GoldBod's $1.1bn 'Support' for BoG Reserves Questioned
The Bank of Ghana (BoG) has been accused of misrepresenting the source of $1.1 billion in foreign exchange generated by the Ghana Gold Board (GoldBod). Deputy Ranking Member of Parliament's Finance Committee, Dr Gideon Boako, claims that this amount is not a new addition to the central bank's reserves but rather a repayment of an existing debt.
According to Dr Boako, GoldBod owed BoG approximately GH¢3.7 billion in 2025 for gold supplies it had failed to deliver after receiving cedi funding from the central bank. The $1.8 billion generated by GoldBod is merely a repayment of this debt.
Dr Boako has questioned the source of the funds used by GoldBod to purchase the gold, suggesting that if the purchases were financed by the Ministry of Finance or through GoldBod's own debt instruments, the resulting dollar proceeds could support reserve accumulation. However, he noted that without knowing the source of funding, it is difficult to determine the true nature of the arrangement.