The Ghana Gold Board (GOLDBOD) has firmly rejected claims by New Patriotic Party (NPP) lawmaker Dr. Tiah Abdul-Kabiru Mahama. Dr. Mahama alleged that the state-owned gold trading company manipulated its 2025 accounts to create a false surplus. GOLDBOD stated its audited financial statements clearly separate government funding from income generated through its business operations.
Dr. Mahama, the MP for Walewale, had argued on social media that GOLDBOD's reported GHS 5.5 billion revenue largely comprised taxpayer funds. He contended these funds were not generated from actual gold trading activities. He specifically questioned the classification of a GHS 4.5477 billion government transfer.
Prince Minkah, GOLDBOD's Media Relations Officer, dismissed these accusations. He clarified that the company's audited accounts explicitly identify GHS 4.5477 billion as a government subvention. This subvention was provided as revolving trade capital to support gold purchasing, trading, and export operations. Minkah emphasized that GOLDBOD never claimed this subvention was generated from gold trading.
The dispute centers on how the GHS 4.5477 billion should be treated in GOLDBOD's books. Dr. Mahama, a former member of the parliamentary committee that drafted the GOLDBOD legislation, insisted the funds should be capital, not revenue or a grant. He argued that as a 100% state-owned enterprise, capital from its sole shareholder (the government) should be recorded as capital. He suggested the classification as a grant aimed to inflate the company's financial appearance.
Minkah countered that the accounting classification depends on the transaction's legal substance, terms, and purpose. He stated it is not solely determined by the source of the funds. He challenged the NPP to identify any specific accounting standard or legal provision requiring the subvention to be classified as equity. This highlights a technical accounting debate rather than a simple political disagreement.
GOLDBOD reported an operational surplus of GHS 909.7 million, separate from the unutilized government subvention. Minkah explained that the accounts clearly break down the total accounting surplus. This includes GHS 909.713 million from core operational activities and GHS 4.5477 billion from the unutilized government subvention. This distinction aims to provide transparency regarding the company's financial performance.
The company's total revenue for 2025 reached GHS 5.554 billion. This figure includes GHS 970.765 million in non-tax revenue and the GHS 4.548 billion government subvention. Total expenditure was GHS 109.385 million, leading to a surplus after exceptional items of GHS 5.444 billion. Minkah stressed that describing the entire GHS 5.4 billion as profit from gold trading would be inaccurate.
This financial debate occurs within a broader context of public scrutiny over state-owned enterprises in Ghana. The proper accounting and utilization of government funds are critical for public finance management. Transparency in financial reporting helps maintain public trust and ensures accountability for taxpayer money. This incident underscores the importance of clear financial standards for government entities.
The controversy also touched upon the GHS 22 billion loss associated with the government's Domestic Gold Purchase Programme. Dr. Mahama linked GOLDBOD to this loss, accusing it of causing the deficit. Minkah strongly refuted this, stating no GHS 22 billion loss is recorded in GOLDBOD's 2025 financial statements. He clarified that any such loss relates to broader program financing, not GOLDBOD's specific accounts.
This ongoing dispute will likely prompt further examination of GOLDBOD's financial practices and the accounting standards for state-owned enterprises. Lawmakers, financial analysts, and the public will watch closely for additional details. The resolution of this disagreement could influence future policy on government funding and financial oversight for similar entities. It also highlights the need for precise communication regarding public funds.