The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has rejected claims that the institution incurred losses under the Gold-for-Reserves (G4R) programme, insisting that GoldBod closed the 2025 financial year with a substantial surplus.
Speaking on JoyNews’ Newsfile on Saturday, 3 January, 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 more than GH₵960 million in revenue in 2025, while total expenditure for the same period remained below GH₵120 million, based on unaudited management accounts.
“These are management accounts, and from all indications, we are on course to declaring an income surplus,” he explained.
Mr. Gyamfi stressed that as a public institution, GoldBod does not declare profits but surpluses, noting that there is a clear distinction between profit-making entities and surplus-making public bodies. He disclosed that the institution is expected to declare a conservative surplus of between GH₵700 million and GH₵800 million.
He further stated that GoldBod has complied with the Ghana Gold Board Act, particularly Section 42, which requires the publication of quarterly financial reports.
“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 dismissed the assertion, describing it as illogical.
“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 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.
Mr. Gyamfi said when GoldBod was established on April 2, 2025, it inherited the Precious Minerals Marketing Company (PMMC) structure, which he described as inadequate for its expanded mandate.
“We had to build new departments, systems, policies, and personnel to meet our mandate,” he said.
Despite the transition, he noted that GoldBod was directed under Section 76 of the Gold Board Act to continue the G4R programme as part of transitional arrangements.
“That programme is funded by the Bank of Ghana, and that programme has always sat in the books of the Bank of Ghana in 2022, 2023, 2024, when the NPP was in power,” he stated.
Mr. Gyamfi questioned the basis for attributing any alleged losses of the programme to GoldBod, pointing out 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 asked.
He maintained that GoldBod has accounted for every cedi received from the Bank of Ghana, delivered gold of equivalent value, and earned only its approved agency fees.
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