variances were not uniform throughout the year. There were transactions where GoldBod supplied considerably more gold than expected, as well as others where actual supplies fell below the expected amounts. For example, a transaction dated August 28 recorded an expected supply of about GH¢1.06 billion, but actual gold supplied was valued at approximately GH¢2.72 billion, resulting in a variance of about GH¢1.65 billion in favour of the supply.
Mr. Appiah's review of GoldBod's transparency has led to broader commentary on public-sector accountability. He argues that the availability of the weekly trading information offers a useful standard for other public institutions, particularly those handling significant public resources. He emphasized that state entities need to learn from GoldBod's example and improve their own transparency.
GoldBod has also published its audited financial statements for 2025, which reported total revenue of GH¢5.55 billion, an operational surplus of about GH¢909.71 million, and an overall surplus of GH¢5.44 billion. The publication of the trade reports comes against the background of GoldBod's evolving role in Ghana's domestic gold market, established under the Ghana Gold Board Act, 2025 (Act 1140).
The Bank of Ghana has explained that the Domestic Gold Purchase Programme was established to strengthen the country's foreign exchange reserves, with GoldBod serving as the operational channel for the acquisition of artisanal and small-scale gold under the programme. GoldBod's model has drawn interest from other countries, with seven African countries seeking gold governance lessons from Ghana.
Key points
- GoldBod releases detailed 2025 gold trading reports, showcasing transparency.
- Reports provide weekly breakdowns of funds from the Bank of Ghana and gold supplies.
- Policy analyst Alfred Appiah praises GoldBod's transparency, calling for other state entities to follow suit.
