Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), has rejected claims that the institution suffered losses under the Gold-for-Reserves programme, saying GoldBod actually ended 2025 in a strong financial position.
Speaking on JoyNews’ Newsfile on Saturday, January 3, Mr. Gyamfi described reports that the agency lost US$214 million as completely untrue.
“Absolutely not. GoldBod has not recorded any losses. Even though we are not a profit-making institution, our books are in good shape,” he said.
He revealed that GoldBod earned more than GH₵960 million in 2025, while its total spending for the year was under GH₵120 million, based on unaudited management figures.
“These are management accounts, and everything shows that we are heading toward a healthy income surplus,” he explained.
Mr. Gyamfi also clarified that as a public institution, GoldBod does not declare profits but surpluses, stressing that there is an important difference between the two.
He added that the board is expected to announce a conservative surplus of between GH₵700 million and GH₵800 million for the year.
The GoldBod CEO further pointed out that the law requires the institution to publish its financial reports every quarter, a requirement he said has been fully met.
“By the end of the first quarter of 2026, the Auditor-General would have completed the external audit of our accounts, and the full financial statements will be made public so everyone can see that GoldBod has not recorded any losses,” he stated.
Responding to claims that GoldBod may have transferred losses onto the books of the Bank of Ghana (BoG), Mr. Gyamfi rejected the assertion, questioning its logic.
“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 (G4R) programme is a Bank of Ghana initiative, introduced in 2022 and fully funded by the central bank, with its accounts historically reflected in the BoG’s books.
“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 said.
Despite the institutional transition, Mr. Gyamfi said GoldBod was directed to continue the G4R programme under Section 76 of the Gold Board Act, as part of transitional arrangements.
“That program is funded by the Bank of Ghana, and that program has always sat in the books of the Bank of Ghana in 2022, 2023, 2024, when the NPP was in power,” he said.
Mr. Gyamfi questioned the basis for attributing any alleged losses of the programme to GoldBod, noting that the institution is only eight months old.
“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.
