Ghana IntelBrief
Back to Latest Briefings
Missing records of illegal gold purchases in Ghana raise concern – Duncan-Williams
August 16, 2026
AI-Enhanced

Missing records of illegal gold purchases in Ghana raise concern – Duncan-Williams

Money
Policy
Growth

Key Points

  • Archbishop Nicholas Duncan-Williams claims foreign buyers have records of illegal gold purchases from Ghana that are not reflected in the nation's official records.
  • He cited a conversation with a Sheikh who allegedly disclosed that the volume of undocumented gold transactions surpassed Ghana's recorded sales.
  • Duncan-Williams highlighted that Ghana's records primarily cover officially sold gold, implying a larger, unrecorded volume for which buyers possess documentation.
  • He expressed concern that Ghana's laws and regulatory systems are ineffective, particularly due to the politicization of law enforcement against illegal mining.
  • The Archbishop suggested that political considerations, like fear of losing electoral support, hinder firm action against illegal activities, urging prayer for the country.

Why This Matters

This issue is critical for Ghana as it points to significant revenue leakage and a lack of control over its primary natural resource, gold. The discrepancy between official and actual gold trade volumes implies substantial lost tax revenue and foreign exchange, directly impacting national development and economic stability. Furthermore, it exposes deep-seated governance challenges and the politicization of law enforcement, which undermines efforts to combat illegal mining and ensure equitable resource management for future generations.

Read Full Article

View original source

Related Articles

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

August 24, 2026

GoldBod denies GH¢1bn BoG overdraft claim, demands retraction and apology from Boako
  • 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.
Read full briefing

GoldBod losses remain key on Minority agenda as Parliament reconvenes – Afenyo-Markin

August 24, 2026

GoldBod losses remain key on Minority agenda as Parliament reconvenes – Afenyo-Markin
  • The NPP Minority Leader, Alexander Afenyo-Markin, reaffirmed the caucus's commitment to investigate a reported US$1.7 billion loss linked to the Bank of Ghana’s Domestic Gold Purchase Programme and the Ghana Gold Board (GoldBod).
  • This commitment was reiterated after Afenyo-Markin met with NPP flagbearer Dr Mahamudu Bawumia in Accra.
  • Dr Bawumia commended the Minority Caucus for its accountability efforts and encouraged their continued work.
  • The reported loss, equivalent to about 1.5% of Ghana’s GDP, will be a key issue for the Minority as Parliament reconvenes.
  • The Minority is resolute in pursuing the matter to get answers for the Ghanaian public regarding the circumstances of the loss.
Read full briefing

Ghana IntelBrief

August 23, 2026

Why celebrate $2.62bn FDI while losing $1.7bn under the Domestic Gold Programme? IERPP asks
  • The Institute of Economic Research and Public Policy (IERPP) welcomes Ghana's US$2.62 billion Foreign Direct Investment (FDI) as a sign of investor confidence.
  • However, IERPP tempers this optimism with concern over an estimated GH¢22 billion (US$1.7 billion) loss from the Domestic Gold Purchase Program (DGPP).
  • The DGPP loss is significant, equating to about 65 cents for every US$1 of FDI attracted, highlighting a major resource management issue.
  • IERPP emphasizes that while FDI is crucial, it cannot substitute for prudent management and protection of existing public resources.
  • The Institute calls for greater transparency, a clear breakdown of DGPP losses, and intense scrutiny from accountability institutions, Parliament, and civil society.
Read full briefing