'GoldBod's 2025 financial statement raises unanswered questions' - Abena Osei-Asare

Former Deputy Minister of Finance, Abena Osei-Asare, has raised concerns over the treatment of government funds in the 2025 financial statements of the Ghana Gold Board (GoldBod), describing the accounts as inconsistent and in need of urgent clarification.

In a detailed statement titled “GoldBod’s 2025 Accounts: The Unanswered GH¢4.5477 Billion Question”, on August 27, 2026, she noted that government provided GoldBod with GH¢4.5477 billion as revolving trade capital to support gold purchasing, trading and export operations.

“Yet the same GH¢4.5477 billion was recognised in the accounts as grant revenue and included in GoldBod’s reported surplus,” she observed.

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According to her, the report itself described the amount as “unutilised government subvention,” while the accounts indicated that the full sum remained at the Bank of Ghana at year‑end.

“How did GH¢4.5477 billion provided as revolving trade capital, and still unutilised at year‑end, come to be recognised as revenue contributing to a reported surplus of about GH¢5.44 billion?” she asked.

Osei-Asare stressed that the applicable accounting rules must be adhered to, citing IPSAS 1 and IPSAS 23, which require financial statements to reflect the true substance of transactions and ensure consistency in reporting.

She also referenced the Public Financial Management Act, 2016 (Act 921), particularly Sections 79, 82 and 93, which demand that public financial statements present a fair and accurate view.

She further highlighted discrepancies in the annual report, noting that different sections gave varying figures for expenditure, surplus, total assets, net assets and GoldBod’s share of profit in GoldBod Jewellery Limited.

“A signed and audited annual report dealing with billions of cedis of public resources should not leave readers choosing between different figures for the same line item,” she cautioned.

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Calling for accountability, Osei Asare urged GoldBod’s directors to explain the accounting basis for the treatment of the GH¢4.5477 billion and reconcile the inconsistencies.

She also appealed to the Auditor‑General to release the Management Letter from the audit to clarify whether these issues were identified and addressed.

“Public money of this magnitude should not be described as revolving capital in one part of the accounts, unutilised in another, and revenue in another without a clear reconciliation,” she insisted.

See statement below.

VKB/VPO

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