Sammy Gyamfi, the chief executive officer of the Ghana Gold Board, has denied allegations that GoldBod suffered losses as a result of the Gold-for-Reserves initiative, stating that the organisation concluded 2025 with a substantial financial surplus.
Speaking on Saturday, January 3, on JoyNews’ Newsfile, Mr. Gyamfi refuted allegations that suggested a loss of US$214 million.
Based on unaudited management records, he claimed that GoldBod made over GHS960 million in sales in 2025 but spent less than GHS120 million overall.
He argues that GoldBod is a public organisation that reports surpluses rather than profits. He stated that a prudent surplus of GHS700 million to GHS800 million is anticipated to be declared by the Board for 2025.
The Auditor-General is anticipated to finish an external audit by the end of the first quarter of 2026, following which all financial information would be made public, Mr. Gyamfi continued, adding that GoldBod has complied with the legislation by publishing its quarterly financial reports.
“Has GoldBod made a loss? Emphatically no. The GoldBod, even though it is not a profit-making public operation, has not made any losses. The GoldBod for the year 2025 generated revenue to the tune of GHS960 million, a little over that. Our expenditure for the year 2025 stands below GHS120 million. These are all unaudited accounts.”
“It is very clear that we will be declaring a surplus of GHS700, GHS800million to put it very conservatively.”
Additionally, he dismissed allegations that GoldBod moved losses to the Bank of Ghana, calling them nonsensical.
He clarified that the Gold-for-Reserves program is a Bank of Ghana initiative that was launched in 2022 and is completely sponsored by the central bank. The Bank of Ghana’s records consistently reflect the program’s accounts.
Mr. Gyamfi pointed out that when GoldBod was founded in April 2025, it inherited an antiquated framework that needed significant changes.
In spite of this, he claimed that GoldBod was required by law to maintain the Gold-for-Reserves initiative as part of the transitional arrangements.
He emphasised that GoldBod had accounted for every cedi received from the Bank of Ghana, delivered the necessary gold value, and earned just its authorised agency fees. He questioned why losses from a program that existed prior to GoldBod’s inception were being attributed to the Board.
Source: newsthemegh.com