By Emmanuel Bamfo 
Economics professor Godfred Bokpin from the University of Ghana has raised serious concerns about the huge costs involved in running the Ghana Gold Board (GoldBod). Speaking on Channel One TV, he warned that while the agency helps to fight gold smuggling, the operational expenses and associated risks are getting too high.
The central issue centers on how GoldBod purchases gold from local artisanal miners. To support these operations, the Bank of Ghana (BoG) absorbs major financial burdens. According to Prof. Bokpin, these financial hits are real accounting losses affecting the central bank’s equity, which taxpayers may eventually have to fix through state recapitalisation.
GoldBod CEO Sammy Gyamfi pointed to their 2025 audited accounts showing an operational surplus. However, financial analysts note that a GHS 4.55 billion government grant heavily boosted that total, while actual underlying operational expenses still jumped up by 31 percent.
Prof. Bokpin clarifies that nobody wants GoldBod collapsed, as the agency plays a crucial role in bringing foreign exchange into the formal economy. However, he strongly urges the government to review transaction fees and pricing regimes. Making operations more cost-efficient will protect the public purse while keeping Ghana’s gold sector strong.
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