The Executive Director of the Centre for Extractives and Development Africa (CEDA), Samuel Bekoe, has defended the Ghana Gold Board (GoldBod), describing its policy as one of the best to happen to the country.
He says GoldBod has not committed any crime in its attempt to ensure the country yields maximum benefit from its gold extraction.
Speaking on Onua TV’s morning show, Maakye, on Thursday, August 27, 2026, Mr Bekoe said the introduction of GoldBod was to give Ghana value for the ‘destruction’ of its environment through mining, which the country hitherto, was not benefiting.
According to him, GoldBod has introduced natural resource beneficiation, ensuring Ghana benefits from foreign exchange earnings and value addition before export.
“Technically, the policy of GoldBod is one of the best that has happened to this country. Miners were destroying rivers, lands, the benefits we were getting were nothing,” he stated.
His comments come on the back of the controversy surrounding GoldBod and the Bank of Ghana’s Domestic Gold Purchase Programme (DGPP).
An IMF Country Report No. 26/213 issued in August 2026 put losses under the programme at over $1.7 billion in 2025, about GH¢22 billion, representing 1.5% of GDP and 17% of the value of gold sold.
The report cited service and assay fees paid to GoldBod, discounts to off-takers and exchange rate losses, all culminating to the stated loss.
The Minority in Parliament, led by Leader Alexander Kwamena Afenyo-Markin, has demanded accountability over the losses, while GoldBod Chief Executive Officer (CEO) Sammy Adu Gyamfi, insists the losses were incurred on the books of the Bank of Ghana and not GoldBod.
He has explained that the GoldBod only acted as a buying agent under an agreement signed in September 2023, under the previous administration.
The Bank of Ghana (BoG) has since ended its pre-financing arrangement for GoldBod effective July 1, 2026, forcing GoldBod to raise funds from the market to purchase the mineral.
‘It’s merely a book accounting issue’ – IEA dismisses $1.7bn GoldBod ‘loss’ claim
