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GoldBod denies GH¢1bn BoG overdraft claim, demands retraction and apology from Boako
August 24, 2026
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GoldBod denies GH¢1bn BoG overdraft claim, demands retraction and apology from Boako

Money
Policy

Key Points

  • The Ghana Gold Board (GoldBod) has vehemently denied claims by MP Dr. Gideon Boako that it owes the Bank of Ghana (BoG) a GH¢1 billion overdraft.
  • Dr. Boako, a Deputy Ranking Member on Parliament’s Finance Committee, questioned GoldBod's reported GH¢907 million profit, stating an outstanding overdraft would reflect a loss.
  • GoldBod labeled Dr. Boako’s claim as “totally false,” a “deliberate and malicious smear campaign,” and demanded a retraction and apology.
  • This dispute is set against a broader political and economic debate concerning GoldBod’s financial performance and the accounting treatment of GH¢22 billion losses from the Domestic Gold Purchase Programme (DGPP).
  • GoldBod asserts it has never taken any loan, overdraft, or debt instrument from the Bank of Ghana or any financial institution since its establishment.

Why This Matters

This article is significant for Ghana as it underscores ongoing issues with transparency and accountability in state-owned enterprises and their financial interactions with the central bank. The disagreement over financial reporting and the allocation of losses from the Domestic Gold Purchase Programme (DGPP) can impact public trust in government institutions and financial stability, potentially affecting investor confidence and the nation's economic outlook.

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