Mining consultant Ing. Wisdom Edem Gomashie is demanding answers from the Ghana Gold Board (GoldBod) over the termination of its US$1 billion Memorandum of Understanding (MoU) with Goldstream Global DMCC.
The MoU was signed on August 22, 2025. It was intended to support the development of model mines in Ghana. The initiative included plans to develop 300 small-scale or model mines.
GoldBod Chief Executive Officer Sammy Gyamfi later announced the initiative at the Minerals and Mining Convention at the Kempinski Hotel in Accra on September 9, 2025. The announcement attracted significant attention, particularly because of the proposed development of 300 mines.
GoldBod confirms termination
In a Facebook post, Ing. Gomashie said he sought information on the status of the initiative through a Right to Information (RTI) request filed on August 11, 2026 and received GoldBod’s response in September 2026.
According to the response, GoldBod had terminated the MoU with Goldstream Global DMCC. GoldBod said the termination followed Goldstream’s failure to fulfil its obligations under the agreement. The Board also stated that the MoU no longer created any current financial or operational obligation for GoldBod.
Gomashie questions the termination
Ing. Gomashie wants GoldBod to explain why the termination was not publicly disclosed earlier. He also wants details of the obligations that Goldstream allegedly failed to fulfil.
The mining consultant is further questioning the due diligence GoldBod conducted before signing the US$1 billion agreement. He wants GoldBod to explain how it assessed Goldstream’s financial and technical capacity to undertake the proposed project.
Questions over state exposure
Ing. Gomashie is also seeking information on any commitments made before the termination. He wants to know whether GoldBod or another public institution incurred costs in preparation for the project.
He is also asking whether the State provided guarantees or released mineralised areas for the proposed development. Another question concerns whether GoldBod shared geological data with Goldstream.
Ing. Gomashie says the answers would help establish the extent of any financial or operational exposure to the State.
Questions over gold offtake
The mining consultant has also raised questions about the commercial structure of the MoU. He wants clarification on whether the agreement included potential gold offtake opportunities for Goldstream Global DMCC.
If such arrangements existed, he wants GoldBod to disclose the commercial benefits Goldstream would have received. He is also asking what safeguards were included to protect Ghana’s interests.
These questions, he said have not been established as confirmed terms of the agreement and require clarification from GoldBod and the other parties involved.
Call for full disclosure
Ing. Gomashie is calling on GoldBod to publish a comprehensive report on the terminated MoU. He wants the report to explain the circumstances surrounding the agreement and its termination.
He also wants GoldBod to disclose the obligations Goldstream failed to fulfil. The consultant is further calling for the publication of the complete MoU and related agreements.
He wants GoldBod to release termination notices and other relevant records. According to Ing. Gomashie, the disclosure would allow the public to independently assess the agreement and its implications for Ghana.
Why the termination matters
The proposed US$1 billion investment and development of 300 model mines made the MoU a significant initiative in Ghana’s mining sector. Its termination therefore raises questions about the agreement, its implementation and any commitments made before it ended.
Ing. Gomashie says Ghanaians deserve clear answers on what happened to the initiative and whether the State incurred any exposure. He is therefore urging GoldBod to provide the relevant documents and explanations for public scrutiny.
Source: Myinfotoday.com
