APL Demands GOLDBOD Forensic Probe: Ghana's $1.7 Billion Gold Losses

• The Africa Policy Lens (APL) is demanding an immediate forensic investigation into the Ghana Gold Board (GOLDBOD).
• This demand follows an IMF report revealing Ghana lost over US$1.7 billion in gold trading under the Domestic Gold Purchase Programme (DGPP).
• GOLDBOD's central role in sourcing and off-take, and its designation as Ghana's sole gold trader, makes it a focal point of the probe.
• The losses were attributed to GOLDBOD fees, off-taker discounts, and significant foreign exchange spreads, totaling approximately 17% of gold traded in 2025.
• APL warns that failure to examine GOLDBOD's purchasing and pricing model could expose Ghana to further financial risks.

The Africa Policy Lens warns that failure to thoroughly examine the purchasing and pricing model, along with the factors contributing to the substantial 2025 losses, could expose Ghana to further significant financial risks.

The Africa Policy Lens (APL), a prominent think tank, has issued a strong call for an immediate forensic investigation into the Ghana Gold Board (GOLDBOD). This demand, made public in a release on Wednesday, August 26, 2026, follows alarming revelations contained in the International Monetary Fund’s (IMF) August 2026 report. The IMF's findings indicate that Ghana incurred losses exceeding US$1.7 billion in gold trading activities conducted under the Domestic Gold Purchase Programme (DGPP).

While these significant financial setbacks are officially recorded on the books of the Bank of Ghana, APL emphasizes that GOLDBOD's pivotal role in both the sourcing and off-take processes of gold makes its exclusion from any comprehensive probe untenable. The organization highlights that GOLDBOD was directly responsible for sourcing operations throughout 2025. Furthermore, APL's statement references sections 2 and 3(2) of the Ghana Gold Board Act, which legally designates GOLDBOD as Ghana’s sole authorized gold trader, underscoring its central position in the nation's gold sector.

The IMF's detailed analysis of the substantial US$1.7 billion in gold trading losses primarily links these deficits to the acquisition of gold doré. The report pinpointed three key contributing factors to the financial drain. These included service and assay fees paid directly to GOLDBOD, discounts extended to various off-takers and exporters, and significant foreign exchange spreads. The latter refers to the disparity between the forex bureau rate utilized for purchasing gold and the cedi reference rate employed by the Bank of Ghana for its accounting purposes.

Collectively, these factors led to the Domestic Gold Purchase Programme incurring cost losses amounting to approximately 17% of the total value of gold traded in 2025. APL's independent review corroborated these findings, specifically noting that GOLDBOD's fees and the off-taker discounts together accounted for about 1.758 percentage points of the losses, with the overwhelming majority stemming from the foreign exchange spreads. The think tank asserts that such substantial reported losses, particularly within a state-backed system with considerable purchasing power and public financing, necessitate an urgent and thorough review.

The Africa Policy Lens's assessment extends beyond mere financial figures, raising fundamental concerns about the operational structure and potential Ghana gold trading compliance risk within GOLDBOD. APL identified several critical issues, including the highly concentrated powers vested in GOLDBOD during 2025, encompassing purchasing authority, tax privileges, state-backed financing, and regulatory oversight, all within a single entity. The organization also called for scrutiny of the costs associated with generating foreign exchange, given GOLDBOD's positioning as a major source of FX.

Further concerns arose from the projected cost gap: the IMF anticipates DGPP costs will decrease to 5% in 2026, a significant drop from the historical 14.5% and the 11.4% recorded in the first quarter of 2026. APL questions the underlying reasons for such a dramatic reduction. The think tank also highlighted a stark contrast with international benchmarks, noting that the World Gold Council cites an illustrative cost of 1.87% based on Ecuador’s model, which is considerably lower than Ghana’s 14.5% in 2025. Consequently, the Africa Policy Lens GOLDBOD report identifies the Board’s purchasing and pricing model as an area of significant potential risk within Ghana’s gold-trading framework.

The Africa Policy Lens is advocating for urgent reforms, warning that a failure to thoroughly examine GOLDBOD's purchasing and pricing model, along with the specific factors that contributed to the substantial 2025 losses, could expose Ghana to further significant financial risks. This warning comes as GOLDBOD is reportedly poised to assume full responsibility for certain operations, with the associated costs to be borne by the government.

Lawyers advising clients in Ghana's gold mining and trading sectors should closely monitor this Domestic Gold Purchase Programme investigation. The APL demands GOLDBOD forensic probe Ghana could lead to increased regulatory scrutiny, potential legal actions, and significant compliance risks for entities involved with the DGPP or GOLDBOD's broader operations. The Ghana Gold Board Act implications, particularly concerning GOLDBOD's designated role as the sole gold trader, underscore the critical need for transparency and accountability in this vital economic sector.

Lawyers advising clients in Ghana's gold mining and trading sectors should closely monitor the APL's demanded forensic probe into GOLDBOD. This investigation could lead to increased regulatory scrutiny, potential legal actions, and significant compliance risks for entities involved with the Domestic Gold Purchase Programme or GOLDBOD's operations.

Source: Original reporting via Carbonatix