APL says GoldBod terminated US$1bn Goldstream deal over failure to meet obligations

Africa Policy Lens (APL) says the Ghana Gold Board (GoldBod) has terminated its memorandum of understanding (MoU) with Goldstream Global DMCC after the company failed to fulfil its obligations under an agreement announced as a proposed US$1 billion investment in more than 300 mines across Ghana.

The disclosure follows a Right to Information (RTI) request submitted on August 11, 2026, by mining consultant and APL Senior Fellow Ing. Wisdom Edem Gomashie.

According to APL, GoldBod’s response, dated August 26, 2026, confirmed that the agreement had been terminated because of Goldstream Global DMCC’s failure to perform its obligations.

GoldBod also stated that the terminated MoU should not be treated as an ongoing commercial arrangement or as creating any current financial or operational obligation for the institution.

However, the response, as cited by APL, did not specify which obligations the company failed to fulfil, when the termination took effect or whether the proposed investment advanced beyond the MoU stage.

The agreement was signed on August 22, 2025, and publicly announced by GoldBod Chief Executive Officer Sammy Gyamfi at the Mining and Minerals Convention in Accra on September 9, 2025.

At the time, Mr Gyamfi described the initiative as a major shift in Ghana’s mining sector, intended to increase national gold production, create thousands of jobs and empower mining communities.

The programme was presented as part of efforts to move Ghana beyond raw mineral extraction towards greater domestic value retention.

APL’s account says the Minerals Commission had released 10 blocked-out mineralised areas to GoldBod for the first phase, with additional areas expected to follow.

The proposed investment was expected to support the development of more than 300 responsible mines across the country.

The termination raises questions about the status of those plans and whether any preparatory work or financial commitments were made before the agreement ended.

APL says the termination raises broader questions about due diligence, institutional oversight and transparency in major public-sector investment announcements.

The organisation is asking GoldBod to explain what financial, technical and operational checks were conducted before the agreement was signed and what evidence was available regarding Goldstream Global DMCC’s capacity to mobilise the proposed investment.

It also wants clarification on the specific obligations the company failed to meet, the steps taken before termination and whether any public institution incurred expenditure in anticipation of the project.

Other questions concern whether the arrangement included proposed gold offtake rights or other commercial benefits for Goldstream Global DMCC, and what safeguards were established to protect Ghana’s interests.

APL argues that GoldBod’s assurance that the terminated MoU creates no current financial or operational obligations does not establish whether the State incurred historical costs or made commitments before the agreement ended.

“The public deserves to know whether the proposed commercial partnership created any financial exposure or obligations before its termination,” APL said.

The organisation is calling on GoldBod to publish an account of the circumstances surrounding the termination, including the due diligence conducted, the obligations that were not fulfilled, the termination procedures and any financial or operational implications for the State.

It is also urging the institution to release the executed MoU, relevant agreements, termination notices and associated records, subject to applicable legal exemptions.

Beyond the Goldstream agreement, APL wants stronger institutional standards for major commercial arrangements involving public institutions.

It says such agreements should be subject to appropriate due diligence, performance monitoring and timely public disclosure throughout their lifecycle, including when they are terminated.

“Ghana’s mineral resources must be governed by more than ambitious investment announcements. They require verifiable commitments, rigorous oversight, transparent implementation and accountability when agreements fail to deliver,” APL said.

The disclosure comes amid wider scrutiny of GoldBod’s operations.

In August 2026, APL called for a forensic investigation into the institution following disclosures in an International Monetary Fund report concerning losses of more than US$1.7 billion associated with Ghana’s Domestic Gold Purchase Programme.

The Ghana Extractive Industries Transparency Initiative (GHEITI) had also recommended the publication of the Goldstream MoU, noting that the agreement had not been disclosed.

APL says the termination adds to concerns about transparency and accountability in the management of Ghana’s gold sector.

The information cited by APL does not establish whether the proposed investment resulted in any financial commitments, whether public funds were spent or whether the company received any commercial rights before the MoU was terminated.

The organisation says it will continue its investigative and policy reform series, The Gold Accountability Files, with further publications examining transparency, governance and institutional accountability in Ghana’s gold sector.

APL says GoldBod has not yet responded to its demands for further disclosure.