The Chief Executive Officer of the Ghana Gold Board (GoldBod), Mr Sammy Gyamfi, has firmly rejected reports alleging that the institution incurred losses under the Gold-for-Reserves programme, insisting that GoldBod closed the 2025 financial year with a substantial surplus.
Speaking on JoyNews’ Newsfile on Saturday, January 3, Mr Gyamfi described claims of a US$214 million loss as misleading and inaccurate.
According to him, GoldBod recorded revenue exceeding GH¢960 million in 2025, while total expenditure remained below GH¢120 million, based on unaudited management accounts.
Also read: Anthony Joshua’s driver charged over Nigeria crash that killed two
He explained that as a public institution, GoldBod does not operate as a profit-making entity but is required to declare a surplus where revenues exceed expenditure. On that basis, he indicated that the Board is conservatively projected to declare a surplus of between GH¢700 million and GH¢800 million for the 2025 financial year.
Mr Gyamfi further stated that GoldBod has fully complied with statutory requirements by publishing its quarterly financial reports.
He added that the Auditor-General is expected to complete an independent external audit by the end of the first quarter of 2026, after which the audited accounts will be made publicly available.
“Has GoldBod made a loss? Emphatically no. GoldBod has not recorded any losses. For the year 2025, we generated revenue in excess of GH¢960 million, while our expenditure was below GH¢120 million. These figures are from unaudited accounts,” he said.
He also dismissed claims that GoldBod transferred losses to the Bank of Ghana, describing the assertion as illogical and unfounded. Mr Gyamfi clarified that the Gold-for-Reserves programme is a Bank of Ghana initiative introduced in 2022 and fully financed by the central bank, with all related transactions reflected in the Bank of Ghana’s financial statements.
According to him, GoldBod’s role under the programme is limited to acting as an agent, accounting for all funds received, delivering the required gold value, and earning only the approved agency fees.
Mr Gyamfi noted that GoldBod was formally established in April 2025 and inherited an outdated institutional framework that required extensive reforms. Despite these challenges, he said the Board was mandated by law to continue the Gold-for-Reserves programme as part of transitional arrangements.
He questioned why alleged losses from a programme that predated GoldBod’s establishment were being attributed to the Board, stressing that GoldBod has maintained transparency and accountability in all its operations.