The Ghana Gold Board (GoldBod) released a detailed trade report covering transactions between GoldBod and the Bank of Ghana (BoG) from February 3, 2025, to December 31, 2025. The report reveals that GoldBod supplied a total of 80,762.55 kilogrammes of gold, equivalent to about 80.8 tonnes, valued at GH¢128.55 billion. This amount is slightly lower than the expected supply of GH¢132.29 billion, resulting in a net under-supply of GH¢3.78 billion.
The transaction records show considerable variations in the volumes supplied from one consignment to another. On June 26, 2025, GoldBod supplied 3,579.36 kilogrammes of gold valued at GH¢5.28 billion, exceeding the expected amount of GH¢1.63 billion. In contrast, on August 1, 3,123.42 kilogrammes were supplied at a value of GH¢4.13 billion, against an expected supply of GH¢2.73 billion. The report also records instances where no gold was supplied against particular inflows, leaving the full expected amount outstanding.
The December figures show continued large-scale gold deliveries to the central bank. On December 6, GoldBod supplied 1,316.82 kilogrammes valued at GH¢2.36 billion. A further 1,226.39 kilogrammes, valued at GH¢2.26 billion, was supplied on December 13. Another sizeable transaction on December 16 involved 1,363.84 kilogrammes valued at GH¢2.52 billion. The December 24 transaction was particularly significant, with GoldBod supplying 1,416.62 kilogrammes valued at GH¢2.68 billion.
The report also records three large inflows towards the end of the year for which no gold supply was recorded: GH¢2 billion on December 24 and GH¢2 billion each on December 30 and 31. GoldBod's dealings with the BoG involved frequent consignments throughout the year, with some deliveries occurring within days of the corresponding inflows. In several instances, the value of gold supplied exceeded the amount expected, while in others the actual supply fell short.
The report's final balance reflects the net position after accounting for the various transactions and undistributed funds. The figures also underline the scale of the gold flows being handled under the GoldBod-BoG arrangement. From February 3, 2025, when the first recorded transaction involved 322.66 kilogrammes valued at GH¢474.87 million, the consignments grew considerably over the course of the year.
Ghanaian data analyst and policy analyst based in Canada, Alfred Appiah, lauded GoldBod for its transparency in releasing the 2025 trading reports. He stated that state entities need to learn more about transparency from GoldBod, emphasizing the importance of publicly available reports. The report gives a transaction-by-transaction account of the gold supplied to the central bank, providing a clearer picture of the scale and movement of gold under GoldBod's operations during 2025.
The GoldBod-BoG arrangement has been instrumental in managing Ghana's gold supply, with the report highlighting the significant transactions that took place throughout 2025. The release of the report demonstrates GoldBod's commitment to transparency and accountability in its dealings with the BoG. As a result, stakeholders have a better understanding of the gold flows and transactions between the two institutions.
Key points
- GoldBod supplied 80,762.55 kg of gold worth GH¢128.55 billion to the BoG in 2025.
- The actual supply of gold was slightly lower than the expected supply of GH¢132.29 billion.
- GoldBod's report has been lauded for its transparency, with stakeholders calling for other state entities to follow suit.
