The Chief Executive Officer of the Ghana Gold Board (GoldBod), Mr. Sammy Gyamfi, has categorically denied reports suggesting that the institution recorded losses under the Gold-for-Reserves (G4R) programme, describing claims of a US$214 million loss as false and misleading.
In an interview with Accra-based JoyNews, Mr. Gyamfi clarified that although GoldBod is not a profit-oriented entity, it concluded the 2025 financial year with a substantial income surplus, just eight months after its establishment.
According to him, GoldBod generated revenue exceeding GH₵960 million in 2025, while total expenditure for the same period remained below GH₵120 million, based on unaudited management accounts.
“Emphatically, no. GoldBod, even though it is not a profit-making public institution, has not made any losses,” Mr. Gyamfi stated. “From all indications, we are on course to declare an income surplus. GoldBod does not declare profits; it declares surplus. There is a clear distinction between profit-making institutions and surplus-making public institutions.”
He disclosed that once the institution’s accounts are fully audited, GoldBod is expected to declare a conservative surplus ranging between GH₵700 million and GH₵800 million.
Mr. Gyamfi further explained that the Auditor-General is expected to complete the external audit of GoldBod’s accounts by the end of the first quarter of 2026, after which the financial statements will be published for public scrutiny.
No Losses Transferred to the Bank of Ghana
Addressing allegations that GoldBod transferred losses to the Bank of Ghana (BoG), Mr. Gyamfi dismissed the claims as illogical and unfounded.
He explained that the Gold-for-Reserves programme is a Bank of Ghana initiative introduced in 2022 and fully funded by the Central Bank. Consequently, the programme’s financial activities have always been reflected in the Bank of Ghana’s accounts since its inception.
“How can an institution that has not made losses transfer losses it does not have?” he questioned.
Mr. Gyamfi noted that when GoldBod was established on April 2, 2025, it inherited the structure of the Precious Minerals Marketing Company (PMMC), which he described as inadequate for its expanded mandate. This necessitated the creation of new departments, systems, policies, and the recruitment of personnel to ensure operational effectiveness.
Despite these transitional challenges, GoldBod was directed under Section 76 of the Gold Board Act to continue implementing the G4R programme as part of interim arrangements.
He emphasized that the programme has consistently been funded by the Bank of Ghana and recorded in its books for the 2022, 2023, and 2024 financial years, making it misleading to attribute alleged Bank of Ghana losses to an institution that has existed for only eight months.
Mr. Gyamfi stressed that GoldBod has fully accounted for all funds received from the Bank of Ghana, delivered gold of equivalent value, and earned only its approved agency fees in accordance with established regulations.
He reaffirmed GoldBod’s commitment to transparency, accountability, and prudent financial management as it continues to execute its mandate within Ghana’s gold sector.
Source: Yen.com.gh
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