Business
GoldBod Purchases Over 135 Tonnes of Gold, Contributes to Cedi Stability and Reserve Growth
The Ghana Gold Board (GoldBod) purchased a total of 135.843 tonnes of gold between January 2025 and May 2026, with approximately 98 per cent sourced from the artisanal and small-scale mining (ASM) sector, Deputy Minister of Finance Thomas Nyarko Ampem has disclosed.
Addressing Parliament, Mr Ampem stated that 135.221 tonnes of the total volume were acquired from the ASM sector, while the remainder came from large-scale mining companies.
According to the Deputy Minister, GoldBod purchased, aggregated and exported 104 tonnes of ASM gold in 2025 alone, generating more than US$10 billion in revenue for the country.
He noted that GoldBod’s operations played a significant role in strengthening Ghana’s economy, contributing to a 41 per cent appreciation of the Ghana cedi in 2025 and boosting the country’s foreign reserves from US$8.98 billion in December 2024 to US$13.8 billion by the end of 2025.
Mr Ampem made the disclosure while responding to questions from the Member of Parliament for Oforikrom, Michael Kwesi Addo, on the quantity of gold purchased by GoldBod, its sources of supply, and expenditure on gold purchases.
The Deputy Minister revealed that GoldBod spent approximately US$16.1 billion on gold purchases between January 2025 and May 2026, with US$9.8 billion of that amount expended during the 2025 calendar year.
He explained that the government’s objective was to transform Ghana’s gold sector by reducing smuggling, formalising trade and ensuring that more value from the country’s gold resources remains within the national economy.
“Through GoldBod, gold is transparently aggregated, assayed, refined and exported, generating foreign exchange and strengthening the country’s reserves with tangible benefits for Ghanaians,” he stated.
Mr Ampem said GoldBod had intensified collaboration with the National Anti-Illegal Mining Operations Secretariat (NAIMOS) to tackle illegal mining activities and improve regulatory compliance within the sector.
He further described GoldBod as a key pillar of Ghana’s macroeconomic recovery strategy, aimed at mobilising foreign exchange and curbing gold smuggling.
Citing reports, including those from Reuters, the Deputy Minister said Ghana lost an estimated US$11.4 billion through gold smuggling between 2019 and 2023, adding that GoldBod’s interventions were helping to reverse the trend.
On licensing, Mr Ampem informed Parliament that as of May 31, 2026, GoldBod had licensed 1,184 gold buyers under its regulatory framework. These comprise two aggregators, 67 self-financing aggregators, 736 Tier Two buyers and 379 Tier One buyers.
He explained that all licensed buyers are required to purchase gold exclusively from licensed miners for onward sale to GoldBod.
Meanwhile, the Deputy Minister disclosed that the Ministry of Finance made its latest payment of GH¢100 million to the Minerals Development Fund (MDF) on June 3, 2026. Combined with earlier transfers made between January and May, total payments to the fund this year amount to GH¢402.4 million.
On cocoa financing, Mr Ampem assured Parliament that government reforms would address recurring payment delays to Licensed Buying Companies (LBCs). He said a new domestic financing model would ensure adequate liquidity for cocoa purchases throughout the year.
He also revealed that a new COCOBOD Bill to be presented to Parliament would prohibit the use of COCOBOD funds for quasi-fiscal activities, which he said had weakened the institution’s finances and affected its ability to meet core obligations.
According to him, excessive borrowing and reliance on costly domestic financing instruments under previous management contributed to COCOBOD’s debt challenges, culminating in defaults on cocoa bill repayments in 2023.
Mr Ampem expressed confidence that the proposed reforms and stricter financial discipline would help eliminate persistent delays in payments to Licensed Buying Companies.
New Patriotic Party (NPP) National Organiser hopeful Kwadwo Agyei Yeboah has raised concerns over the financial impact of the government’s domestic gold purchasing programme involving GoldBod and the Bank of Ghana (BoG).
Speaking on Kessben Maakye show in Accra, Mr. Agyei Yeboah claimed, an International Monetary Fund (IMF) report indicates that Ghana’s domestic gold purchasing programme generated significant financing and fiscal pressures during the 2025 fiscal year.
He argued that while the programme has contributed to an increase in Ghana’s national reserves and helped stabilize the cedi against major trading currencies, the IMF has advised the Central Bank to avoid financing GoldBod’s activities in ways that could weaken its balance sheet.
“While the operation programme increases national reserve and stabilizes the cedi, the IMF advice against Central Bank finance causing fiscal operation to prevent weakening the Central Bank balance sheet,” he stated.
Mr. Agyei Yeboah questioned how GoldBod could be considered profitable if its operations were simultaneously weakening the balance sheet of the Bank of Ghana.
He further claimed that the IMF’s position amounts to confirmation that Ghana’s gold business has contributed to the relative stability of the cedi amid volatility in major international currencies.
According to figures he attributed to GoldBod, the institution purchased 135,843 metric tonnes of gold between its establishment in May 2025 and May 2026.
He also cited a breakdown indicating that 135,221 metric tonnes, representing about 93% of the purchases, came from artisanal and small-scale miners (ASM).
