The Chief Executive Officer of the Ghana Gold Board (GoldBod), Mr. Sammy Gyamfi, has strongly dismissed reports that the institution incurred losses under the Gold-for-Reserves (G4R) programme, insisting that GoldBod closed 2025 with a substantial financial surplus.
Speaking on JoyNews’ News file on Saturday, January 3, Mr. Gyamfi described claims of 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 said.
According to him, GoldBod generated more than GH₵960 million in revenue in 2025, while total expenditure for the 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,” Mr. Gyamfi explained.
“GoldBod does not declare profits; it declares surplus. There is a clear distinction between profit-making institutions and surplus-making public institutions.”
He disclosed that the board is expected to announce a conservative surplus of between GH₵700 million and GH₵800 million for the year under review.
Mr. Gyamfi also pointed to provisions in the Ghana Gold Board Act, particularly Section 42, which requires the publication of quarterly financial reports. He said GoldBod has complied fully with this statutory obligation.
“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 stated.
Addressing suggestions that GoldBod may have shifted losses onto the books of the Bank of Ghana (BoG), Mr. Gyamfi rejected the claim, 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 launched in 2022 and fully funded by the central bank, with its financial records historically captured in the BoG’s accounts.
“When GoldBod was established on April 2, 2025, we inherited the PMMC structure, which was not fit for purpose. We had to build new departments, systems, policies and personnel to meet our mandate,” he noted.
Despite the transition, Mr. Gyamfi said GoldBod was directed under Section 76 of the Gold Board Act to continue implementing 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 and 2024, when the NPP was in power,” he said.
He questioned the basis for attributing any alleged losses from the programme to GoldBod, stressing that the institution has only been in existence for eight months.
“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 queried.
Mr. Gyamfi maintained that GoldBod has fully accounted for all funds received from the Bank of Ghana, delivered gold of equivalent value, and earned only its approved agency fees under the programme.
