Bright Simons the IMANI Africa’s Honorary Vice President, has said Ghana Gold Board (GoldBod) is not being candid about its financial performance.
According to Bright Simons, GoldBod is refusing to publish its actual trading margins.
The IMANI Africa’s Honorary Vice President, in a post on X, quizzed the Goldbod with some key issues concerning its operations.
Bright Simons, in his post, wrote, “Ghana’s GoldBod, the State-owned monopoly on gold trading in the small-scale and artisanal mining sector, is NOT being candid about its financial performance. It is refusing to publish its actual trading margins.
Look closely at the numbers (attached) in its quarterly report. Nothing about the value of gold is actually traded on behalf of the Bank of Ghana (BoG) and the net margin. It is as though it is merely a service provider to BoG and the gold aggregators. (That is not how its law describes it.) It reports <$60m in fees, and that’s it. It also refuses to publish its advances from BoG and merely posts its bank’s balance to reflect fees accumulated since inception”.
His post added, “How much gold did it buy with how much money from & on behalf of BoG and how much was that gold sold for over the period and to whom? Which of the aggregators actually sold gold to it and from which producers?
That’s the most important performance data. Not how much it charged gold aggregators and producers to assay their gold!
The almighty ruler of gold affairs in Ghana, the CEO of GoldBod, aka the GoldBossu, must be pursued for answers. Namaste”.
Meanwhile, Ghana Gold Board (GoldBod), in a statement to refute media reports by Accra-based Asaase Radio, revealed it will publish its quarterly financial statements soon on its official website as a statutory corporation.
Asaase Radio had earlier claimed the GoldBod recorded losses exceeding GH¢3 billion in its first year of operations.
However, GoldBod, in a statement issued on Monday, November 17, 2025, rebutted the allegations, describing them as false and contrived.
The Goldbod statement read, “The attention of the Ghana Gold Board (“GoldBod”) has been drawn to a publication by “Asaaseradio” alleging that the GoldBod has recorded losses in excess of GHC3 billion in its first year of operations.
The GoldBod wishes to put on record that the publication under reference is entirely false and deliberately contrived to undermine the successes and significant contributions of the GoldBod to the revitalisation of Ghana’s economy”.
The statement added, “Contrary to the mischievous claims contained in the said publication, the GoldBod has been making significant surpluses/profits since its establishment. Quarterly financial statements of the GoldBod, which will soon be published on the official website of the statutory corporation, will bear this fact out”.
The Goldbod further urged Asaaseradio to retract and render an unqualified apology to the general public for such misleading publication.
“The Ghana Gold Board urges the general public to treat this false publication by ‘Asaaseradio’ with utmost contempt and calls on the management of the station to retract and render an unqualified apology to the general public for such misleading and unethical publication”, the statement added.
See the post below:
Ghana's GoldBod, the State-owned monopoly on gold trading in the small-scale and artisanal mining sector, is NOT being candid about its financial performance. It is refusing to publish its actual trading margins.
— Bright Simons (@BBSimons) November 26, 2025
Look closely at the numbers (attached) in its quarterly report.… pic.twitter.com/HtZoCNsAds