However, Mr. Agyei Yeboah noted that illegal mining, popularly known as galamsey, remains a major source of purchases, raising questions about where the gold extracted through galamsey is being traded.
He also alleged that President John Dramani Mahama is aware that some of his associates are involved in illegal mining, suggesting that this could explain the government’s difficulty in tackling the menace.
On GoldBod’s finances, he claimed that the institution spent approximately $16 billion on gold purchases between May 2025 and May 2026, against $10.9 billion in revenue, which he described as a loss.
The comments are likely to intensify the ongoing debate over GoldBod’s operations, its impact on the Bank of Ghana’s balance sheet, and the broader economic benefits and risks associated with Ghana’s domestic gold purchasing programme.
By Maurice Otoo
NDC former parliamentary aspirant for Bortianor Ngleshie Amanfro , Alexander Ackuokoh, has strongly rejected claims that the Ghana Gold Board (GoldBod) has incurred losses, accusing the opposition NPP of misrepresenting the International Monetary Fund’s (IMF) comments on the state-backed gold trading institution.
In a discussion at Kessben Maakye show in Accra, Ackuokoh said, the debate surrounding GoldBod has been driven by what he described as a “predetermined” attempt to portray the institution negatively.
“A predetermined mind is difficult to convince,” he said, arguing that there is no basis for the NPP to treat the IMF’s statement on GoldBod as though it were a major indictment.
Ackuokoh insisted that GoldBod has not run into losses, stressing that the IMF did not state that the institution had made losses.
He explained that the issue concerns losses associated with operational cost or accounting treatment, rather than GoldBod itself being a loss-making institution.
The NDC parliamentary aspirant further cited the Auditor-General’s report on GoldBod’s 2025 operations, claiming that the institution recorded a surplus of about GH¢5.5 billion.
He questioned why GoldBod should be judged primarily on profit-making when, according to him, the institution was established to help build Ghana’s gold reserves and contribute to financial-sector stability.
Ackuokoh also took aim at former Deputy Finance Minister and current Public Accounts Committee Chairperson Abena Osei Asare, accusing her of engaging in speculation over GoldBod.
He argued that such claims amount to an attempt to mislead the public.
According to him, Ghanaians should instead compare the benefits of GoldBod’s operations with the debt burden associated with what he described as former Finance Minister Ken Ofori-Atta’s “reckless” Eurobond borrowing.
Ackuokoh further argued that GoldBod’s activities are already contributing to greater stability in the local currency.
“Gone are the days that our cedi was running like Usain Bolt,” he said, suggesting that the current stability of the cedi should also be assessed against the impact of GoldBod’s operations.
He maintained that the focus should not be on labelling operational difficulties as losses but on finding practical solutions to challenges confronting GoldBod.
“The issue is how to resolve operational difficulties and not to consider it as a loss,” he stressed.
Ackuokoh’s comments come amid growing political debate over GoldBod’s financial performance, mandate and impact on Ghana’s economy, with the NPP and government supporters offering sharply contrasting interpretations of the institution’s performance.
By Maurice Otoo
GoldBod spokesperson Prince Kwame Minkah has dismissed allegations of financial impropriety surrounding the Ghana Gold Board (GoldBod), insisting that there is no missing state money and no cause for alarm.
Responding to claims about GoldBod’s financial dealings, Minkah said there was “absolutely no cause for alarm,” stressing that allegations of debt or missing funds must be supported by credible evidence.
In a zoom interaction on Kessben Maakye show in Accra, Minkah revealed that. GoldBod was established as part of efforts to take greater control of Ghana’s gold resources and serve as an antidote to the challenges created by the depreciation of the cedi.
He explained that Parliament amended and passed Act 1140 to establish GoldBod, after which President John Dramani Mahama assented to the legislation.
Minkah further argued that the Precious Minerals Marketing Company (PMMC) served as a buying agent during the transitional period leading to the establishment of GoldBod.
He said the International Monetary Fund (IMF) failed to properly recognise the transition from PMMC to GoldBod, which, in his view, contributed to misconceptions about funds provided to PMMC for gold purchases.
“Some figures are being rolled out that GoldBod has lost huge capital meant to trade in gold, but that money is not a loss; it is just an accounting cost,” Minkah argued.
He maintained that any assessment of GoldBod’s performance and accountability must be based on the profit generated by the institution since its inception, rather than solely on accounting costs.
Minkah also pointed to GoldBod’s accumulated reserves as evidence of the institution’s financial position, insisting that proper accountability should rely on official audit reports.
He said if there are concerns about the accounts of any government agency, the appropriate reference point should be the Auditor-General’s report, rather than statements made by Abena Osei Asare without supporting evidence.
According to him, the Auditor-General has not established or released any adverse finding against GoldBod to substantiate the allegations being made.
Minkah also took aim at claims associated with Abena Osei-Asare, suggesting that as Chairperson of Parliament’s Public Accounts Committee, she should understand the importance of relying on audited evidence.
