Ghana's Minority Caucus in Parliament has issued a strict response to the Ghana Gold Board (GoldBod). Lawmakers are demanding answers for a US$1.7 billion (GHS 22 billion) loss in the 2025 Domestic Gold Purchase Programme.

Relying on the IMF Sixth Country Report (No. 26/213), the parliamentary group focused entirely on the facts. They noted a major concession: GoldBod did not deny the massive financial loss. Instead, the agency is only arguing over who should take the blame.

The Math Behind the Surplus

To make the financial reality clear, here is a breakdown of the numbers presented in the dispute.

Lawmakers highlighted a critical flaw in this accounting. GoldBod claims an operational surplus of GHS 907 million. However, this surplus relies entirely on the estimated GHS 1 billion the agency collected from internal assay (0.258%) and service (0.5%) fees.

If you remove those agency fees from the math, the surplus completely disappears. This leaves a program running at a severe structural loss.

Claiming the Wins, Disowning the Losses

The Minority also called out GoldBod for shifting its public narrative. The agency previously took public credit for stabilizing the economy. They claimed responsibility for currency appreciation, a drop in inflation, and boosting national reserves from US$8.9 billion to US$13 billion.

Lawmakers argued that an institution cannot claim to be the author of the country's economic wins while acting as a helpless bystander to a 22 billion cedi loss. The same agency must answer for both outcomes.