Member of Parliament for Walewale, Dr. Tiah Abdul-Kabiru Mahama, has challenged claims that the Ghana Gold Board (GoldBod) made a surplus in 2025, arguing that government funds were wrongly presented as revenue.
Dr. Mahama, an economist and member of Parliament’s Finance Committee, said GoldBod’s audited accounts recorded total revenue of about GH¢5.5 billion for the year under review, including GH¢4.5 billion received from the government.
He argued that the GH¢4.5 billion, which represents more than 80% of the reported revenue, should not be treated as income because it was capital provided by the state to support GoldBod’s operations.
According to him, GoldBod is wholly owned by the government, making the funds provided by the state essentially an owner’s capital rather than revenue generated through its business activities.
Dr. Mahama questioned why the money was classified as a grant or subvention when the accounts themselves reportedly described it as revolving trade capital.
He said without the government funds, GoldBod’s actual revenue would have been around GH¢1 billion, meaning the reported surplus would present a very different picture.
Dr. Mahama also argued that the GoldBod Act provided for the government’s seed capital to be recovered through the transfer of any surplus to the Consolidated Fund, similar to the payment of dividends to a shareholder.
The Walewale MP has been a vocal critic of aspects of GoldBod’s operations. In May 2025, he joined the Minority in Parliament in calling for an investigation into former GoldBod CEO Sammy Gyamfi’s conduct involving foreign currency.
He has now described the reported surplus as misleading and alleged that GoldBod actually caused a GH¢22 billion loss to the country.
