Member of Parliament for Okaikwei Central, Patrick Yaw Boamah, has uncovered a major financial and governance scandal surrounding the newly established Ghana Gold Board (GoldBod), revealing through his independent investigation that the Ministry of Finance has not released any budgetary funds for the institution’s operations.
The explosive revelation, which follows weeks of correspondence under the Right to Information Act, directly contradicts Parliament’s approval of a GH₵ equivalent of $279 million revolving fund for the Board in the 2025 budget.
“The Ministry has not made any financial releases as budgetary support to the GoldBod since its establishment,” stated a written response from the Ministry of Finance, dated October 29, 2025, and signed by Chief Director Patrick Nomo.
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Mr. Boamah described the finding as deeply worrying, questioning how the GoldBod, mandated to purchase and export at least three tonnes of gold weekly from small-scale miners, is currently financing its activities.
The MP raised the alarm that the Bank of Ghana (BoG) might be stepping in to cover the shortfall, potentially by printing money to fund the Board.
“So, how is the GoldBod being funded? Is it from the Bank of Ghana? Is the central bank printing money to finance the Gold Board? Why must the Bank of Ghana be doing that? These are questions that must be answered,” the MP challenged the government during a press briefing in Parliament on Friday.
Beyond the murky financing, the GoldBod also stands accused of flagrantly disregarding its legal obligation for transparency. Mr. Boamah pointed to Section 42 of the Gold Board Act, which mandates the publication of quarterly reports detailing operations, revenues, contracts, and expenditures.
“If you visit their website today, there is no such information available,” he warned.
The MP stressed that this lack of public disclosure undermines accountability and compromises Ghana’s commitment to global standards of responsible sourcing and traceability in mining. “The GoldBod cannot claim to promote responsible sourcing when there is no transparency on where the gold is coming from,” he added.
Mr. Boamah also raised serious concerns about the pace and rigour of the Board’s licensing process, questioning the rapid approval of over 600 entities, including aggregators and buyers, within months of its creation in April 2025.
He also alleged that the associated licensing fees have not been submitted to the Parliamentary Subsidiary Legislation Committee for legal scrutiny.
The Okaikwei Central legislator announced his intention to file urgent questions in Parliament to compel both the Minister for Finance and the Governor of the Bank of Ghana to provide immediate clarification on the financial structure and operations of the GoldBod.
“We cannot allow opacity in the management of our gold resources. The GoldBod must come clean on how it is being financed and how it is spending public money,” Mr. Boamah stressed, calling on the media and civil society to launch their own investigations into the matter.