New data published by the Ghana Gold Board (GoldBod) reveals a multi-billion cedi gold trade between the Bank of Ghana and the foremost state entity mandated with the purchase of gold.
A critical analysis of the data reveals that the programme recorded a striking mismatch between the money released by the Bank of Ghana (BoG) and the gold value actually delivered by the Ghana Gold Board in 2025.
The data cited by The High Street Journal covers transactions from February to November 2025. The detailed report paints a clear picture that although massive sums moved from the central bank to the Gold Board, the gold supplied in return consistently fell short of expectations, leaving a large discrepancy.
This raises important questions about delivery capacity, efficiency, and the overall health of the programme.
Billions Paid Out, But Less Gold Delivered Than Expected
According to the report, the Bank of Ghana released a total of GH¢112.65 billion to the Gold Board during the period under review.
Based on this inflow, BoG expected gold deliveries worth GH¢111.81 billion. However, the actual value of gold supplied came to only GH¢109.15 billion, a notable shortfall.
This means the programme ended the period with a multi-billion-cedi discrepancy between expected and delivered value, even though large volumes of gold were indeed supplied.
In simple terms, BoG gave out GH¢112.65 billion to GoldBod, expecting GH¢111.81 billion worth of gold back.
However, Goldbod delivered only GH¢109.15 billion, creating a gap of more than GH¢2.6 billion between expectation and actual supply.
The Volumes Supplied
Despite the value shortfall, the Gold Board did deliver an impressive 70,147 kilograms of gold, over 70 tonnes, to the central bank across the 10-month period.
This shows that operationally, gold purchases and exports were active and substantial. The concern, however, is not the absence of gold but the misalignment between cash disbursed and the value of gold returned.
The Bottom Line
The detailed figures show that the Gold Board received massive financial support from the Bank of Ghana to supply gold, and returned a large volume.
However, the value of the gold delivered did not fully match what was expected, resulting in a multi-billion-cedi gap.
As Ghana leans more on gold purchases to stabilise its currency, strengthen reserves, and support economic recovery, ensuring value-for-value exchanges is critical.
The data, as published by the GoldBod, signals that the programme works. However, tighter monitoring, clearer tracking, and faster reconciliation will be essential going forward.
