Sammy Gyamfi
The Christian Council of Ghana (CCG) has expressed its support for the establishment and operations of the Ghana Gold Board (GoldBod), particularly its role in formalising artisanal and small-scale mining, improving foreign exchange management and increasing local value addition.
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 Christian Council said it had engaged GoldBod management on September 7 and the Minority Leader, Alexander Afenyo-Markin, 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 the Minority Leader, Alexander Afenyo-Markin, had raised concerns about the financial implications of the programme, transaction costs, exchange-rate exposure, oversight, illegal mining and environmental degradation.
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, though the IMF had identified service and assay fees, off-taker discounts and exchange-rate spreads among the factors contributing to the losses.
It, however, cautioned against presenting the estimate as proof that GoldBod had incurred a corporate operating loss of the same amount, stressing that the figure related primarily to the Bank of Ghana’s programme operations during the period under review.
CCG, however, mentioned that though GoldBod is working in the interest of the country, it should ensure that there is greater transparency, financial accountability and independent oversight in its operations.
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.
According to the Christian Council, the figures should be interpreted carefully, as revenue, operational surplus, overall accounting surplus, capital injections and the wider fiscal cost of a public policy programme were different financial measures.
CCG, 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, transaction fees, financing costs, government transfers and net fiscal exposure.
It also urged responsible authorities to publish the special audit of the DGPP when completed, together with an official response and an implementation plan as well as provide consistent quarterly information on gold purchases and sales, average prices, fees, commissions, financing and exchange-rate costs, inventory changes, government support and export proceeds.
On the responsible sourcing of gold, the CCG said gold entering formal purchasing channels should be lawfully produced and responsibly sourced, warning that gold from illegal or environmentally destructive mining should not be deemed legitimate 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, while urging 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.
The CCG urged political actors and public institutions to avoid the use of inflammatory language, selective quotations and conclusions that went beyond the available evidence, noting that raising questions did not establish wrongdoing as institutional denials or positive financial figures do not also 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 also called on the government, parliament, political parties, regulators, private-sector actors, civil society, and mining communities among others to place national interest above partisan considerations in their quest to engage in mining related activities.
By Ebenezer K. Amponsah