He further defended GoldBod’s restructuring of Ghana’s gold-trading system, saying the institution has streamlined the sector to eliminate unnecessary leakages and ensure that the benefits of the country’s gold resources accrue to Ghanaians.
He challenged those making allegations to provide evidence rather than rely on rhetoric.
“Abena Osei must give a proof of her allegations and not mere rhetorics,” he said.
Minkah concluded that GoldBod’s broader objective is to strengthen Ghana’s ownership and control of its natural resources.
“Ghana is taking ownership of her natural resources,” he stressed.
Business
Gold Became Ghana’s Biggest Export Driver Under BoG Domestic Gold Purchase Programme – IMF Report
The report states that the DGPP, introduced in 2021 and largely phased out by the end of June 2026, played a significant role in boosting gold exports, strengthening Ghana’s external position, and supporting macroeconomic stability. In 2025 alone, the programme facilitated the export of US$10.9 billion worth of artisanal gold, representing approximately 9.5% of Ghana’s Gross Domestic Product (GDP).
According to the paper, rising global gold prices, coupled with increased domestic production, pushed gold to account for more than half of Ghana’s total exports in 2025, up from just a fifth in 2021. This surge significantly improved the country’s current account balance, supported the appreciation of the cedi, and enhanced debt sustainability.
The report also highlights Ghana’s position as Africa’s leading gold producer and one of the world’s major gold-producing nations. It explains that the country’s gold industry consists of both large-scale mining companies and artisanal and small-scale mining (ASM) operations.
Major large-scale producers include multinational companies such as Newmont, AngloGold Ashanti and Gold Fields. The report notes that Newmont’s Ahafo South Mine alone has produced more than 10 million ounces of gold since it began operations in 2006.
However, the paper points out that while large-scale mining has traditionally dominated Ghana’s exports, artisanal and small-scale mining overtook it in export performance in 2025. The ASM sector includes licensed operators as well as informal and illegal miners, with many activities benefiting from tax exemptions that do not apply to large-scale mining companies.
Despite the programme’s economic gains, the report estimates that the DGPP also resulted in losses of approximately US$1.7 billion, equivalent to 1.5% of Ghana’s GDP in 2025. It recommends that the lessons from the initiative should guide future gold sector policies, particularly as GoldBod assumed full operational responsibility for the programme in July 2026
The Bank of Ghana (BoG) has issued a fresh public notice warning Ghanaians against dealing with 20 unlicensed digital loan applications that are operating without the required licence or authorisation from the central bank.
The notice, No. BG/GOV/SEC/2026/25, dated August 3, 2026, follows an earlier directive on unlicensed Digital Credit Service Providers (DCSPs) issued under Notice No. BG/GOV/SEC/2026/22.
According to the Bank of Ghana, it has observed the continued operation of several entities offering digital loans to the Ghanaian public through online platforms despite lacking the required approval to operate. The central bank said these activities contravene the Directive for Digital Credit Service Providers in Ghana (September 2025), published under Notice No. BG/GOV/SEC/2025/30, as well as other relevant laws.
20 Unlicensed Digital Loan Apps Identified by the Bank of Ghana
The Bank of Ghana listed the following mobile loan applications as operating without the required licence or authorisation:
- Adamfo Loan
- Agyapacredit
- Amanfi Loan
- Arco Cash
- Aya Lend
- Bucks Now
- CediGo
- CGrab
- DumboCash
- FCash
- Gh Loans
- Gh Loans Pro
- Hasty Credit
- Newgry Money Tree
- Omanpesa
- PoPoCedi
- Ready Money
- Sika Tap
- Sikapa Loan
- Zigwe Loan
BoG Raises Concerns Over Consumer Protection and Data Privacy
The central bank stressed that the operations of these unlicensed entities constitute significant violations of customer data privacy, consumer protection requirements, and established regulatory standards.
It warned that consumers who use these platforms may be exposed to financial and privacy risks because the providers are operating outside Ghana’s regulatory framework.
Bank of Ghana to Intensify Enforcement
The Bank of Ghana said it will continue working with relevant state institutions to identify, investigate and take appropriate enforcement action against unlicensed digital credit providers.
According to the central bank, the collaborative effort is aimed at safeguarding consumers while preserving the integrity and stability of Ghana’s financial sector.
Public Advised to Avoid Unlicensed Loan Providers
The Bank of Ghana strongly advised the general public not to engage with unlicensed digital loan providers.
It also cautioned banks, Specialised Deposit-Taking Institutions (SDIs), and Payment Service Providers (PSPs) against facilitating or processing transactions on behalf of unlicensed loan operators.
Public Encouraged to Report Illegal Loan Providers
The central bank urged members of the public who become aware of the activities of unlicensed digital loan providers to report them to:
The Head
Fintech and Innovation Department
Bank of Ghana
The Bank Square
42 Castle Road
Ridge, Accra
Telephone: +233 30 273 9650
Email: fintech@bog.gov.gh | digitalcredit@bog.gov.gh
The notice was signed by Aimee Vyda Quashie (Ms.), Secretary of the Bank of Ghana, and took effect on August 3, 2026.
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