The Ghana Gold Board (GoldBod) reported a GH¢3.78 billion net difference between the gold it was expected to deliver to the Bank of Ghana (BoG) and the actual position at the end of 2025. The figure, covering over‑supplies, under‑supplies and undistributed funds, appears in GoldBod’s audited financial statements for the year.
GoldBod recorded total inflows of GH¢133.26 billion during the period, of which GH¢132.29 billion was the expected value of gold to be supplied to the BoG. However, the actual gold delivered was valued at GH¢128.55 billion, equivalent to 80,762.55 kg.
Consequently, the column “Over Supply/Under Supply to BoG — including undistributed funds” shows a balance of GH¢3.78 billion, recorded as amounts payable to the BoG. The audited statements list GH¢3,780,727,736 as payable to the central bank, forming the bulk of total trade payables of GH¢3,883,803,022.
The gap is the result of numerous transactions throughout 2025. For example, on 26 June 2025 GoldBod supplied GH¢5.28 billion of gold against an expected GH¢1.63 billion, an over‑supply of GH¢3.64 billion. On 1 August it supplied GH¢4.13 billion against an expected GH¢2.73 billion, an over‑supply of GH¢1.38 billion. In contrast, on 22 August it supplied only GH¢569.40 million against an expected GH¢2.02 billion, an under‑supply of GH¢1.47 billion.
There were also several inflows with no corresponding gold supply. April 24 and 30 each recorded a GH¢500 million inflow with no gold delivered, and similar gaps appeared in May and December. The December weeks were especially volatile, with an over‑supply of GH¢2.52 billion on 16 December followed by an under‑supply of GH¢544.48 million on 19 December.
GoldBod’s report indicates that the net gap reflects a series of over‑ and under‑supplies rather than a single transaction. The Bank of Ghana will receive the GH¢3.78 billion payable under the Domestic Gold Purchase Programme, as stated in the audited accounts.
