The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has firmly denied reports that the institution recorded losses under the Gold-for-Reserves programme, insisting that GoldBod closed the 2025 financial year with a substantial surplus.
Appearing on JoyNews’ Newsfile on Saturday, January 3, Mr Gyamfi described claims that GoldBod incurred losses amounting to US$214 million as inaccurate and misleading. He explained that, based on unaudited management accounts, GoldBod generated more than GHS960 million in revenue in 2025, while total expenditure for the year was less than GHS120 million.
Financial position of GoldBod
Mr Gyamfi clarified that GoldBod, as a public institution, does not operate as a profit-making entity and therefore does not declare profits, but surpluses.
According to him, the Board is projected to declare a conservative surplus of between GHS700 million and GHS800 million for the 2025 financial year.
He stressed that these figures clearly contradict suggestions that the institution made losses during the period under review.
Transparency and audit process
The GoldBod CEO also assured the public that the Board has complied fully with statutory reporting requirements.
• GoldBod has published its quarterly financial reports, as required by law
• The Auditor-General is expected to complete an external audit by the end of the first quarter of 2026
• Once the audit is concluded, all verified financial details will be made publicly available
Gold-for-Reserves programme explained
Addressing claims that GoldBod transferred losses to the Bank of Ghana, Mr Gyamfi described such assertions as illogical.
He explained that:
• The Gold-for-Reserves programme was introduced by the Bank of Ghana in 2022, well before GoldBod was established
• The programme is fully funded by the central bank
• Its financial accounts are recorded within the Bank of Ghana’s books, not GoldBod’s
GoldBod, he said, only serves as an implementing agency under transitional arrangements provided for by law.
GoldBod’s mandate and reforms
Mr Gyamfi noted that GoldBod was established in April 2025 and inherited an outdated operational framework that required extensive restructuring and reforms. Despite these challenges, the Board was legally required to continue supporting the Gold-for-Reserves programme during the transition period.
He questioned why alleged losses from a programme that predated GoldBod’s creation were being attributed to the institution.
He maintained that GoldBod has accounted for every cedi received from the Bank of Ghana, delivered the agreed gold value, and received only its approved agency fees, with no losses incurred.
Mr Gyamfi concluded that claims of financial mismanagement at GoldBod are unsupported by facts and will be further clarified once the Auditor-General’s report is released.
Source: Africa Publicity
