GoldBod denies GH¢1 billion BoG overdraft claim

The Ghana Gold Board (GoldBod) has rejected claims that it owes the Bank of Ghana (BoG) GH¢1 billion in an unpaid overdraft, describing the allegation as false and malicious.

The denial follows comments by Tano North Member of Parliament and Deputy Ranking Member of Parliament’s Finance Committee, Dr Gideon Boako, who questioned how GoldBod could report a profit while allegedly owing the central bank GH¢1 billion.

EXPLAINER: What drove the GH¢21.88 billion gold programme loss?

Speaking on Adom TV, Dr Boako argued that if the alleged overdraft existed and had been properly accounted for, it could significantly affect GoldBod’s reported financial position and potentially turn its profit into a loss.

However, GoldBod, in a statement released on Monday, August 24, 2026, strongly dismissed the claim.

“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,” the Board stated.

GoldBod described the allegation as deliberate and urged the public to dismiss it completely. It also called on Dr Boako to retract the claim and apologise.

The latest dispute comes amid growing scrutiny of GoldBod’s finances, particularly its reported GH¢907 million profit and its role in the government’s Domestic Gold Purchase Programme (DGPP).

Senyo Hosi denies GoldBod contract allegations

The Minority in Parliament has raised concerns over reported losses of about GH¢22 billion, or approximately $1.7 billion, linked to the programme, involving GoldBod and the Bank of Ghana.

GoldBod has previously rejected attempts to link the institution directly to the reported losses.

At the centre of the latest disagreement is the alleged GH¢1 billion overdraft, with GoldBod insisting that it has no such debt.

DR/MA

'Deliberate attempt to undermine A-G' - Gyamfi jabs Afenyo-Markin over GoldBod claims