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GoldBod Scandal Explodes: Minority Warns Ghana Could Lose $300m, Demands Probe
The Minority in Parliament has raised grave concerns over the operations of GoldBod, warning that Ghana risks losing up to $300 million in 2025 under what it describes as a deeply flawed and opaque gold trading arrangement that threatens the economy, the environment, and national institutions.
Addressing the media during the Christmas period, the Minority said it was compelled to suspend its holidays to alert the nation to what it termed a “darkness beneath the glow of Christmas lights”, a system of economic mismanagement, environmental devastation, and alleged state capture unfolding under the GoldBod framework.
Citing an IMF report, the Minority noted that $214 million had already been lost within the first nine months of 2025 under the Gold-for-Reserves programme but cautioned that the true scale of the losses goes beyond what is publicly reported.
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Central to the minority’s concerns is the role of Bawa-Rock Ltd, owned by Alhaji Bawa, which they allege has been made the sole aggregator licensed by GoldBod to purchase artisanal and small-scale gold across the country.
The minority questioned why a monopoly was deliberately created in an industry where competition is critical to transparency and fair pricing. They demanded answers on how Bawa-Rock was selected, who its beneficial owners are, and why all gold suppliers must route their products through a single private entity before reaching GoldBod and, ultimately, the Bank of Ghana.
“Until these questions are answered publicly, no Ghanaian can trust the integrity of this scheme,” the Minority declared.
According to the minority, the losses stem from the structural design of the programme rather than market fluctuations. They explained that GoldBod pays miners at global market prices and prevailing forex bureau rates but later sells the dollars earned from offshore buyers to the Bank of Ghana at weaker interbank rates. The resulting exchange-rate losses, they argue, are transferred directly to the central bank, forcing the state to absorb the financial hit while intermediaries remain protected.
The Minority contrasted the current arrangement with the original Gold-for-Reserves programme under the NPP, under which Ghana’s gold reserves increased from 8.7 tonnes to 31 tonnes in under two years, without losses. Under the current administration, however, reserves have reportedly increased by only seven tonnes, despite large volumes of gold passing through GoldBod.
They accused the government of shifting the programme from a strategic reserve-building initiative to a gold trading operation driven by rent-seeking rather than national interest.
Beyond the financial implications, the minority warned of the social cost of the reported losses, noting that $214 million could have funded dozens of hospitals, thousands of boreholes, and critical infrastructure for deprived communities.
They also linked GoldBod’s operations to worsening environmental destruction, alleging that the inability to meet OECD traceability standards has effectively turned state-sanctioned gold buying into a laundering channel for illegal mining (galamsey), contributing to polluted rivers, destroyed forests, and devastated cocoa farms.
The minority criticised what it described as official arrogance, pointing to public statements dismissing the losses as “speculative” despite the IMF relying on data submitted by Ghana itself. They further accused the government of lacking original ideas, arguing that GoldBod is merely a rebranding of existing NPP-era initiatives such as Gold-for-Reserves and Gold-for-Oil, without the technical competence required to operate in global commodities markets.
In response, the minority outlined four key demands:
- A Parliamentary Ad Hoc Investigative Committee with powers to subpoena contracts, licences, and intermediaries, including Bawa-Rock.
- Full public disclosure by GoldBod and the Bank of Ghana of pricing formulas, fee structures, and foreign exchange arrangements.
- Emergency environmental measures, including suspending mining in forest reserves and enforcing mine-level traceability.
- Accountability without fear or favour, requiring the Governor of the Bank of Ghana and the CEO of GoldBod to appear before Parliament, with prosecutions to follow where wrongdoing is established.
The minority stressed that the issue transcends partisan politics and called on civil society, traditional leaders, faith groups, and the wider public to demand transparency and accountability.
“This is not a moment for spectators. It is a moment for citizens,” the statement concluded, urging Ghanaians to rise, question, and defend the nation’s patrimony as the country heads into the new year.
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