Ghana Gold Board Embroiled in GH¢22 Billion Crisis Amid Controversy Over Aggressive Purchasing Programs

A financial crisis has engulfed Ghana's newly established Gold Board (GoldBod), with a reported discrepancy of GH¢22 billion linked to the central bank's aggressive gold purchasing programs. The controversy surrounds the execution of the 'Gold for Oil' (G4O) and 'Gold for Reserves' (G4R) policies, designed to stabilize the Ghanaian economy and bolster foreign reserves by leveraging domestically mined gold to secure petroleum imports.

The Bank of Ghana recorded immense losses linked to these operations, with GHS 2.15 billion in 2023 and GHS 4.84 billion in 2024, compounding into a broader institutional deficit. The Ghana cedi depreciated by nearly 47 percent against the USD over a two-year period.

Former Okaikwei North MP Fuseini Issah has publicly challenged GoldBod CEO Sammy Gyamfi's operational narratives, demanding absolute transparency regarding aggregator costs, logistics, and hidden fees. Gyamfi has refuted claims that GoldBod is responsible for the central bank's massive deficit, citing international audit reports to shield the institution from blame.