Member of Parliament (MP) for Ofoase-Ayirebi, Kojo Oppong Nkrumah, has accused the Ghana GoldBod of presenting portions of losses incurred by the Bank of Ghana (BoG) as profit in its financial accounts.
The former Information Minister made the allegation at an NPP press conference on Tuesday, September 1, 2026.
He said a review of reports from the International Monetary Fund (IMF) and the Ministry of Finance points to total losses of about GH¢22 billion.
According to him, the figure differs significantly from the losses reported by the Bank of Ghana, creating a gap of about GH¢13 billion.
He said GH¢5 billion of the amount represented funds invested in GoldBod by the Finance Ministry, while another GH¢7 billion was generated from the Bank of Ghana’s gold selling operations.
Mr Oppong Nkrumah argued that GoldBod’s reported profit of about GH¢5 billion did not entirely represent profits generated from its own operations.
He claimed about GH¢4.5 billion of the reported profit came from funds injected into GoldBod by the Finance Ministry, while a further GH¢900 million represented part of the losses reported by the Bank of Ghana.
“GoldBod says it made a profit of GH¢5 billion, but GH¢4.5 billion of that profit is from the money the Finance Ministry injected into it, and the other GH¢900 million is a cut from the losses the Bank of Ghana reported,” he said.
Mr Oppong Nkrumah therefore accused GoldBod of effectively recording losses incurred elsewhere as gains in its own accounts.
“Thus, when the nation was making losses, GoldBod was claiming those losses as its profit,” he added.
He further argued that the Bank of Ghana’s losses would have been higher if not for the sale of gold during the second half of 2025.
The NPP’s press conference forms part of its demands for greater transparency over the central bank’s financial position, particularly its gold trading operations and the relationship it has with GoldBod.