GoldBod: Will it serve Ghana or party interests?

The establishment of the Ghana Gold Board (GoldBod) has become one of the most debated economic policies in recent months. While the government presents it as a game-changer for Ghana’s gold trade, the opposition says there are loopholes that must be addressed.

Beyond the political banter, Ghanaians are asking one simple question: Will GoldBod serve Ghana or party interests?

What the government says GoldBod is doing

According to the NDC government, GoldBod was established as the sole state institution mandated to buy, assay and export gold from the small-scale mining sector.

The objective is clear: formalise the artisanal and small-scale mining sector, reduce smuggling, boost foreign exchange inflows and help stabilise the cedi.

Data from the Ministry of Finance indicates that between January 2025 and May 2026, GoldBod purchased 135.843 tonnes of gold, generating more than $10 billion in foreign exchange.

For the government, this is proof that the model is working.

This position is supported by the Ghana National Association of Small-Scale Miners (GNASSM), which says GoldBod has excluded foreign middlemen from the local gold trade, offered competitive pricing to local miners and introduced real-time data systems to improve transparency.

What the opposition NPP is saying

The opposition New Patriotic Party (NPP) is not convinced.

Minority Leader Alexander Afenyo-Markin has accused the NDC of using GoldBod as a cover to promote galamsey instead of fighting it.

The Minority in Parliament has also claimed that Ghana lost $214 million under the Gold-for-Reserves programme in 2025, based on data submitted by the government to the International Monetary Fund (IMF).

On the back of this, the Minority called for a bipartisan parliamentary inquiry into the operations of GoldBod and the Bank of Ghana’s gold purchases. The motion was, however, blocked by the Majority through a voice vote on March 27, 2026.

For the NPP, the law needs to be amended, particularly definitions such as “hoarding”, which affect jewellers, traders and other players in the value chain.

What Ghanaians expect from both sides

At the heart of this debate, the ordinary Ghanaian is not interested in NDC versus NPP talking points. Expectations are higher.

1. From the NDC government

Ghanaians expect transparency. If GoldBod is generating $10 billion, they want to see how this is reflected in reserve accumulation, cedi stability and community development in mining areas.

They expect GoldBod to fight smuggling without creating a state monopoly that suffocates licensed private traders. Most importantly, they expect a clear separation between the fight against illegal mining and gold trading.

2. From the NPP opposition

Ghanaians expect constructive opposition, not just political equalisation.

If there is a $214 million loss, the opposition should provide the audit trail. If the Act is flawed, it should use the Private Member’s Bill route, as hinted by Kojo Oppong Nkrumah, and engage stakeholders to propose better amendments.

Ghanaians are tired of motions being blocked without adequate explanation from either side.

3. From both parties

The national expectation is simple: depolitise gold.

Gold is Ghana’s biggest foreign exchange earner. GNASSM has already warned that excessive partisan attacks could risk destabilising the small-scale mining sector.

Ghanaians expect both the NDC and NPP to put Ghana first: keep what works, reform what does not, and publish an independent audit of GoldBod’s operations for public scrutiny.

In the end, GoldBod should not be an NDC achievement or an NPP target. It should be a Ghanaian institution that survives successive governments.

The earlier both sides realise this, the better it will be for the economy.