Ghana Gold Board (GoldBod) Chief Executive Officer Sammy Gyamfi has dismissed claims that the institution recorded losses under the gold reserves programme, rejecting assertions in a recent International Monetary Fund (IMF) report.
The IMF stated that losses from artisanal and small scale mining gold transactions under the Gold for Reserves (G4R) programme reached 214 million dollars by the end of September 2025.
Gyamfi insisted the Ghana Gold Board has made no losses and has instead made a significant profit or surplus under its gold trading programmes in 2025. He disclosed that based on unaudited financial statements, GoldBod is expected to declare an income surplus of not less than 600 million cedis for the year 2025.
The CEO clarified the division of responsibilities between GoldBod and the Bank of Ghana (BoG). He explained that GoldBod’s role in 2025 was limited to buying gold locally, testing its quality, and exporting it for the Bank of Ghana. Gyamfi stated that the selling or trading of gold purchased by GoldBod to off-takers lies in the exclusive domain of the Bank of Ghana, adding that GoldBod is not aware of any 214 million dollar loss incurred by the central bank.
The IMF report, released as part of its fifth review of Ghana’s three year Extended Credit Facility (ECF) programme on December 17, flagged the losses as a key risk to Ghana’s broader economic stabilisation efforts. According to the Fund, the losses were largely driven by trading losses incurred under the artisanal and small scale mining gold transactions component of the programme, as well as off takers’ fees linked to GoldBod operations.
Gyamfi rejected the IMF’s reference to GoldBod off-taker fees as false. He stated that there is nothing like GoldBod off-taker fees under the artisanal and small scale mining gold trading programme, insisting that GoldBod does not deal with off-takers, nor does it charge any off-taker fees. He clarified that all off-take agreements are signed and implemented by the Bank of Ghana.
The only charges GoldBod receives from the Bank of Ghana are a statutory assay fee of 0.25 percent and a service charge of 0.5 percent, fees inherited from a 2023 gold purchase agreement between the Bank of Ghana and the former Precious Minerals Marketing Company. Gyamfi stressed there has been no increase by GoldBod of these fees in 2025, explaining that these charges form the bulk of the institution’s internally generated funds.
The GoldBod CEO highlighted what he described as the institution’s significant contribution to Ghana’s foreign exchange position. He stated that GoldBod generated over 10 billion dollars in foreign exchange in 2025 alone through the local purchase of more than 100 tonnes of artisanal and small scale mining gold for the Bank of Ghana. He added that GoldBod also purchases 20 percent of the gold output of nine large-scale mining companies to help shore up national reserves.
Financial analysts have offered a different perspective on the losses. Data tracked using official figures from the Bank of Ghana show that Ghana has historically sold its gold at a discount of 3 percent to 5 percent on the international market. In October 2025, for example, the average world price of gold was 4,054 dollars per ounce, yet Ghana realised about 3,919 dollars per ounce, representing a shortfall of roughly 135 dollars per ounce.
When the Gold Board was established, its initial business model was to act as the sole buyer and exporter of gold from Ghana’s small scale mining sector, to be funded by a 279 million dollar revolving fund provided in the 2025 budget. By the end of September 2025, GoldBod had not received the budgeted funds and now operates primarily as an intermediary.
The IMF warned that this arrangement poses risks to the Bank of Ghana’s financial position, stating plainly that the domestic gold purchase programme poses risks to the financial sustainability of the BoG. The Fund cautioned that losses from the programme should not be borne by the central bank.
Looking ahead, Gyamfi announced changes to GoldBod’s operating structure. He said from January 2026, GoldBod will fully take over the artisanal and small scale gold trading programme, meaning it would no longer operate as an intermediary for the Bank of Ghana. Under this arrangement, GoldBod would be responsible for purchasing, trading and selling gold directly, with no fee obligations to the central bank.
The establishment of GoldBod in early 2025 came after the government restructured Ghana’s gold trading framework following the passage of the Ghana Gold Board Act, 2025 (Act 1140) in April. The law revoked all licences previously issued by the Precious Minerals Marketing Company and the sector minister, except for those granted to large-scale mining companies.
The losses follow similar significant setbacks recorded under the previous government’s Gold for Oil programme, which the Bank of Ghana acknowledged resulted in losses of 2.137 billion cedis over two years. The central bank reported losses of 317 million cedis in 2023 and 1.82 billion cedis in 2024 before officially ending the initiative on March 13, 2025.
The disagreement between GoldBod and the IMF centres on whether profits recorded by the gold board came at the expense of losses absorbed by the central bank. While Gyamfi emphasizes GoldBod’s operational surplus and foreign exchange generation, the IMF report focuses on the overall financial impact on the Bank of Ghana’s balance sheet. The debate continues as Ghana seeks to balance gold sector formalisation with financial sustainability concerns.