A storm is brewing around the Bank of Ghana (BoG) as fresh evidence suggests the central bank has been quietly financing the Gold Board—despite previously insisting it was committed to a strict zero-financing policy under its IMF-backed monetary reforms.
The Ministry of Finance has already denied funding the Gold Board. That denial, analysts say, leaves only one possibility: the Bank of Ghana is footing the bill.
Now the real question being demanded by MPs and policy watchers is simple but explosive:
How much has the Bank of Ghana already released to the Gold Board?
During a parliamentary probe, MP Patrick Boamah sharply questioned the opaque operations of the Gold Board, warning that the institution is creating more confusion than clarity.
“This matter is not about press releases or political spin,” he said. “It is about accountability. How much money has the Gold Board taken from the Bank of Ghana, and how much of it has been used to purchase gold? Where are the accounts?”
Where Are They Buying the Gold From?
Another key question remains unanswered:
Who is supplying the Gold Board with gold—and at what price?
Is the gold coming from licensed small-scale miners, large mining companies, community concessions, or private brokers?
What pricing formula is being used?
Are the purchases aligned with global market rates, or are middlemen inflating prices?
These questions remain unanswered because the Gold Board has not published any detailed procurement disclosures.
No Financial Statements, No Transparency
Industry insiders warn that the Gold Board’s refusal to release audited financial statements is a major red flag, especially given the sensitivity of gold procurement and its link to Ghana’s foreign reserves strategy.
“What is the size of the financing envelope from BoG? How much has actually been spent? What quantities of gold have been procured? None of this has been documented publicly,” one energy-and-minerals policy analyst stated.
BoG Must Explain the Break in Policy
The Bank of Ghana owes Ghanaians answers on several fronts:
- Why it departed from its “zero-financing” commitment under IMF conditionalities.
- The total sum released to the Gold Board so far.
- The structure of the financing mechanism, including interest terms, collateral, and repayment plan.
- Whether Parliament approved or was even notified of this financial arrangement.
- How these expenditures impact inflation, reserves, and BoG’s already-controversial balance sheet.
Until the central bank produces verifiable disclosures, the suspicion remains that BoG is quietly running a shadow financing operation far from public oversight.
Gold Board Must Account—Now
In a sector historically plagued by opacity, the Gold Board is now under intense pressure to publish:
- A full breakdown of BoG funding received
- Amounts spent on gold procurement
- List of suppliers
- Quantities of gold purchased
- Storage details and reserve allocation
- Audited financial statements
Anything short of full transparency risks turning Ghana’s gold-reserve strategy into another state-sanctioned black box.
