A former Chairman of the Finance Committee of Parliament, Patrick Yaw Boamah has raised questions about the source of funding for the Ghana Gold Board (GoldBod), expressing concern over transparency, accountability, and compliance with the law governing the Board’s financial and operational reporting.
Addressing the Parliamentary Press Corps on Friday, October 31, 2025 Mr. Boamah who is the Member of Parliament (MP) for Okaikwei Central constituency, cited inconsistencies between the Finance Ministry’s budget statement and its subsequent correspondence regarding financial support for the Gold Board.
According to the MP, the Minister for Finance, Dr. Cassiel Ato Baah Forson, in presenting the 2025 Budget, announced that government would provide a cedi equivalent of US$279 million as a revolving fund for the Gold Board to facilitate the purchase of gold.
However, Mr. Boamah disclosed that after writing to the Finance Ministry in September 2025, requesting information on the funding arrangements for the Gold Board, the Ministry’s official response, dated October 29, 2025, stated that no financial releases or transfers had been made to the Gold Board.
The response, he said, was signed by the Ministry’s Chief Director of the ministry, Patrick Numo.
“If the Finance Ministry says it has not released any funds, then where is GoldBod getting money to carry out its operations?” Mr. Boamah queried.
“Are we to assume that the Central Bank is printing money to finance its activities?”
The MP referenced Section 18 of the Ghana Gold Board Act, 2023 (Act 1140), which outlines the legitimate sources of funding for the Board including parliamentary budgetary allocations, funds raised from financial markets, fees and charges, administrative penalties, loans, and grants.
He emphasised that any deviation from these provisions would amount to a breach of the law.
Mr. Boamah also cited Section 42 of Act 1140, which mandates the Gold Board to publish quarterly reports detailing its operations, revenues, contracts, expenditures, and responsible sourcing and traceability measures.
“Six months after its establishment in April this year, there is not a single report or publication on the Board’s website,” he observed.
This he said raises serious questions about accountability and transparency in the management of the nation’s gold resources.
The Okaikwei Central legislator said his concerns centre on the reporting standards, funding mechanism, and the due diligence processes adopted by the Gold Board before licensing several companies within months of its inception.
Mr. Boamah further urged the Gold Board to expedite the implementation of its sourcing and traceability mandate and to submit the necessary regulations to Parliament to guide its operations.
Expressing surprise at the “huge number of companies” registered by GoldBod within a short period, the MP called for greater scrutiny of the Board’s licensing processes to ensure that only credible entities participate in Ghana’s gold value chain.
He indicated that, institutions like GoldBod must operate with utmost transparency and accountability to the people of Ghana.
The Ghana Gold Board was established earlier this year under Act 1140 to regulate, coordinate, and promote responsible gold trading and sourcing as part of government’s broader mineral value chain enhancement programme.
By: Christian Kpesese/ www.naturalresourcesnews.com
