IMF Report Raises Fresh Questions Over GoldBod Operations – NPP Organiser Hopeful
New Patriotic Party (NPP) National Organiser hopeful Kwadwo Agyei Yeboah has raised concerns over the financial impact of the government’s domestic gold purchasing programme involving GoldBod and the Bank of Ghana (BoG).
Speaking on Kessben Maakye show in Accra, Mr. Agyei Yeboah claimed, an International Monetary Fund (IMF) report indicates that Ghana’s domestic gold purchasing programme generated significant financing and fiscal pressures during the 2025 fiscal year.
He argued that while the programme has contributed to an increase in Ghana’s national reserves and helped stabilise the cedi against major trading currencies, the IMF has advised the Central Bank to avoid financing GoldBod’s activities in ways that could weaken its balance sheet.
“While the operation programme increases national reserve and stabilises the cedi, the IMF advice against Central Bank finance causing fiscal operation to prevent weakening the Central Bank balance sheet,” he stated.
Mr. Agyei Yeboah questioned how GoldBod could be considered profitable if its operations were simultaneously weakening the balance sheet of the Bank of Ghana.
He further claimed that the IMF’s position amounts to confirmation that Ghana’s gold business has contributed to the relative stability of the cedi amid volatility in major international currencies.
According to figures he attributed to GoldBod, the institution purchased 135,843 metric tonnes of gold between its establishment in May 2025 and May 2026.
He also cited a breakdown indicating that 135,221 metric tonnes, representing about 93% of the purchases, came from artisanal and small-scale miners (ASM).
However, Mr. Agyei Yeboah noted that illegal mining, popularly known as galamsey, remains a major source of purchases, raising questions about where the gold extracted through galamsey is being traded.
He also alleged that President John Dramani Mahama is aware that some of his associates are involved in illegal mining, suggesting that this could explain the government’s difficulty in tackling the menace.
On GoldBod’s finances, he claimed that the institution spent approximately $16 billion on gold purchases between May 2025 and May 2026, against $10.9 billion in revenue, which he described as a loss.
The comments are likely to intensify the ongoing debate over GoldBod’s operations, its impact on the Bank of Ghana’s balance sheet, and the broader economic benefits and risks associated with Ghana’s domestic gold purchasing programme.
By Maurice Otoo
