The People’s National Party (PNP) has demanded the immediate disbandment of the Ghana Gold Board (GoldBod), the dismissal of the Governor of the Bank of Ghana and the Chief Executive Officer of GoldBod, and their referral to the Office of the Special Prosecutor (OSP) over reports of a US$214 million loss associated with the Bank of Ghana’s Gold-for-Reserves programme.
In a statement issued on December 29, 2025, and signed by the party’s Chairperson, Janet Asana Nabla, the PNP said it was deeply troubled by GoldBod’s activities, describing the reported loss as a major economic risk that raises serious concerns about decision-making, accountability, and fiscal discipline.
The party faulted GoldBod’s trading approach, arguing that it runs contrary to sound business practice for a state entity tasked with gold trading to buy the commodity at prices above prevailing international market rates. The PNP noted that while global gold prices were reportedly around US$4,054, GoldBod is said to have sold at approximately US$3,919, a margin the party described as economically unjustifiable.
The PNP also pointed to inconsistencies in public explanations from GoldBod’s leadership, observing that whereas gold purchases have traditionally been made at discounted rates, the current framework appears to involve buying at a premium. The party said this shift requires a clear and transparent public explanation.
Additionally, the statement expressed concern over indications that losses recorded by GoldBod could be passed on to the Bank of Ghana, warning that such a move could erode the central bank’s financial position and pose risks to broader economic 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 an institution responsible for purchasing and exporting gold could operate without explicitly accounting for off-taker fees and transaction-related costs, describing any omission of such costs in pricing decisions as evidence of serious mismanagement. The party also criticised the Bank of Ghana’s participation in transactions that reportedly resulted in losses, despite the establishment of GoldBod to specifically handle gold purchasing and exports.
