Minority demand probe into Goldbold’s alleged $214 loss

The Minority in Parliament has raised alarm over what it describes as a “grave national betrayal” at the heart of Ghana’s gold trading and reserve-building programme, accusing the government of presiding over a system that has already cost the country $214 million and could drain over $300 million in 2025 alone.

Addressing a press conference during the Christmas period, Minority leaders said they were compelled to interrupt their holidays because the country faced what they termed “economic sabotage, environmental devastation, and institutional capture” linked to the operations of GoldBod, the state gold trading entity.

According to the Minority, a programme originally designed to strengthen Ghana’s foreign-exchange reserves and stabilise the cedi has been transformed into a “trading pipeline that bleeds the state while shielding intermediaries from risk.”

Questions Over a Gold Monopoly

Central to the Minority’s concerns is the role of Bawa-Rock Limited, a private firm reportedly licensed by GoldBod as the sole aggregator for artisanal and small-scale gold across the country.

The Minority questioned how a single company came to enjoy what it described as a de-facto monopoly in a sector traditionally dependent on competition to ensure transparency and fair pricing.

“Who selected Bawa-Rock, under what criteria, and who are its beneficial owners?” the Minority asked, insisting that until these questions are publicly answered, the integrity of the entire GoldBod scheme remains in doubt.

They further argued that compelling miners, dealers and landowners to channel gold through one private intermediary creates fertile ground for rent-seeking and undermines confidence in state gold-buying operations.

IMF Figures ‘Only Part of the Story’

While the International Monetary Fund has reported $214 million in losses under the Gold-for-Reserves programme in the first nine months of 2025, the Minority maintains that the figure represents only a fraction of the problem.

They explained that GoldBod purchases gold from small-scale miners at true global market prices, benchmarked to forex bureau exchange rates. However, when the resulting dollar proceeds are sold to the Bank of Ghana, they are exchanged at the BoG or interbank rate, which is weaker.

“The exchange-rate loss is then transferred directly onto the Bank of Ghana,” the Minority said, describing the arrangement as a structural design flaw rather than a market anomaly.

“This is a system where the State bleeds so intermediaries remain protected,” they warned.

From Reserve-Building to Trading

The Minority contrasted the current arrangement with the original design of the Gold-for-Reserves programme, under which Ghana’s gold reserves reportedly increased from 8.7 tonnes to 31 tonnes in under two years without recorded losses.

Under the present administration, however, reserves have increased by only seven tonnes—from 31 to 38 tonnes—despite unprecedented volumes of gold passing through GoldBod, a development the Minority described as evidence that the focus has shifted from strategic reserve accumulation to speculative trading.

“This is not reserve prioritisation,” the Minority asserted. “It is rent-seeking.”

Environmental Concerns and Traceability Gaps

Beyond financial losses, the Minority warned of serious environmental implications, arguing that GoldBod lacks the capacity to meet OECD gold traceability standards.

They claimed the system risks becoming a state-sanctioned laundering channel for gold sourced from illegal mining, even as forests are degraded, rivers polluted with mercury and cyanide, and cocoa farms destroyed.

“The tragedy is that the State may now be financing its own ecological destruction,” they said.

Demands for Accountability

The Minority has called for the establishment of a Parliamentary ad-hoc investigative committee with powers to subpoena contracts, licences and intermediaries, including Bawa-Rock Limited.

They also demanded full disclosure by the Bank of Ghana and GoldBod of pricing formulas, fee structures, foreign-exchange arrangements and aggregator selection criteria.

Additionally, the Minority urged the suspension of mining permits in forest reserves and the introduction of mine-level digital traceability for all gold purchases.

They insisted that the Governor of the Bank of Ghana and the CEO of GoldBod must appear before Parliament and submit to unhindered investigations, warning that proven negligence or corruption must lead to prosecutions and the recovery of public funds.

A National Call

Framing the issue as one that transcends party politics, the Minority appealed to civil society, traditional leaders, faith groups, labour unions, students and the diaspora to demand accountability.

“Gold may glitter,” the Minority concluded, “but truth endures. This is not a moment for spectators. It is a moment for citizens.”

 

 

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