Is BoG Printing Money To Fund GoldBod? – MP Quizzes

Dr. Johnson Asiama – Governor of Bank of Ghana

 

The New Patriotic Party (NPP) Member of Parliament for Okaikwei Central, Patrick Yaw Boamah, has questioned the financing of the Ghana Gold Board (GoldBod), accusing the government of potentially bypassing parliamentary approval and raising fears of monetary financing by the Bank of Ghana (BoG).

Mr. Boamah, who has been probing the fiscal and governance architecture of GoldBod since September this year, revealed that the Ministry of Finance has formally confirmed that it has made no financial releases to the Board since its establishment under the Ghana Gold Board Act, 2025 (Act 1140).

Reading from a letter dated 29 October and signed by Chief Director Patrick Nomo, he stated, “the ministry has not made any financial releases as mandatory support to the Gold Board since its establishment… the information you requested does not exist within the records of the ministry.”

Addressing the media in Parliament last Friday, the MP said this disclosure raises critical questions about how GoldBod, which the 2025 Budget earmarked to receive a cedi equivalent of US$279 million as a revolving fund to purchase and export gold, has been financing its operations, including the procurement of gold, public events, and the donations of logistics such as pickup trucks.

“So now the question is: How is the Gold Board being funded? Is it from the central bank? Is the Bank of Ghana printing money to fund the Gold Board? Why must the Bank of Ghana be doing that?” he queried, calling on journalists and civil society to probe the issue.

The MP further accused GoldBod of breaching Section 42 of Act 1140, which mandates quarterly publication of its operations, revenue, expenditures, contracts, and gold sourcing traceability reports.

“If you go to the GoldBod website right now, you will not find anything as contained in the Act,” he said, warning that such opacity has grave implications at a time when global partners are scrutinising Ghana’s gold governance and anti-galamsey commitments.

Mr. Boamah also disclosed that GoldBod had issued licences to over 420 entities within months of its establishment, including 204 Tier-2 buyers and 21 self-financed aggregators, questioning the due-diligence process.

“This leaves the door open for more questions,” he stressed, noting that associated fees did not pass through Parliament under the Fees and Charges Act.

He hinted plans to file urgent parliamentary questions to compel the Finance Minister and the Bank of Ghana Governor to explain GoldBod’s funding structure, pricing practices, and risk exposure.

“This is a wholly new entity. Transparency and accountability are mandatory. Parliament must know where the money is coming from,” he insisted.

By Ernest Kofi Adu, Parliament House

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