The Ghana Gold Board (GoldBod) has issued a stinging rebuttal against allegations by Tano South MP and Deputy Ranking Member on Parliament’s Finance Committee, Dr. Gideon Boako, who alleged that the state body owes an unpaid GH₵1 billion overdraft to the Bank of Ghana (BoG).
In an official statement addressing the matter, GoldBod labeled the lawmaker’s assertions as “totally false,” “contrived,” and a deliberate effort to misinform the public regarding its financial health, demanding an immediate retraction and a full apology.
The controversy stems from comments made by Dr. Boako during a televised panel discussion on Adom TV on Monday, August 24, where he cast doubt on the financial performance of the institution’s gold acquisition operations.
“I’ve heard people say that GoldBod says they made a profit of GH¢907m, but that cannot be true because GoldBod took a GH¢1bn overdraft from the Bank of Ghana, and if that is reflected in their books, they’ll actually be in a loss,” Dr. Boako stated during the broadcast.
His comments ignited swift backlash from GoldBod leadership, who moved quickly to set the record straight regarding their credit history and operational ledger.
Through a formal press release issued by Media Relations Officer Prince Kwame Minkah, the corporate entity clarified that it operates without central bank debt instruments or external commercial liabilities.
“For the records, the GoldBod has never at any time since its establishment taken a loan, overdraft or any debt instrument from the Bank of Ghana or any financial institution whatsoever,” Minkah stated.
The statement further called into question the motives behind the claims, emphasizing that the body’s financial statements remain fully transparent and solvent.
“The claim attributed to Dr. Gideon Boako is contrived and should be treated with utmost contempt,” the release noted, adding: “We entreat the MP to unequivocally retract and apologise for putting out this falsehood.”
The clash marks the latest point of friction in an ongoing political debate over the management and auditing of the Domestic Gold Purchase Programme (DGPP). GoldBod maintains that its declared GH₵907 million operating profit reflects genuine corporate performance, cautioning political actors against conflating central bank balance sheets with GoldBod’s independent financial accounting.
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