AFAG calls for forensic audit of GoldBod
The Alliance for Accountable Governance (AFAG) has called for a forensic audit of the operations and financial activities of the Ghana Gold Board (GoldBod), citing alleged fiscal recklessness, questionable expenditure and possible conflict-of-interest concerns.
The group also wants the Auditor-General, Parliament’s Public Accounts Committee (PAC) and President John Dramani Mahama to scrutinise GoldBod’s 2025 audited accounts to determine whether millions of cedis spent under various expenditure lines represented value for money.
A leading member of AFAG, Dr Samuel Kwadow Frimpong, made the call at a press conference in Accra yesterday.
He said the reported expenditure patterns raised serious concerns about public-sector accountability and the financial management of the State-backed institution.
According to Dr Frimpong, GoldBod’s 2025 financial disclosures showed total expenditure of GH¢78,684,164.32, with several multimillion-cedi expenditure lines requiring further scrutiny.
He said GH¢14,294,116.30 was reportedly spent on task force deployment, while GH¢3,982,096.03 went into entertainment and events.
Travelling, he emphasised, accounted for another GH¢3,385,495.53, while GH¢5,263,872.54 was reportedly spent under a special intervention programme, which he said required further explanation.
Dr Frimpong explained that the expenditure figures were worrying because taxpayers’ money was being used to finance GoldBod’s activities, making transparency and accountability imperative.
“It is completely unacceptable for a public enterprise to spend millions of tax-backed funds on some line items which leave more questions than answers,” he mentioned.
Dr Frimpong noted that AFAG was particularly concerned about the allocation of close to GH¢9 million under legal and professional fees.
He said reports had emerged that substantial payments were made to Sustainary Attorneys, a law firm allegedly associated with the Deputy Chief Executive Officer of GoldBod, although GoldBod and the Deputy CEO had denied the allegation.
He said notwithstanding the denial, the expenditure raised important corporate governance questions, particularly regarding the nature of the legal services provided and the identity of the recipients of the funds.
Dr Frimpong also questioned whether GoldBod had a properly staffed legal department capable of handling the institution’s legal matters.
He demanded details of the specific and verifiable legal services that justified expenditure of more than GH¢8.5 million.
Dr Frimpong further indicated that AFAG would roll out a series of public disclosures analysing GoldBod’s 2025 and 2026 audited accounts alongside relevant International Monetary Fund (IMF) policy reports to inform the public about the financial state of the institution.
The group, therefore, called for an immediate forensic audit of GoldBod’s expenditure by the Auditor-General and scrutiny by Parliament’s Public Accounts Committee.
It also urged President Mahama to intervene to halt what it described as further fiscal dissipation and demand accountability from the leadership of GoldBod.
Dr Frimpong said the calls were aimed at ensuring accountability immediately rather than waiting for a future government to scrutinise the institution’s activities.
“The Ghanaian taxpayer cannot continue to fund opaque operations and extravagant lifestyles,” he indicated.
BY EUGENE AMPIAW
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