The Media Relations Officer for the Ghana Gold Board (GoldBod), Prince Kwame Minkah, has maintained that there is an orchestrated agenda by the opposition to fabricate lies about activities at the institution.
According to him, GoldBod generated significant foreign exchange for the country while helping to stabilise the cedi and strengthen Ghana’s reserve position.
Speaking in an interview on Rainbow Radio’s As It Is In Ghana, he stated that the wider economic impact of GoldBod’s operations demonstrates that the institution is making a meaningful contribution to Ghana’s economic transformation.
He believes these fabricated lies are not important and that what should be of concern to Ghanaians is how the impact of the institution’s activities is ultimately improving the lives of citizens.
His comments come amid concerns over losses associated with the Bank of Ghana’s domestic gold purchasing programme, which has been spearheaded by GoldBod.
The IMF Country Report No. 26/213 on Ghana, prepared as background documentation for the 2026 Article IV Consultation, states that the scaling-up of the Domestic Gold Purchase Programme in 2025 resulted in losses of more than US$1.7 billion, equivalent to about 1.5% of GDP.
However, in providing details surrounding its activities, he said increased foreign exchange supply helped stabilise the FX market, contributing to a significant appreciation of the cedi.
Additionally, the Auditor-General’s 2025 audit of the Ghana Gold Board reported an operational surplus of GH¢907 million and an overall surplus of GH¢5.4 billion with no adverse findings.
He noted that IMF reports highlight losses incurred by the Bank of Ghana from gold sales under its Domestic Gold Purchase Programme, amounting to $400 million in 2024 and $1.7 billion in 2025, with the latter figure driven by the scheme’s expansion.
He clarified that GoldBod’s involvement in 2025 merely continued the role previously held by the defunct Precious Minerals Marketing Company under a September 2023 agreement. As an authorized purchasing agent, the entity bought gold for the central bank strictly according to these contractual terms.
He emphasized that neither the PMMC nor GoldBod participated in the central bank’s gold sales, signed off-take agreements, or set selling prices. Consequently, serving as a buying agent does not make the organization responsible for the financial losses arising from those sales.
“Gold Board is very liquid. GoldBod is not the reason for Bank of Ghana losses. The losses are sitting on the books of BoG,” he added.
By: Rainbowradioonline.com/Ghana
