News:
November 2, 2025
The Okaikwei Central lawmaker, Patrick Boamah has given indications to file an urgent question on the floor of the House to unravel the source of funding for the Ghana Gold Board.
At a press briefing on Friday, October 31, 2025, he revealed that a response from the Finance Ministry to his enquiry about the funding source of the Gold Board revealed that the Ministry has not released any money to the Gold Board and yet the institution continues to transact business.
This, he said, should be of interest to all Ghanaians, and urged members of the Parliamentary Press Corps to be keen in unraveling this.
According to him the Gold Board Act 1140, section 18, 2025 stated the sources of funding approved by Parliament, but he did not understand where they were getting their money from.
In the budget under paragraph 639, it is stated; “We are establishing Gold Board for it to support foreign exchange inflows, gold reserve accumulation for national benefit. To achieve this, it would regulate and oversee, monitor and undertake the purchasing, refining, exporting, and sale among other related activities”.
They would make an equivalent of two hundred and seventy-nine million dollars as a revolving fund for them to purchase and export three tons of gold per week from small scale miners”.
It is therefore, baffling how they are able to buy and sell without funds from the Ministry of Finance, he stated.
Again, section 42 of the gold board act deals with the reporting requirements of the board. 42 (1) states – “they shall publish every quarter and report on the following on their website,
A. operation of the Gold board;
B. revenue acquiring to the Gold board;
C. contract entered into by the Gold Board;
D. expenditure of the Gold Board; and
E. responsible sourcing and traceability.
“If you go to their website you would not find anything contained in the Act since they came into being in April 2025. They are supporting brand ambassadors, giving pickups, but what the law requires them to do has not been complied with; it’s very dangerous when the IMF and World Bank are talking about where the country is headed to with the galamsey fight.
Kwaku Sakyi-Danso/Ghanamps.com