Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi has dismissed allegations that his institution recorded losses under the Gold-for-Reserves programme, revealing instead a substantial financial surplus for 2025.
During his appearance on Newsfile on Saturday, January 3, Gyamfi refuted reports of a $214 million deficit as completely inaccurate. He disclosed that GoldBod generated over GHS960 million in revenue last year against expenditures under GHS120 million, according to preliminary unaudited management accounts.
He clarified that as a public entity, GoldBod does not aim for profits but surpluses, projecting a cautious figure of GHS700-800 million for 2025. He confirmed compliance with legal requirements through quarterly financial disclosures, with a full external audit by the Auditor-General due by Q1 2026.
“Has GoldBod incurred losses? Absolutely not. Despite not being a commercial profit-driven entity, we’ve posted no deficits. Revenue reached GHS960 million-plus, while spending stayed below GHS120 million, these are unaudited figures,” he stated.
He further rejected assertions that GoldBod shifted losses to the Bank of Ghana, calling the claim nonsensical. Gyamfi explained the programme originated as a Bank of Ghana initiative in 2022, fully funded by the central bank with all transactions recorded in its accounts.
Mr Gyamfi noted that GoldBod was established in April 2025 and inherited an outdated structure, which required major reforms.
Despite this, he said GoldBod was directed by law to continue the Gold-for-Reserves programme as part of transitional arrangements.
He questioned why losses from a programme that existed before GoldBod’s creation were being attributed to the Board, stressing that GoldBod has accounted for every cedi received from the Bank of Ghana, delivered the required gold value, and earned only its approved agency fees.