Janet Asana Nabla questions GoldBod over GH¢4.54bn capture as revenue in GH¢5.44bn surplus
The Chairperson of the People’s National Party (PNP), Janet Asana Nabla, has waded into the controversy surrounding the Ghana Gold Board’s (GoldBod) 2025 financial statements, demanding clarity on the treatment of GH¢4.5477 billion in government funding.
In a post on her Facebook timeline, Madam Nabla questioned why an amount GoldBod itself describes as revolving trade capital, which remained unutilised at year-end, was recognised as revenue to boost its reported surplus.
“GoldBod must explain: if GH¢4.5477 billion was revolving trade capital and remained unutilised, why was it recognised as revenue and used to boost the reported GH¢5.44 billion surplus? Show Ghanaians the reconciliation,” she wrote.
Her comment comes after similar concerns raised by the Chairperson of Parliament’s Public Accounts Committee, Abena Osei Asare, who earlier called on GoldBod to reconcile inconsistencies in its 2025 Annual Report.
According to GoldBod’s 2025 report, government provided GH¢4.5477 billion as revolving trade capital to support gold purchasing, trading and export operations. The report, however, captures the same amount as grant revenue and includes it in the overall surplus of about GH¢5.44 billion.
The accounts further indicate that the amount is described elsewhere as “unutilised government subvention” and that the full amount remained at the Bank of Ghana as of December 31, 2025.
Critics argue that the treatment may have inflated the surplus figure. GoldBod has maintained that its accounting is in line with the International Public Sector Accounting Standards (IPSAS 23), which governs revenue from non-exchange transactions, and that the Auditor-General audited its accounts without adverse findings.
The Board has also stated that even without the GH¢4.5477 billion subvention, it recorded an operational surplus of about GH¢909.7 million from fees and other operations.
Madam Nabla is joining calls for GoldBod to publicly explain the accounting basis for recognising unutilised revolving capital as revenue and to publish a clear reconciliation for Ghanaians.
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