Ghana Gold Board's Billions in Question as Calls for Audit Grow
The Ghana Gold Board's massive expenditures have raised eyebrows, and calls for a forensic audit of its 2025 financial accounts are growing louder. AFAG, a governance watchdog, has pointed out that the board's disclosures show total expenditure of GH¢78.68 million, with several items involving multi-million-cedi allocations.
The International Monetary Fund (IMF) has also weighed in on the matter, noting that Ghana has lost an estimated GH22 billion due to trading activities under the Domestic Gold Purchase Programme, which is administered by the Central Bank of Ghana and the Gold Board. This programme involves buying gold from small-scale miners and selling it to the Central Bank, but the process has been plagued by high costs, service charges, and discounts.
According to AFAG, the Gold Board spent GH¢14.29 million on task force deployment, GH¢3.98 million on entertainment and events, and over GH8 million on legal fees. The board also allocated GH¢5.26 million for a special intervention programme.