‘State entities need to sit up’ — Policy analyst applauds GoldBod for trade report transparency

The Ghana Gold Board (GoldBod) has come under the spotlight for making its detailed 2025 gold trading reports publicly available, with policy analyst Alfred Appiah describing the disclosure as an example of the level of transparency expected of state institutions. In a post on X on September 22, Mr Appiah said the reports gave the public access to a weekly breakdown of funds provided by the Bank of Ghana (BoG), the value of gold expected to be supplied, the actual value supplied and the resulting variances. When I say state entities need to learn more about transparency from the new kid on the block, GoldBod, I really mean it.The 2025 trading reports are publicly available again.

You can get a weekly breakdown of how much money the Bank of Ghana provided to GoldBod, how much gold… pic.twitter.com/9I76v36DVy— Alfred (@CallmeAlfredo) September 22, 2026 The detailed reports are available on GoldBod’s website and cover transactions between the Board and the central bank during 2025. Mr Appiah said his review of the figures showed a variance of about GH¢3.8 billion, with a significant portion of the amount coming from inflows recorded towards the end of the year. He further pointed out that the amount was also reflected in GoldBod’s audited financial statements as a payable to the BoG under the Domestic Gold Purchase Programme.

GoldBod’s audited 2025 financial statements indeed show GH¢3.78 billion of its GH¢3.88 billion trade payables as amounts payable to the BoG under the Domestic Gold Purchase Programme. Weekly trail of public funds The trade report provides transaction-level information showing the inflow from the BoG, the expected gold supply, the actual gold supplied and the variance. The report’s final figures show total inflows of about GH¢133.26 billion, expected gold supplies of GH¢132.29 billion and actual gold supplies valued at approximately GH¢128.55 billion, representing 80,762.55 kilogrammes of gold.

The detailed schedule also shows that the variances were not uniform throughout the year. There were transactions where GoldBod supplied considerably more gold than expected, as well as others where actual supplies fell below the expected amounts. For example, a transaction dated August 28 recorded an expected supply of about GH¢1.06 billion, but actual gold supplied was valued at approximately GH¢2.72 billion, resulting in a variance of about GH¢1.…

The Ghana Gold Board (GoldBod) recorded a GH¢3.78 billion net difference between the gold expected to be supplied to the Bank of Ghana (BoG) and the actual position at the end of 2025, with the figure covering both over-supplies, under-supplies and undistributed funds. The GoldBod/BoG detailed trade report released by GoldBod shows that GoldBod received total inflows of GH¢133.26 billion during the period. Of that amount, GH¢132.29 billion was the expected value of gold to be supplied to the central bank.

Actual gold supplied, however, was valued at GH¢128.55 billion, equivalent to 80,762.55 kilogrammes. The resulting balance in the report’s column headed “Over Supply/Under Supply to BoG — including undistributed funds” was GH¢3.78 billion. The figure was captured as amounts payable to the Bank of Ghana in GoldBod’s earlier released audited financial report for the year 2025.