The Minority in Parliament has issued a strong caution over the operations of GoldBod, arguing that the current gold trading framework poses serious risks to Ghana’s economy, environmental sustainability and institutional credibility.
In a media briefing held during the Christmas season, the Minority said it had interrupted its holidays to draw national attention to what it described as troubling developments within the GoldBod arrangement, which it believes could cost the country as much as 300 million dollars by the end of 2025.
Referring to an International Monetary Fund report, the Minority indicated that Ghana had already lost an estimated 214 million dollars within the first nine months of 2025 under the Gold for Reserves programme. They maintained that the figure may be understated and warned that the structure of the scheme makes further losses likely.
A major concern raised was the decision to license Bawa Rock Limited as the sole aggregator for the purchase of artisanal and small scale gold nationwide. According to the Minority, concentrating the entire supply chain in the hands of a single private entity undermines competition, weakens transparency and raises questions about pricing and accountability.
They demanded full disclosure on how the company was selected, who its beneficial owners are and why gold producers are required to channel their output through one intermediary before it reaches GoldBod and the Bank of Ghana.
The Minority argued that the losses associated with the programme are not the result of market volatility but rather of how the scheme has been designed. They explained that while GoldBod pays miners using international gold prices and forex bureau rates, proceeds from offshore sales are later converted at lower interbank rates when sold to the Bank of Ghana. This, they said, transfers exchange rate losses to the central bank and ultimately the state.
They contrasted this with the previous Gold for Reserves initiative, under which Ghana’s gold holdings reportedly rose significantly within a short period without incurring losses. Under the current arrangement, they claimed, reserve accumulation has been modest despite high volumes of gold passing through the system.
Beyond financial considerations, the Minority drew attention to the broader development cost of the reported losses, noting that the sums involved could have supported major investments in healthcare, water systems and infrastructure for underserved communities.
Environmental concerns were also highlighted, with the Minority alleging that weaknesses in traceability and compliance with international standards risk turning state backed gold purchases into channels for illegal mining activities. They warned that this could worsen river pollution, forest degradation and damage to cocoa growing areas.
The Minority further criticised government responses that have downplayed the losses, insisting that the IMF figures were based on official data submitted by Ghana. They accused the administration of lacking the technical capacity to manage complex commodity trading schemes, arguing that GoldBod is essentially a repackaged version of earlier initiatives without the safeguards that previously ensured success.
To address the situation, the Minority called for the establishment of a special parliamentary investigative committee with powers to examine contracts, licences and intermediaries involved in the programme. They also demanded full public disclosure of GoldBod’s pricing, fees and foreign exchange arrangements, alongside urgent environmental enforcement measures and parliamentary accountability hearings involving the Bank of Ghana and GoldBod leadership.
The Minority stressed that the matter goes beyond party politics and appealed to civil society groups, traditional authorities, religious bodies and citizens to join calls for transparency and reform.
According to them, safeguarding Ghana’s natural resources and economic future requires active public engagement, particularly as the country approaches the new year.
