The Alliance for Accountable Governance (AFAG) has raised questions about whether the Ghana Gold Board received value for money from expenditure recorded in its 2025 audited financial accounts.
The group is demanding an immediate forensic audit of the state-backed institution, citing concerns about fiscal prudence, administrative spending and possible conflicts of interest.
Addressing the media, a leading member of AFAG, Dr Samuel Kwadwo Frimpong, said GoldBod’s financial disclosures contained several multimillion-cedi expenditure items that required further explanation.
AFAG maintains that a detailed independent examination is necessary to establish whether the payments were properly authorized, supported by the required documentation and delivered measurable benefits to the institution and the public.
GH¢78 Million Administrative Expenditure scrutinized
According to AFAG, GoldBod recorded total administrative expenditure of more than GH¢78 million in 2025.
The group said the size of the expenditure, together with some of the individual amounts captured in the accounts, raised questions about financial discipline and the management of public resources.
AFAG is therefore seeking greater clarity on the nature of the services and activities funded by the expenditure, the processes through which the payments were approved and whether competitive procurement procedures were followed where required.
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The group stressed that it was not enough for expenditure to appear in audited accounts without a clear demonstration of the public value created.
It said taxpayers must be able to understand how state-backed institutions spend public funds and whether the expenditure supports their core mandates.
Forensic Audit Demanded
AFAG has called on the Auditor-General to undertake a forensic audit of GoldBod’s financial activities.
Unlike a routine financial audit, a forensic examination would allow investigators to scrutinize transactions, supporting documents, procurement arrangements and possible relationships between officials and service providers.
The group believes such an investigation would help establish whether the expenditure complied with Ghana’s public financial management and procurement laws.
It is also asking for any potential conflicts of interest connected to the flagged expenditure to be identified and addressed.
AFAG said an independent audit would either validate the institution’s spending decisions or uncover irregularities requiring corrective or legal action.
Parliament Asked to Investigate
The group has also appealed to Parliament’s Public Accounts Committee to examine GoldBod’s expenditure and demand detailed explanations from the institution’s leadership.
AFAG said parliamentary scrutiny would provide an additional layer of accountability and give the public a clearer understanding of how the institution manages its finances.
It wants GoldBod officials to account for the questioned expenditure and demonstrate that the institution secured value for money from the amounts spent.
The group further argued that the Public Accounts Committee should assess whether GoldBod’s administrative costs were proportionate to its operations and consistent with the responsibilities assigned to it.
GoldBod Held to High Transparency Standard
AFAG said GoldBod must maintain high standards of transparency because of its strategic role in Ghana’s gold sector and its connection to public financial institutions.
The Ghana Gold Board was established to oversee and regulate aspects of the country’s gold trading industry, making its financial and administrative decisions a matter of significant public interest.
According to the group, institutions operating in such sensitive sectors must be able to withstand close scrutiny and provide timely information about their expenditure.
AFAG argued that transparency would also help strengthen public confidence in GoldBod and prevent speculation about the use of its resources.
It said concerns about public expenditure should be addressed through documentation and independent review rather than political explanations alone.
President Mahama Urged to Intervene
AFAG has called on President John Dramani Mahama to take an interest in the matter and ensure that GoldBod’s leadership accounts fully for its expenditure.
The group said the government’s commitment to accountability would be tested by how it responds to questions involving institutions operating under its authority.
It urged the President to support an independent investigation and ensure that any official found to have breached financial or procurement rules is held responsible.
AFAG also maintained that government institutions should not wait for a change in administration before addressing questions about the management of public funds.
According to the group, concerns should be investigated promptly while the relevant officials and records remain available.
Allegations Yet to Be Independently Established
The concerns raised by AFAG remain allegations, and no independent investigation has yet established that GoldBod officials committed financial misconduct.
A forensic audit or parliamentary inquiry would be required to determine whether the questioned expenditure involved breaches of law, administrative failures or legitimate operational costs.
GoldBod’s response to AFAG’s allegations was not immediately available.
The institution is expected to have an opportunity to explain the expenditure and respond to the call for a forensic audit.
The outcome of any investigation could have wider implications for public confidence in GoldBod and ongoing efforts to strengthen accountability within Ghana’s gold sector.
