Dead on arrival: If NPP thinks GoldBod lies will be its 2028 slogan, it will fail

There is a calculated attempt to mislead Ghanaians into believing that GoldBod is operating as a forex bureau and that it is making losses. But both claims are false.

The law is clear

The Ghana Gold Board was established under the Ghana Gold Board Act, 2025 (Act 1140), which was assented to in April 2025. Its statutory objectives include generating foreign exchange for Ghana and supporting gold reserve accumulation by the Bank of Ghana.

On September 2, 2026, the Ghana News Agency reported that GoldBod generated US$1.315 billion in foreign exchange in August 2026 alone. This is a matter of public record.

This is not forex trading

When GoldBod generates dollars from gold exports, those dollars cannot and should not sit idle in its account; the money must work for Ghana.

Therefore, under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), approved by Cabinet and Parliament, GoldBod is required to sell its foreign exchange to the Bank of Ghana and commercial banks in exchange for cedis, which are then used to purchase more gold.

The GNA confirmed this. Of the US$1.315 billion generated in August, US$668.21 million was sold directly to commercial banks, while US$646.59 million was made available to the Bank of Ghana.

This is exactly what every exporter does. When AngloGold Ashanti, Newmont and other large-scale mining companies repatriate their export proceeds into Ghana, they sell the dollars to their banks in exchange for cedis. Nobody calls them forex bureaus.

Forex trading involves buying and selling foreign currency. GoldBod does not buy forex; it sells the foreign exchange it generates from its own gold exports. That is export proceeds surrender, not forex bureau operation.

Therefore, the allegation circulating on September 1, 2026, that GoldBod needs a forex bureau licence has been overtaken by GANRAP, which is the official government financing model.

GoldBod is not making losses

What is being mischievously described as “losses” are operational expenditures incurred in generating income.

Published figures show that GoldBod recorded GH¢381 million in revenue in the second quarter of 2025, against GH¢24.7 million in expenditure, resulting in positive net trading income.

A technical assessment by University of Ghana economists, led by Prof. Festus Turkson, on January 4, 2026, found that GoldBod formalised 39.4 tonnes of previously smuggled gold, worth approximately US$3.8 billion in additional foreign exchange. The assessment reported a benefit-cost ratio of 18 to 1, compared with the reported US$214 million Bank of Ghana trading provision.

That is a national gain, not a loss.

Today, GoldBod is the reason the cedi is stabilising and Ghana's reserves are growing.

If some in the NPP think repeating these falsehoods until they become a campaign slogan for 2028 will work, they should think again.

This propaganda is dead on arrival.

Anatu Anne Seidu Bogobiri, Esq

DCEO, Finance and Investment

National Health Insurance Authority