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The Ghana Gold Board (GoldBod) has disclosed that it is yet to settle approximately GH₵36 million in outstanding income tax obligations inherited from the Precious Minerals Marketing Company (PMMC), pending the completion of a comprehensive audit by the Ghana Revenue Authority (GRA).
Chief Executive Officer of GoldBod, Sammy Gyamfi, made the disclosure before Parliament’s Public Accounts Committee (PAC), explaining that the ongoing audit is expected to establish the board’s exact tax liability.
Mr Gyamfi said the financial statements of PMMC covering the 2020 to 2024 period had not been audited during the relevant years, creating difficulties in determining the precise tax obligations transferred to GoldBod when it assumed the company’s rights and responsibilities.
He explained that an Auditor-General’s audit report issued in August 2025 identified years in which PMMC recorded profits as well as others in which it incurred losses. These variations, he said, require adjustments to account for losses carried forward when calculating the outstanding taxes.
The GoldBod CEO further disclosed that the institution had approximately GH₵11.3 million in tax credits arising from its activities as a buying agent for the Bank of Ghana. He said these credits must also be considered in determining the final amount payable.
According to Mr Gyamfi, GoldBod formally wrote to the GRA Commissioner-General on May 26, 2026, requesting a comprehensive tax audit to establish the definitive amount owed.
He said the authority responded on June 16, 2026, and subsequently deployed a team to undertake the exercise, which remains ongoing.
“As I speak to you, they are conducting that audit. They’ve indicated to us that the report will be ready next month. Once the report is ready, we stand ready to clear all tax liabilities of the PMMC,” he assured the committee.
GoldBod’s final tax obligation will therefore depend on the outcome of the GRA’s review, including the adjustments for losses carried forward and the applicable tax credits.
The board has indicated its readiness to settle the outstanding liabilities once the audit report establishes the exact amount due.