Abena Osei-Asare, Chairperson of the Public Accounts Committee (PAC), has called for a clear explanation from GOLDBOD. She questioned how GHS 4.5477 billion provided by the government was recorded in the company's 2025 financial statements. The funds were described as 'revolving trade capital' for gold operations but also as 'unutilised government subvention' and grant revenue.
The New Patriotic Party (NPP) Member of Parliament for Atiwa East highlighted a significant accounting discrepancy. GOLDBOD's accounts showed the GHS 4.5477 billion as revenue, contributing to a reported surplus of GHS 5.44 billion. However, the same accounts indicated the full amount remained unutilised at the Bank of Ghana at year-end 2025. This raises fundamental questions about the accuracy of GOLDBOD's financial reporting.
This issue fits into a broader narrative of public financial accountability in Ghana. Ensuring proper use and reporting of government funds is crucial for economic stability and investor confidence. Past instances of financial irregularities have often led to public mistrust and calls for stricter oversight. The PAC's intervention underscores the importance of transparency in state-owned enterprises, especially those managing significant public resources. This scrutiny aligns with ongoing efforts to strengthen public financial management across various government entities.
Osei-Asare emphasized the need for GOLDBOD to adhere to international and national accounting rules. She cited International Public Sector Accounting Standard (IPSAS) 1, which requires financial statements to reflect the true substance of transactions. IPSAS 23, dealing with revenue from non-exchange transactions, also provides guidance on how government transfers should be treated. The Public Financial Management Act, 2016 (Act 921), specifically sections 79, 82, and 93, mandates proper and consistent classification in public financial statements. These standards ensure a true and fair view of an entity's financial performance.
The PAC Chair also pointed out inconsistencies within GOLDBOD's annual report. She noted different figures for expenditure, surplus, total assets, and net assets across various sections. IPSAS 1 demands consistency in financial reporting. Such discrepancies in an audited report dealing with billions of cedis of public funds are unacceptable. Osei-Asare stressed that a signed and audited annual report must not force readers to choose between conflicting figures for the same line item. This lack of consistency undermines the credibility of the financial statements.
While acknowledging GOLDBOD might generate income from its commercial activities, Osei-Asare stated this does not resolve the GHS 4.5477 billion question. She urged GOLDBOD's directors to provide a clear accounting basis for their treatment of these funds. She also called on the Auditor-General to release the management letter from the audit. This letter would inform the public if these issues were identified and what explanations were given. The public deserves to know how such a large sum of public money was accounted for. This ongoing scrutiny adds to growing political concerns over GOLDBOD's 2025 financial statements and its reported surplus. A proper accounting basis for this treatment must be plainly stated to maintain public trust.