The People’s National Party (PNP) has called on President John Dramani Mahama to immediately dissolve GoldBod and remove both the Governor of the Bank of Ghana (BoG) and the Chief Executive Officer of GoldBod from office over an alleged financial loss of about USD 214 million, equivalent to GHC 2.5 billion, to the Ghanaian economy .
In a press release issued on December 29, 2025, the party expressed what it described as “grave concern” over the operations of GoldBod, questioning the judgment, accountability and financial prudence behind the institution’s gold trading activities .
According to the PNP, it defies basic business principles for a state-owned institution established to trade in gold to allegedly buy gold at prices higher than prevailing world market rates. The party noted that while the international gold price reportedly stood at about $4,054, GoldBod is said to have sold at approximately $3,919, a situation it argues inevitably leads to losses rather than profit .
The party further pointed to what it described as contradictions in public statements attributed to GoldBod’s leadership. While gold has historically been purchased at a discount, the PNP claims that under the current arrangement, gold was bought at a premium, a development it says requires a clear and public explanation .
Another major concern raised by the PNP is the alleged transfer of GoldBod’s losses to the Bank of Ghana. The party warned that such a move weakens the central bank and poses a threat to national financial stability, stressing that the BoG’s mandate is to safeguard the economy, not absorb losses arising from what it terms poor commercial decisions .
The PNP also questioned how a gold-buying and exporting institution could operate without clearly accounting for off-taker fees and transaction costs, describing any failure to factor these into pricing decisions as gross mismanagement. Additionally, the party queried why the Bank of Ghana is directly involved in gold transactions that are reportedly generating losses, despite GoldBod being specifically established to handle gold purchases and exports .
Based on these concerns, the party is urging the President to dissolve GoldBod, protect the financial stability of the Bank of Ghana, safeguard the environment from what it describes as poorly regulated gold-related activities, and refer both the BoG Governor and the GoldBod CEO to the Office of the Special Prosecutor for further interrogation over the alleged GHC 2.5 billion loss .
The statement, signed by PNP Chairperson and Leader Janet Asana Nabla, further demands that the two officials account to Ghanaians for why gold was sold at a loss, why the losses were allowed to continue, and why corrective action was not taken in a timely manner .
