Sammy Gyamfi, CEO of the Ghana Gold Board (GoldBod), has categorically rejected reports claiming that Ghana has suffered significant financial losses under the gold-for-reserves programme. According to Gyamfi, the GoldBod has not recorded any financial setbacks and, in fact, has made substantial profits through its gold trading operations in 2025.
In a statement issued on December 25, Gyamfi described the allegations of a US$214 million loss as "inaccurate and misleading." He clarified that the trading and selling of gold acquired through the programme does not fall under the remit of the GoldBod. Instead, he emphasized that the Bank of Ghana (BoG) holds exclusive responsibility for the sale and trading of gold bought under the programme.
“The GoldBod has made no losses. Rather, it has achieved a significant surplus through its gold trading activities,” Gyamfi asserted. He further explained that any transactions related to gold sales, as well as off-take agreements, are handled solely by the Bank of Ghana, not GoldBod.
Addressing concerns over alleged fees charged to off-takers, Gyamfi categorically denied such claims. "There are no 'GoldBod off-taker fees' under the ASM gold trading programme. This assertion is incorrect," he stated, adding that the GoldBod does not directly interact with off-takers nor does it impose any fees related to off-take agreements. He clarified that these agreements are negotiated and implemented by the Bank of Ghana.
Gyamfi also addressed rumors about an increase in fees by GoldBod in 2025, reiterating that no such fee increase had taken place. "There has been no change in the fees in 2025. These charges are part of the institution's internally generated funds," he explained.
Highlighting the GoldBod's overall success, Gyamfi proudly noted that the organisation had generated over US$10 billion in foreign exchange for Ghana in 2025 alone.
Looking ahead, Gyamfi revealed that from January 2026, GoldBod will assume full responsibility for the artisanal and small-scale gold trading programme. He expressed confidence that this move would put to rest any debates surrounding fees and alleged financial losses.
Source: MyNewsGh.com
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