The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has firmly dismissed claims that the institution recorded losses under the Gold-for-Reserves programme, insisting that GoldBod ended 2025 with a significant financial surplus.
Speaking on JoyNews’ Newsfile on Saturday, January 3, Mr. Gyamfi described reports suggesting a US$214 million loss as false and misleading.
“Emphatically, no. GoldBod, even though it is not a profit-making public institution, has not made any losses,” he stated.
According to him, GoldBod generated over GH₵960 million in revenue in 2025, while its total expenditure for the same period remained below GH₵120 million, based on unaudited figures.
“These are management accounts, and from all indications, we are on course to declaring an income surplus,” Mr. Gyamfi explained.
“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 the institution is expected to declare a conservative surplus of between GH₵700 million and GH₵800 million.
Mr. Gyamfi further noted that the Ghana Gold Board Act, particularly Section 42, mandates GoldBod to publish its quarterly financial reports, a requirement he said the institution has complied with.
“By the end of the first quarter of 2026, the Auditor-General would have completed the external audit of our accounts, and all our financials will be published for the public to see that GoldBod has not made any losses,” he said.
Responding to claims that GoldBod may have transferred losses onto the books of the Bank of Ghana (BoG), Mr. Gyamfi rejected the assertion, questioning its logic.
“How can an institution that is not making losses transfer losses it has not made? Does that make sense?” he asked.
He explained that the Gold-for-Reserves (G4R) programme is a Bank of Ghana initiative, introduced in 2022 and fully funded by the central bank, with its accounts historically reflected in the BoG’s books.
“When GoldBod was established on April 2, 2025, we inherited the PMMC structure, which was not fit for purpose. We had to build new departments, systems, policies, and personnel to meet our mandate,” he said.
Despite the institutional transition, Mr. Gyamfi said GoldBod was directed to continue the G4R programme under Section 76 of the Gold Board Act, as part of transitional arrangements.
“That program is funded by the Bank of Ghana, and that program has always sat in the books of the Bank of Ghana in 2022, 2023, 2024, when the NPP was in power,” he said.
Mr. Gyamfi questioned the basis for attributing any alleged losses of the programme to GoldBod, noting that the institution is only eight months old.
“So where from this claim that it is the GoldBod that has made losses. An eight-month-old company now responsible for the losses of BoG?” he queried.
He maintained that GoldBod has accounted for every cedi received from the Bank of Ghana, delivered gold equivalent value, and earned its approved agency fees.
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