By Eric Appah Marfo, GNA
Accra, Nov. 10, GNA – The Christian Council of Ghana (CCG) has called for greater transparency, independent oversight and financial accountability in GoldBod’s operations, while expressing support for the national objectives underpinning the institution.
The Council said domestic gold purchasing, formalisation of artisanal and small-scale mining, improved foreign-exchange management and increased local value addition were legitimate national objectives that deserved serious consideration.
However, it noted that their achievement must be supported by clear evidence, prudent expenditure, responsible sourcing, transparent reporting, and effective safeguards to protect the public interest.
The Council made this known in a paper titled: “CCG Position on the GoldBod Public Debate: Truth, Accountability, Responsible Gold Governance and the National Interest,” dated October 19, 2026.
The Council said it had engaged GoldBod management on September 7, and the Minority Leader and his delegation on October 6, 2026 to understand the competing perspectives surrounding the institution and the Bank of Ghana’s Domestic Gold Purchase Programme (DGPP).
It said GoldBod management had outlined the institution’s mandate, operations, financial performance and development plans, while Mr Alexander Afenyo-Markin, Minority Leader had raised concerns about the financial implications of the programme, transaction costs, exchange-rate exposure, oversight, illegal mining and environmental degradation.
The CCG said the engagements were stakeholder consultations and not forensic audits, judicial inquiries or statutory investigations, adding that the concerns raised by the Minority had not been independently verified during the meeting.
On the financial debate, the Council said the International Monetary Fund (IMF) had estimated losses of about US$1.7 billion, equivalent to 1.5 per cent of Gross Domestic Product, associated primarily with the Bank of Ghana’s DGPP operations in 2025.
It said the IMF had identified service and assay fees, off-taker discounts and exchange-rate spreads among the factors contributing to the losses.
However, the CCG cautioned against presenting the estimate as proof that GoldBod itself had incurred a corporate operating loss of the same amount, explaining that the figure related primarily to the Bank of Ghana’s programme operations during the period under review.
It also noted that GoldBod’s published 2025 audited financial information reported GH¢5.55 billion in revenue, an operational surplus of GH¢909.71 million and an overall surplus of GH¢5.44 billion, alongside Government seed capital of GH¢4.55 billion.
The Council said those figures should be interpreted carefully because revenue, operational surplus, overall accounting surplus, capital injections and the wider fiscal cost of a public policy programme were different financial measures.
It, therefore, called for a comprehensive reconciliation of the programme and corporate accounts to establish the actual financial position, including gold volumes and values purchased and sold, pricing and exchange-rate methodologies, transaction fees, financing costs, Government transfers and net fiscal exposure.
The CCG urged the responsible authorities to publish the special audit of the DGPP when completed and lawfully publishable, together with an official response and an implementation plan.
It said quarterly disclosures should provide consistent information on gold purchases and sales, average prices, fees, commissions, financing and exchange-rate costs, inventory changes, Government support and export proceeds.
The Council maintained that parliamentary scrutiny was legitimate and necessary, urging relevant parliamentary committees to conduct evidence-based hearings involving GoldBod, the Bank of Ghana, the Ministry of Finance, auditors and other stakeholders.
On responsible sourcing, the CCG said gold entering formal purchasing channels must be lawfully produced and responsibly sourced, warning that gold from illegal or environmentally destructive mining should not be legitimised merely because it entered the formal market.
It called for independently tested traceability systems to establish the origin of gold, identify licensed and unlicensed sources, and ensure that suspicious consignments were rejected.
The Council urged GoldBod and relevant regulators to publish measurable environmental indicators covering water quality, forest and farmland restoration, hazardous substance controls and the reclamation of degraded mining sites.
It said economic value addition must not come at the expense of rivers, forests, agricultural livelihoods, public health and mining communities.
The CCG urged political actors and public institutions to avoid inflammatory language, selective quotations and conclusions that went beyond available evidence, stressing that raising questions did not establish wrongdoing, just as institutional denials or positive financial figures did not resolve every concern.
It said proven errors, weaknesses in controls or misconduct should be addressed through lawful procedures and proportionate corrective measures, with the objective of strengthening institutions rather than prejudging culpability.
The Council said it would maintain a non-partisan and evidence-based position, guided by truth, integrity, justice, peace, unity, human dignity and environmental stewardship.
It called on Government, Parliament, political parties, regulators, private-sector actors, civil society and mining communities to place the national interest above partisan considerations.
GNA
Edited by Kenneth Odeng Adade
Reporter: Eric Appah Marfo
[email protected]