GoldBod’s GH¢5.4bn surplus is built on taxpayer money, not revenue – Walewale MP Declares
Dr Tiah Abdul-Kabiru Mahama, Member of Parliament for Walewale, has accused the Ghana Gold Board (GoldBod) of manipulating its 2025 audited accounts to fabricate a surplus, arguing that over 80% of its reported revenue is merely taxpayer funds misclassified as income.
According to the lawmaker, GoldBod’s audited financial statements recorded total revenue of approximately GH¢5.5 billion for the year ending 2025, of which GH¢4.5 billion came from government subvention.
He contends that as a state-owned enterprise with 100% state ownership, funds received from the central government should be recognised strictly as owner’s capital rather than grant or revenue.
Dr Mahama pointed to a contradiction within GoldBod’s own reporting, noting that page five of the audited account explicitly describes the Ministry of Finance’s transfer as revolving trade capital.
“Why will GoldBod then treat it as grant? The answer is simple, to make their books look good,” he stated.
The MP recalled that during the passage of the GoldBod Act, Parliament was assured that the government’s seed capital was refundable by way of transfer of surplus to the consolidated fund—functioning like dividend payments to a shareholder rather than unearned subvention gifts.
Without the GH¢4.5 billion government transfer, Dr Mahama argued, GoldBod’s actual revenue would have been approximately GH¢1 billion, meaning the reported surplus presents a fundamentally misleading picture.
“The money GoldBod is using to declare surplus/profit is the taxpayers’ money and not revenue receipt. The revenue receipt accounts for less than 20% of the so-called total revenue. GoldBod never made the surplus they claim to have made. It is another scam. Rather, they caused GH¢22bn loss to Ghana,” he declared.
The MP has been a vocal critic of GoldBod’s operations, and the Minority in Parliament has filed a motion to investigate the alleged losses. GoldBod CEO Sammy Gyamfi has previously defended the GH¢4.5 billion allocation as revolving seed capital lawfully approved by Parliament.
