The Alliance for Accountable Governance (AFAG) has demanded a forensic audit of the Ghana Gold Board (GoldBod). This call follows concerns over GHS 78.68 million in expenditures from GoldBod's 2025 audited accounts. AFAG suspects fiscal recklessness, opaque spending, and potential conflicts of interest within the state-backed institution.
Dr. Samuel Kwadwo Frimpong, a leading AFAG member, highlighted several expenditure items during a news conference in Accra. He questioned the basis for GHS 14.29 million spent on task force deployment. Other significant outlays included GHS 3.98 million for entertainment and events, GHS 3.39 million for travelling costs, and GHS 5.26 million for special intervention programmes. These figures, he argued, lacked sufficient detail to confirm value for money.
This demand for accountability comes at a critical time for Ghana's public finance management. The nation continues to navigate economic challenges and implement reforms under an International Monetary Fund (IMF) programme. Ensuring transparency in state-owned enterprises like GoldBod is crucial for maintaining fiscal discipline and investor confidence. Past instances of financial mismanagement in public institutions have often led to increased public debt and reduced service delivery.
Dr. Frimpong specifically raised concerns about GHS 8.58 million allocated to legal and professional fees. He questioned reports that substantial payments under this item went to a law firm linked to GoldBod's top management. While GoldBod has denied these reports, AFAG insists on further scrutiny. Dr. Frimpong asked whether GoldBod's internal legal department was adequately staffed. He also demanded details of the specific legal services rendered and the identities of the recipient firms or individuals.
The implications of these allegations are significant for Ghana's governance framework. A forensic audit could uncover irregularities, leading to potential sanctions or reforms within GoldBod. It would also signal the government's commitment to fighting corruption and promoting probity. Decision-makers, including the Auditor-General and Parliament's Public Accounts Committee (PAC), will face pressure to act swiftly. Markets and international partners will closely watch the response to these calls for transparency.
AFAG plans a multi-part analysis of GoldBod's 2025 and 2026 audited accounts. This analysis will also consider relevant IMF policy reports. The group aims to inform the public about the institution's financial health and operations. They have urged the Auditor-General and PAC to conduct an immediate forensic audit. AFAG also called on President John Dramani Mahama to intervene. This intervention, they believe, would prevent further fiscal dissipation and ensure accountability from GoldBod's leadership. Dr. Frimpong stated that these actions promote transparency, probity, and value for money in managing public resources. The outcome of this demand will set a precedent for oversight of other state-backed entities.