Ghana may have sacrificed about GH¢2 billion in withholding tax revenue through the incentives introduced under the Ghana Gold Board (GoldBod) programme, according to University of Ghana lecturer Dr. Adu Owusu Sarkodie.
Dr. Sarkodie, who is also the Executive Director of the Centre for Policy Scrutiny, said the forgone revenue should be included in any serious assessment of the programme’s financial performance.
He made the remarks during a discussion on TV on Saturday, August 22, 2026, amid an ongoing disagreement over the actual cost and performance of GoldBod.
According to him, discussions about the programme have largely focused on the reported $1.7 billion cost, while other financial concessions provided under the scheme have received less attention.
He explained that the 1.5% withholding tax was removed as part of the government’s 2025 tax reforms aimed at encouraging small-scale gold miners to sell their gold through official channels.
The policy was also intended to discourage gold smuggling and increase the amount of gold purchased by the state through GoldBod.
However, Dr. Sarkodie considers the tax exemption a cost to the government and said it should be factored into the overall assessment of the programme.
He further identified premiums, discounts, fees, charges and exchange-rate differences as other costs associated with GoldBod’s operations.
While acknowledging that some of these incentives may have been necessary to attract miners and formalise the gold trade, he said policymakers must now determine whether the programme can achieve its objectives at a lower cost.
Dr. Sarkodie therefore called for a comprehensive cost-benefit analysis instead of limiting the debate to whether GoldBod has made a profit or incurred a loss.
He said the assessment should consider direct financial costs, forgone tax revenue, opportunity costs and environmental impacts, alongside the programme’s benefits.
These benefits, he noted, include strengthening Ghana’s gold reserves, improving foreign exchange availability and reducing illegal gold trading.
His comments come as the Minority maintains that GoldBod has incurred losses of about $1.7 billion.
However, GoldBod Chief Executive Officer Sammy Gyamfi has rejected the claim, insisting that the institution has generated profits.
