The Ghana Gold Board (GoldBod) has forcefully dismissed media reports alleging that the state-backed gold aggregator has incurred losses exceeding GHS 3 billion in its first year of operations.
The Board describes the claims published by a local radio station as “entirely false, mischievous and deliberately contrived” to undermine its work and the gains made in Ghana’s mineral sector.
In a statement issued on Tuesday, November 18, 2025 GoldBod said it has never recorded losses since its establishment, insisting instead that it has consistently made significant surpluses.
According to the Board, audited quarterly financial statements soon to be published on its official website will provide clear evidence of its profitability.
“The publication under reference is entirely false and deliberately contrived to undermine the successes and significant contribution of the GoldBod to the revitalisation of Ghana’s economy,” the statement read.
GoldBod urged the public to disregard the report, which it described as “unethical” and called the Radio station involved to retract the allegation and offer an unqualified public apology.
Background to the Report
The rebuttal follows a detailed report by the radio station claiming that internal checks show GoldBod has accumulated approximately GHS 3 billion in losses, during its first year under the new gold aggregation and export regime.
According to the report, industry insiders estimated that GoldBod was losing about GHS 8,000 per ounce of gold roughly $25,900 per kilogram due to a combination of logistics costs, assay discrepancies, and foreign exchange volatility.
The report argued that rapid fluctuations in global gold prices during the three-day repayment cycle for funded purchases were eroding margins.
