Is BoG printing money to support GoldBod? – Minority quizzes

The Minority in Parliament is demanding full transparency and accountability from the government over the establishment, funding, and ongoing operations of the Ghana Gold Board (GoldBod), a state institution created earlier this year to regulate gold trading and promote responsible mining.

The call follows revelations from a Right to Information (RTI) response obtained from the Ministry of Finance, indicating that although the government had announced a substantial $279 million budgetary allocation for GoldBod, no funds have actually been disbursed to the institution since its creation.

The Minority contends that this discovery raises red flags about how the agency is being financed and managed, given the scale of its public activities in recent months, wondering if the Bank of Ghana has been printing money to support GoldBod’s operations.

Addressing the press in Parliament, the Chairperson of the Subsidiary Legislation Committee and MP for Okaikwei Central, Patrick Yaw Boamah, expressed deep concern over what he described as the government’s opaque handling of GoldBod’s affairs.

He noted that despite its establishment in April 2025, the Board has failed to meet key legal obligations, including mandatory public disclosures under Section 42 of its enabling Act.

“If you go to the Gold Board’s website right now, there’s virtually no information about its governance structure, operations, or compliance with the law,” Boamah said.

“The Board has been appointing brand ambassadors and distributing pickups to various agencies, yet no one can explain the legal or financial basis for these actions.”

GoldBod, which was set up to streamline gold trade, formalize artisanal mining operations, and promote value addition in the sector, was initially touted by the government as a critical component of the strategy to maximize gold revenue and curb illegal mining.

The agency was also expected to collaborate with international partners, including the World Bank and the European Union, to promote sustainable mining practices.

However, the Minority insists that the lack of transparency undermines these goals and poses serious questions about accountability in the extractive sector.

“It is dangerous,” Boamah warned, “especially at a time when Ghana’s global partners are calling for stronger governance in the fight against galamsey. If we can’t trace where the Gold Board is sourcing its gold from, how can we be sure it’s not coming from illegal mining operations?”

The issue adds to mounting scrutiny of government initiatives in the mining sector, where concerns over weak oversight and opaque financing have persisted.

Critics argue that without clear documentation on GoldBod’s funding streams and operational activities, the institution risks becoming another layer of bureaucracy instead of a meaningful reform tool.

The Minority caucus has therefore called on the Ministry of Lands and Natural Resources and the Ministry of Finance to immediately publish comprehensive details on GoldBod’s financial inflows, expenditures, and compliance reports, in line with the principles of transparency and accountability.