The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has categorically rejected allegations that the institution suffered losses under the Gold-for-Reserves (G4R) programme, describing such claims as inaccurate and deliberately misleading.
Appearing on JoyNews’ Newsfile on Saturday, January 3, Mr. Gyamfi insisted that GoldBod closed the 2025 financial year in a strong position, recording a substantial income surplus rather than losses.
“There is absolutely no truth to claims that GoldBod made losses,” he stressed. “Although GoldBod is not a profit-driven public institution, it certainly did not operate at a loss.”
According to him, unaudited management accounts indicate that the institution generated more than GH₵960 million in revenue in 2025, while total expenditure remained below GH₵120 million.
“Based on these figures, we are firmly on track to declaring an income surplus,” he explained, clarifying that public institutions such as GoldBod do not declare profits but rather surpluses. He disclosed that the Board is expected to announce a conservative surplus ranging between GH₵700 million and GH₵800 million.
Mr. Gyamfi further pointed out that Section 42 of the Ghana Gold Board Act obliges GoldBod to publish quarterly financial reports—a statutory requirement he said the institution has consistently met.
He added that by the end of the first quarter of 2026, the Auditor-General would complete the external audit of GoldBod’s accounts, after which all financial records would be made public.
“Once the audit is concluded, Ghanaians will clearly see that GoldBod has not incurred any losses whatsoever,” he assured.
Addressing speculation that GoldBod may have shifted losses onto the books of the Bank of Ghana (BoG), Mr. Gyamfi dismissed the claim as illogical.
“How does an institution that hasn’t made losses transfer losses it never incurred?” he questioned.
He explained that the Gold-for-Reserves programme is a Bank of Ghana initiative introduced in 2022 and fully financed by the central bank, with its financial records historically captured in BoG’s accounts.
When GoldBod was officially established on April 2, 2025, Mr. Gyamfi noted that the institution inherited the Precious Minerals Marketing Company (PMMC) framework, which he described as inadequate for GoldBod’s expanded mandate. This necessitated the creation of new departments, systems, policies, and staffing structures.
Despite the transition, GoldBod was instructed under Section 76 of the Gold Board Act to continue managing the G4R programme as part of transitional arrangements.
“That programme has always been funded by the Bank of Ghana and reflected in its books throughout 2022, 2023, and 2024,” he said, noting that this was the case even under the previous NPP administration.
Mr. Gyamfi questioned the rationale behind attributing any alleged losses to GoldBod, an institution that has been operational for just eight months.
“How does an eight-month-old institution suddenly become responsible for losses attributed to the Bank of Ghana?” he asked.
He concluded by affirming that GoldBod has fully accounted for all funds received from the BoG, delivered gold of equivalent value, and earned only its approved agency fees—nothing more, nothing less.
