Dr. Mohammed Amin Adam, a Member of Parliament for Karaga and former Finance Minister, has publicly challenged GoldBod’s reported GH¢5.45 billion surplus for the 2025 financial year. He asserts that this figure does not accurately reflect the organization’s actual trading performance.
Dr. Amin Adam explained that GH¢4.54 billion of the reported surplus, representing 81.7 percent, originated from a government capital injection. This substantial amount was credited to GoldBod’s accounts on December 30, 2025, just one day before the financial year concluded. He highlighted that GoldBod itself described this funding as revolving trade capital, not revenue.
This revelation comes at a critical time for Ghana’s public finance management, as the government strives for fiscal discipline and transparency. The accuracy of financial reporting by state-owned enterprises (SOEs) is crucial for investor confidence and the overall health of the Ghanaian economy. Previous reports have often highlighted challenges in the financial performance and oversight of many SOEs, making such scrutiny particularly relevant.
“Standard public sector and international accounting rules treat money put in by an owner as capital, not revenue,” Dr. Amin Adam stated during a press conference on Tuesday, September 1. He emphasized that GoldBod’s own statements confirm the nature of the funds as revolving trade capital. He questioned the integrity of GoldBod’s reported surplus, stating, “It cannot be capital when that is convenient and revenue when there is something to celebrate.”
The implications of this challenge are significant for GoldBod and broader government accountability. If the accounts are indeed restated, it could alter perceptions of GoldBod’s operational efficiency and profitability. It also puts pressure on regulatory bodies and the Ministry of Finance to ensure consistent application of accounting standards across all state entities, especially those involved in critical sectors like gold purchasing.
Furthermore, Dr. Amin Adam pointed out that of the remaining GH¢909.9 million in GoldBod’s reported surplus, approximately GH¢827 million was fee income. This income largely consisted of service charges paid to GoldBod by the Bank of Ghana for its gold purchase operations. He critically noted that almost all of GoldBod’s real income was a commission on a program that ultimately cost the country GH¢22 billion.
This situation raises serious questions about the financial structure and purpose of GoldBod’s operations within the broader gold purchasing scheme. Dr. Amin Adam questioned how a gold buying operator could report a surplus when the institution providing the funds, the Bank of Ghana, recorded a major loss. This discrepancy suggests a potential misalignment between operational gains and national economic outcomes.
The former Finance Minister is now advocating for GoldBod’s 2025 accounts to be officially restated. This restatement would involve removing the GH¢4.54 billion capital injection from the revenue figures. Such a move would provide a clearer and more accurate picture of GoldBod’s actual trading performance and its contribution to the national economy. This call for transparency underscores the ongoing efforts to improve governance and financial reporting within Ghana’s public sector.
The public and financial markets will closely watch how GoldBod and the government respond to these serious allegations. The credibility of Ghana’s financial reporting and its commitment to fiscal transparency are at stake. This incident highlights the need for robust oversight mechanisms to prevent similar accounting discrepancies in other state-owned enterprises.