The Ghana Gold Board (GoldBod) recorded a GH¢3.78 billion net difference between the gold expected to be supplied to the Bank of Ghana (BoG) and the actual position at the end of 2025, with the figure covering both over-supplies, under-supplies and undistributed funds.

The GoldBod/BoG detailed trade report released by GoldBod shows that GoldBod received total inflows of GH¢133.26 billion during the period.

Of that amount, GH¢132.29 billion was the expected value of gold to be supplied to the central bank.

Actual gold supplied, however, was valued at GH¢128.55 billion, equivalent to 80,762.55 kilogrammes.

The resulting balance in the report's column headed “Over Supply/Under Supply to BoG — including undistributed funds” was GH¢3.78 billion.

The figure was captured as amounts payable to the Bank of Ghana in GoldBod’s earlier released audited financial report for the year 2025.

GoldBod’s audited financial statements put the exact amount payable to the central bank at GH¢3,780,727,736, forming the bulk of its total trade payables of GH¢3,883,803,022 at the end of the financial year.

The financial statements state: “Current liabilities included trade payables of GH¢3,883,803,022, of which GH¢3,780,727,736 relates to amounts payable to the Bank of Ghana under the Domestic Gold Purchase Programme.”

Billions moved above and below expected levels

The figure does not represent one single transaction.

Rather, it is the result of numerous transactions throughout 2025 in which the value of gold supplied sometimes exceeded the amount expected, while in other cases it fell below the expected amount or no gold was recorded as supplied.

For instance, on June 26, 2025, GoldBod supplied gold worth GH¢5.28 billion, against an expected amount of about GH¢1.63 billion. The transaction therefore recorded an over-supply of approximately GH¢3.64 billion. The gold supplied on that occasion weighed 3,579.36 kilogrammes.

On August 1, another major over-supply was recorded. GoldBod supplied gold valued at GH¢4.13 billion, against an expected GH¢2.73 billion, resulting in an over-supply of about GH¢1.38 billion.

Similarly, on October 24, gold valued at GH¢3.84 billion was supplied against an expected amount of about GH¢1.59 billion, producing an over-supply of approximately GH¢2.23 billion.

But there were major under-supplies, too

The report also contains transactions where the actual gold delivered was considerably lower than the expected amount.

On August 22, for example, GoldBod supplied gold worth about GH¢569.40 million, against an expected GH¢2.02 billion, leaving an under-supply of approximately GH¢1.47 billion.

A week later, on August 28, gold valued at GH¢2.72 billion was supplied against an expected GH¢1.06 billion, resulting in an over-supply of about GH¢1.65 billion.

The pattern continued into September. On September 10, gold worth GH¢1.97 billion was supplied against an expected GH¢1.16 billion, while on September 15, GoldBod supplied GH¢1.76 billion against an expected GH¢2.49 billion.

Some inflows had no corresponding gold supply

The report also records instances where funds came in, but no gold supply was recorded against the transaction.

On April 24, an inflow of GH¢500 million was recorded, but no gold was supplied. The same happened with another GH¢500 million inflow on April 30.

On May 2, an inflow of GH¢917.96 million was recorded without a corresponding gold supply, while a May 5 inflow of GH¢466.68 million also had no gold supply recorded.

The year ended with similar entries.

On December 23, an expected supply of about GH¢1.14 billion had no corresponding gold delivery recorded. On December 30 and 31, inflows of GH¢2 billion each were recorded, but no gold supply was shown against either transaction.

December shows how the figures can swing

The final weeks of the year illustrate the wide movements in the figures.

On December 16, GoldBod supplied gold worth GH¢2.52 billion against an expected GH¢1.14 billion, producing an over-supply of about GH¢1.37 billion.

Three days later, however, it supplied GH¢1.75 billion against an expected GH¢2.29 billion, resulting in an under-supply of about GH¢544.48 million.

On December 24, another large over-supply was recorded, with gold valued at GH¢2.68 billion supplied against an expected GH¢994 million.

A separate December 24 transaction also recorded gold worth GH¢1.75 billion against an expected GH¢384.83 million, another substantial over-supply.

Below is the report.