The Ghana Gold Board (GoldBod) has recorded a net difference of GH¢3.78 billion between the gold expected to be supplied to the Bank of Ghana (BoG) and the actual position at the end of 2025. This figure covers both over-supplies, under-supplies, and undistributed funds. According to the GoldBod/BoG detailed trade report, GoldBod received total inflows of GH¢133.26 billion during the period.
Of the total inflows, GH¢132.29 billion was the expected value of gold to be supplied to the central bank. However, the actual gold supplied was valued at GH¢128.55 billion, equivalent to 80,762.55 kilogrammes. The resulting balance in the report's column headed “Over Supply/Under Supply to BoG — including undistributed funds” was GH¢3.78 billion.
The GH¢3.78 billion figure was captured as amounts payable to the Bank of Ghana in GoldBod’s earlier released audited financial report for the year 2025. GoldBod’s audited financial statements put the exact amount payable to the central bank at GH¢3,780,727,736, forming the bulk of its total trade payables of GH¢3,883,803,022 at the end of the financial year.
The figure does not represent one single transaction, but rather the result of numerous transactions throughout 2025 in which the value of gold supplied sometimes exceeded the amount expected, while in other cases it fell below the expected amount or no gold was recorded as supplied. There were instances of over-supply, such as on June 26, 2025, when GoldBod supplied gold worth GH¢5.28 billion, against an expected amount of about GH¢1.63 billion.
Conversely, there were also instances of under-supply, such as on August 22, 2025, when GoldBod supplied gold worth about GH¢569.40 million, against an expected GH¢2.02 billion, leaving an under-supply of approximately GH¢1.47 billion. The report also records instances where funds came in, but no gold supply was recorded against the transaction, such as on April 24, 2025, when an inflow of GH¢500 million was recorded.
The final weeks of the year illustrate the wide movements in the figures. On December 16, 2025, GoldBod supplied gold worth GH¢2.52 billion against an expected GH¢1.14 billion, producing an over-supply of about GH¢1.37 billion. Three days later, however, it supplied GH¢1.75 billion against an expected GH¢2.29 billion, resulting in an under-supply of about GH¢544.48 million.
The GoldBod/BoG detailed trade report provides a comprehensive breakdown of the transactions, highlighting the fluctuations in gold supply throughout 2025. The report's transparency has been applauded by policy analysts, who see it as a positive step towards accountability in the management of Ghana's gold resources.
Key points
- GoldBod recorded a net supply gap of GH¢3.78 billion payable to BoG for 2025.
- The gap resulted from over-supplies, under-supplies, and undistributed funds.
- GoldBod received total inflows of GH¢133.26 billion during 2025.
