The Ghana Gold Board (GoldBod) has demanded the immediate retraction and apology from the Member of Parliament for Tano North and Deputy Ranking Member of Parliament’s Finance Committee, Dr. Gideon Boako, over a claim that the institution owes the Bank of Ghana (BoG) an unpaid overdraft of GH₵1 billion.
GoldBod, in a statement issued on Monday, August 24, 2026, described the claim as false, insisting that it has never contracted an overdraft, loan or any other debt instrument from the central bank or any financial institution since its establishment.
“For the records, the GoldBod has never at any time since its establishment taken a loan, overdraft or any debt instrument from the Bank of Ghana or any financial institution whatsoever,” the institution stated.
The clarification follows comments by Dr. Boako on Adom TV, where he challenged GoldBod’s reported GH₵907 million operational surplus on the basis of an alleged GH₵1 billion overdraft from the Bank of Ghana.
Dr. Boako argued that if the reported overdraft had been reflected in GoldBod’s accounts, the institution’s financial position would have been significantly different.
“I’ve heard people say that GoldBod says they made a profit of GH¢907m, but that cannot be true because GoldBod took GH¢1bn overdraft from Bank of Ghana and if that is reflected in their books, they’ll actually be in a loss,” he said.
GoldBod, however, rejected the assertion, reiterating that it had not borrowed from the Bank of Ghana or any financial institution since its establishment.
The institution subsequently called on the Tano North MP to withdraw the claim and apologise, saying the statement amounted to the publication of inaccurate information.
“We entreat the MP to unequivocally retract and apologize for putting out this falsehood,” the statement signed by Prince Kwame Minkah, Media Relations Officer of GoldBod, said.
The dispute comes against the backdrop of growing scrutiny over GoldBod’s financial performance and reported losses associated with the Bank of Ghana’s Domestic Gold Purchase Programme (DGPP).
Dr. Boako has maintained that GoldBod, the Bank of Ghana and the Ministry of Finance must account for their respective roles in the programme, while GoldBod has sought to distinguish its own financial performance from losses recorded on the Bank of Ghana’s balance sheet under the DGPP.
By: NR NEWS
