Amid the debate over the losses incurred by the Bank of Ghana under the Gold Purchasing Programme, the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, says GoldBod has no knowledge of such losses.
Sammy Gyamfi also explains that the figures being discussed are premature and misleading, stressing that the financial accounts of the Gold for Reserves and Gold for Forex programmes for 2025 have not yet been audited.
According to the GoldBod CEO, it is inaccurate to attribute any alleged loss to GoldBod’s operations. He explains that until the Bank of Ghana’s gold programmes are fully audited, claims of losses remain speculative.
“The GoldBod is not aware of any loss of US$214 million incurred by the Bank of Ghana,” he stated, pointing out that conclusions are being drawn before the facts are properly established.
The CEO, in his reaction was particularly firm in rejecting claims that so-called “GoldBod offtaker fees” contributed to the alleged losses. He described that assertion as plainly incorrect.
Under GoldBod’s 2025 operations, he explained, the institution does not deal with off-takers at all.
GoldBod neither negotiates off-take agreements nor charges any fees to off-takers. Those arrangements, he clarified, are handled entirely by the Bank of Ghana.
For the Goldbod, any discounts related to freight, insurance, refining, and similar export costs are granted by the BoG itself under its off-take agreements, not by GoldBod.
“For the records, there is nothing like ‘GoldBod offtaker fees’ under the ASM gold trading program. That assertion is incorrect. The GoldBod, per its 2025 operations, does not deal with off-takers,” he noted.
He added, “Neither does the GoldBod charge any off-taker fees. All off-take agreements are signed and implemented by the Bank of Ghana. Under these off-take agreements, discounts covering freight, insurance, refining charges, etc., are granted by the BoG to off-takers.
To set the record straight, the GoldBod CEO outlined the only fees his institution receives from the Bank of Ghana. These are a statutory assay fee of 0.25 percent and a service charge of 0.5 percent.
He was quick to add that these fees are not new. They were inherited from a 2023 gold purchase agreement between the Bank of Ghana and the now-defunct Precious Minerals Marketing Company (PMMC). GoldBod, he added, has not increased these charges in 2025.
In addition, commissions paid to licensed gold buyers are borne entirely by the Bank of Ghana, not GoldBod.
“The only fees the GoldBod takes from the BoG, is a statutory Assay Fee of 0.25% and a Service Charge of 0.5%. These fees are not new. In fact, they were inherited by the GoldBod from a 2023 Gold Purchase Agreement between the BoG and the defunct PMMC. There has been no increase by the GoldBod of these fees in the year 2025. Additionally, commissions to licensed buyers are borne by the BoG, he emphasized.
With these clarifications, Sammy Gyamfi is suggesting that any attempt to rope in the Goldbod as fully or even partially responsible for the purported $214 million loss by the BoG lacks justification, and his entity is not aware of any such loss.
He is also calling for the need for patience and accuracy, especially until audited financial statements are released.
