GoldBod, Ghana's state gold aggregator, supplied 80,762.55 kilogrammes, or roughly 80.8 tonnes, of gold to the Bank of Ghana between 3 February and 31 December 2025. The gold was worth GH¢128.55 billion. Despite this, GoldBod's newly published figures show it still owes the central bank GH¢3.78 billion. The detailed transaction report was published by GoldBod, providing insights into its dealings with the Bank of Ghana.
Over the same period, GoldBod received total inflows of GH¢133.26 billion from the Bank of Ghana, against an expected gold supply of GH¢132.29 billion. The gap between what was expected and what was actually delivered, once undistributed funds are factored in, comes to GH¢3.78 billion. GoldBod's report shows wide swings from one transaction to the next, with some dates seeing far more gold supplied than expected, while on others, no gold supply was recorded against the funds received.
The report highlights that on 26 June, GoldBod supplied 3,579.36 kilogrammes worth GH¢5.28 billion, against an expected GH¢1.63 billion. However, several inflows in April, May, July, and December saw no corresponding gold delivery logged. Three large inflows late in the year – GH¢2 billion each on 24, 30, and 31 December – had no recorded gold delivery. This contributed to the GH¢3.78 billion net gap.
The GH¢3.78 billion shortfall had already been reported in GoldBod's audited 2025 financial statements. The statements recorded GH¢3,780,727,736 of its GH¢3,883,803,022 in total trade payables as amounts owed to the Bank of Ghana under the Domestic Gold Purchase Programme. The disclosure has drawn attention for the transparency it provides, with Canada-based Ghanaian policy analyst Alfred Appiah praising GoldBod for publishing the figures.
Appiah noted that the availability of weekly breakdowns showing funding, expected gold, and actual supply sets a standard for other state institutions. He argued that agencies which have existed for years without publishing an annual report should take note. This contrasts with concerns raised in August when civil society organisations pressed GoldBod for answers over a lack of trade reports on its website.
The Domestic Gold Purchase Programme was set up by the Bank of Ghana to strengthen the country's foreign exchange reserves, with GoldBod acting as the operational buyer of small-scale and artisanal gold. Any gap between funds disbursed and gold delivered affects the backing of those reserves. GoldBod's audited statements also reported total revenue of GH¢5.55 billion and an overall surplus of GH¢5.44 billion.
The publication of these figures comes weeks after a US Treasury delegation visited GoldBod over Ghana's gold sector reforms. There is continued outside interest in how GoldBod manages the country's artisanal gold trade. However, it is unclear whether or when the GH¢3.78 billion balance will be settled with the Bank of Ghana, as neither GoldBod nor the central bank has issued a public statement responding directly to the shortfall.
Key points
- GoldBod supplied 80.8 tonnes of gold worth GH¢128.55 billion to the Bank of Ghana in 2025.
- GoldBod still owes the Bank of Ghana GH¢3.78 billion despite the significant gold delivery.
- The publication of detailed transaction reports by GoldBod has been praised for transparency.
