The Ghana Gold Board (GoldBod) faces accusations of breaching transparency laws after a policy think tank, the Institute of Economic Research and Public Policy (IERPP), stated GoldBod removed its quarterly trading reports from its website. This development raises serious questions about public access to crucial financial information concerning Ghana's strategic gold reserves.
The IERPP issued a statement on Monday, August 25, 2026, demanding immediate explanations from GoldBod. The institute cited Section 42 of the Ghana Gold Board Act, 2025 (Act 1140), which mandates GoldBod to publish quarterly reports. These reports must detail its operations, revenue, contracts, expenditure, and responsible sourcing practices. The alleged removal directly contradicts this legal requirement, sparking concerns about compliance.
This incident fits into a broader narrative of increasing scrutiny over public financial institutions in Ghana. Gold is a vital source of foreign exchange for the nation. The management of these reserves directly impacts Ghana's economy, including its balance of payments and the stability of the Ghana cedi. Previous reports have highlighted concerns about GoldBod's financial relationship with the Bank of Ghana and the wider gold-purchasing programme, making transparency even more critical.
Professor Isaac Boadi, Executive Director of the IERPP, signed the statement. He emphasized that Section 42(2) requires GoldBod to ensure meaningful public access to these reports, not just upload them. Professor Boadi stated the IERPP was not alleging wrongdoing but noted the disappearance of reports raises “legitimate questions.” This is especially true given GoldBod's role in managing national gold assets and its significant public financial interests.
The implications of this alleged breach are substantial for public accountability and market confidence. The IERPP has outlined six specific demands for GoldBod. These include restoring all previously published quarterly reports and establishing a permanent public archive. The think tank also demands an explanation for any deletions or amendments, along with the publication of both original and revised versions of reports where figures have changed. GoldBod must also provide publication and removal dates for each report. Furthermore, the IERPP insists on full disclosure under Section 42, covering revenue, contracts, expenditure, operations, and traceability. Crucially, it seeks disclosure of off-taker fees, trading margins, discounts, and assay charges for independent scrutiny. This level of detail is essential for understanding the true financial dynamics of GoldBod's operations. Failure to comply could erode public trust and invite further legislative or regulatory action. Decision-makers and financial markets will closely watch GoldBod's response to these demands, as the integrity of Ghana's gold sector is at stake. The IERPP warned against GoldBod becoming a “black box,” stressing that public gold requires public scrutiny and public money demands public accountability. This situation underscores the ongoing need for robust governance in state-owned enterprises, particularly those managing strategic national assets. The transparency of GoldBod's operations is paramount for Ghana's economic stability and its international reputation.