How does GoldBod’s expected-versus-actual gold supply process produce a balance payable to the Bank of Ghana?
The reported balance
The Ghana Gold Board recorded a GH¢3.78 billion net difference between the gold expected to be supplied to the Bank of Ghana and the actual position at the end of 2025. GoldBod’s detailed trade report says it received total inflows of GH¢133.26 billion, of which GH¢132.29 billion represented the expected value of gold to be supplied. Actual supplies were valued at GH¢128.55 billion, equivalent to 80,762.55 kilogrammes. The report’s balance includes over-supplies, under-supplies and funds for which no gold supply was recorded. GoldBod’s audited financial statements put the amount payable to the central bank at GH¢3,780,727,736.
How the reconciliation works
The figures show a reconciliation process rather than one single purchase or delivery. For each transaction, an expected value is compared with the value of gold actually supplied. A delivery above the expected amount produces an over-supply, while a delivery below it produces an under-supply. An inflow with no corresponding gold delivery remains part of the difference until it is matched or otherwise accounted for. The year-end balance therefore combines many entries moving in opposite directions. In the audited accounts, GH¢3,780,727,736 of GoldBod’s GH¢3,883,803,022 in trade payables related to amounts owed to the Bank of Ghana under the Domestic Gold Purchase Programme.
Large movements ran both ways
Individual entries show why the annual position cannot be understood from a single transaction. On June 26, GoldBod supplied gold worth GH¢5.28 billion against an expected GH¢1.63 billion, an over-supply of about GH¢3.64 billion. On August 22, it supplied about GH¢569.40 million against an expected GH¢2.02 billion, an under-supply of approximately GH¢1.47 billion. The report also records inflows without corresponding gold supplies: GH¢500 million on April 24, another GH¢500 million on April 30, and GH¢917.96 million on May 2. At year end, inflows of GH¢2 billion on both December 30 and December 31 had no gold supply shown against them.
IN NUMBERS
The report presents the GH¢3.78 billion as an amount payable to the Bank of Ghana, not as a standalone transaction. Its mechanism is cumulative: expected gold values and actual deliveries are compared across the year, with unmatched inflows and differences carried into the reconciliation. The reported balance captures the result of that process at the end of 2025, while the underlying entries include both substantial over-supplies and significant under-supplies.
Reported from myjoyonline.com, 2026-09-23. The Tender Wire is published by Otnox.
