The Ghana Gold Board (GoldBod) supplied GH¢128.55 billion of gold to the Bank of Ghana (BoG) in 2025, according to a detailed trade report covering transactions between the two institutions.

The report released by GoldBod, which captures gold transactions from February 3, 2025 through December 31, 2025, puts the total value of gold actually supplied at 80,762.55 kilogrammes of gold, equivalent to about 80.8 tonnes,

The figures provide a detailed picture of GoldBod’s gold purchasing and supply operations during the year, with individual transactions running into billions of cedis.

According to the report, GoldBod was expected to supply gold valued at GH¢132.29 billion to the central bank. Actual supplies, however, amounted to GH¢128.55 billion, leaving a net under-supply of GH¢3.78 billion, including undistributed funds.

The transaction records show considerable variations in the volumes supplied from one consignment to another.

For instance, on June 26, 2025, GoldBod supplied 3,579.36 kilogrammes of gold valued at GH¢5.28 billion against an expected amount of GH¢1.63 billion, resulting in an over-supply of about GH¢3.64 billion.

On August 1, another major transaction saw 3,123.42kilogrammes supplied at a value of GH¢4.13 billion, against an expected supply of GH¢2.73 billion.

The report also records instances where no gold was supplied against particular inflows, leaving the full expected amount outstanding. Among such transactions were several in April, May, July and December.

December transactions

The December figures show continued large-scale gold deliveries to the central bank.

On December 6, GoldBod supplied 1,316.82 kilogrammes valued at GH¢2.36 billion. A further 1,226.39 kilogrammes, valued at GH¢2.26 billion, was supplied on December 13.

Another sizeable transaction on December 16 involved 1,363.84 kilogrammes valued at GH¢2.52 billion.

The December 24 transaction was particularly significant, with GoldBod supplying 1,416.62 kilogrammes valued at GH¢2.68 billion, compared with an expected supply of GH¢994 million.

The report also records three large inflows towards the end of the year for which no gold supply was recorded: GH¢2 billion on December 24 and GH¢2 billion each on December 30 and 31.

A busy year for gold supply

The detailed transaction records show that GoldBod’s dealings with the BoG involved frequent consignments throughout the year, with some deliveries occurring within days of the corresponding inflows.

In several instances, the value of gold supplied exceeded the amount expected, while in others the actual supply fell short. The report's final balance therefore reflects the net position after accounting for the various transactions and undistributed funds.

The figures also underline the scale of the gold flows being handled under the GoldBod-BoG arrangement.

From February 3, 2025, when the first recorded transaction involved 322.66 kilogrammes valued at GH¢474.87 million, the consignments grew considerably over the course of the year, with several individual deliveries exceeding 1,000 kilogrammes.

By the end of December, the cumulative volume recorded in the report had reached 80,762.55 kilogrammes, with the corresponding actual value of supplies standing at GH¢128.55 billion.

The report gives a transaction-by-transaction account of the gold supplied to the central bank, providing a clearer picture of the scale and movement of gold under GoldBod's operations during 2025.

Commenting on the report, Ghanaian data analyst and policy analyst based in Canada, Alfred Appiah, lauded GoldBod for its transparency.

When I say state entities need to learn more about transparency from the new kid on the block, GoldBod, I really mean it.

The 2025 trading reports are publicly available again. You can get a weekly breakdown of how much money the Bank of Ghana provided to GoldBod, how much gold… pic.twitter.com/9I76v36DVy

— Alfred (@CallmeAlfredo) September 22, 2026

“If you’re a state entity that has existed for many years and can’t even publish an annual report, you really need to sit up!”

Below is the full report.