PNP calls for dissolution of GoldBod over $214m loss

The People’s National Party (PNP) has called for the immediate dissolution of the Ghana Gold Board (GoldBod), the removal of the Governor of the Bank of Ghana, and the Chief Executive Officer of GoldBod, as well as their referral to the Office of the Special Prosecutor (OSP), following reports of a $214 million loss linked to the Bank of Ghana’s Gold-for-Reserves programme.

In a statement dated December 29, 2025, and signed by PNP Chairperson, Janet Asana Nabla, the party expressed grave concern over GoldBod’s operations, describing the reported loss as a serious threat to Ghana’s economy that raises fundamental questions about judgment, accountability, and financial prudence.

The PNP criticised GoldBod’s trading practices, arguing that it defies basic business logic for a state institution mandated to trade in gold to purchase the commodity at prices higher than prevailing global market rates. According to the party, while international gold prices stood at about $4,054, GoldBod reportedly sold at around $3,919—a practice the PNP described as commercially indefensible.

The party also highlighted apparent contradictions in public statements from GoldBod’s leadership, noting that while gold has historically been purchased at a discount, the current arrangement seems to involve buying at a premium. It called for a clear and public explanation of this shift.

Concerns were also raised about indications that losses incurred by GoldBod may be transferred to the Bank of Ghana, a move the PNP warned could weaken the central bank and undermine national financial stability.

“The Bank of Ghana exists to safeguard the economy, not to absorb avoidable commercial losses arising from poor operational decisions,” the statement stressed.

The PNP further questioned how a gold-buying and exporting institution could operate without clearly accounting for off-taker fees and transaction costs, describing any failure to factor these costs into pricing decisions as gross mismanagement. It also criticised the Bank of Ghana’s involvement in transactions reportedly generating losses, despite GoldBod being established specifically to buy and export gold.

It urged President John Dramani Mahama to act decisively by dissolving GoldBod, protecting the financial stability of the Bank of Ghana, ensuring accountability for gold-related activities, and removing both the BoG Governor and GoldBod CEO from office. The party also demanded that both officials be referred to the Office of the Special Prosecutor to explain why gold was sold at a loss, why the losses were allowed to persist, and why corrective action was not taken sooner.