The Ghana Gold Board (GoldBod) recorded a substantial financial surplus between GH₵700 million and GH₵800 million in 2025, Chief Executive Officer Sammy Gyamfi announced Saturday, dismissing claims that the institution incurred losses under the Gold for Reserves (G4R) programme.
Speaking on JoyNews Newsfile, Gyamfi revealed that GoldBod generated more than GH₵960 million in revenue during the year while keeping total expenditure below GH₵120 million. The figures are based on unaudited management accounts, with an external audit by the Auditor General expected to be completed by the end of the first quarter of 2026.
Gyamfi rejected reports suggesting a US$214 million loss, describing such assertions as false and misleading. He emphasized that GoldBod operates as a public institution that declares surpluses rather than profits, noting a clear distinction between the two types of financial outcomes.
The CEO addressed claims that losses from the G4R programme had been transferred onto GoldBod’s books. He explained that the programme was introduced by the Bank of Ghana in 2022, long before GoldBod’s establishment in April 2025, and remains fully funded by the central bank. All transactions related to the programme are reflected in the Bank of Ghana’s accounts.
GoldBod was established eight months ago and inherited systems from the defunct Precious Minerals Marketing Company (PMMC). Gyamfi said the institution has since restructured operations, strengthened internal controls, and enforced strict financial management practices. Under Section 76 of the Gold Board Act, GoldBod was directed to continue the G4R programme during the transitional period.
The institution operates under a four tier gold buying system spanning grassroots buyers, second tier buyers, self financing aggregators, and aggregators. Gyamfi clarified that GoldBod issued 900 buying licences in 2025 across these categories, countering suggestions that a single company monopolizes gold purchases.
Bower Rock Company Limited emerged as the only firm meeting eligibility criteria for aggregator status among 31 applications. Gyamfi explained that aggregator licences differ fundamentally from other categories because they provide access to state funds, requiring rigorous safeguards to protect taxpayer money.
He disclosed that Bower Rock provided an advance payment guarantee covering GH₵2 billion before receiving board approval. The company was incorporated under Ghanaian law on January 14, 2015, nearly a decade before GoldBod’s establishment, with precious minerals trading listed as a principal activity.
Bower Rock obtained its first gold trading licence from the PMMC in March 2016 and has renewed that licence annually through 2025. The company participated in the Minerals Income Investment Fund’s gold for reserves programme in 2024, serving as one of the major gold suppliers to aggregators under the previous administration.
Gyamfi rejected characterizations of Bower Rock as a hastily formed entity, pointing to documentary evidence submitted to media outlets. He emphasized that becoming an aggregator requires meeting strict eligibility requirements rather than receiving casual privileges. The licensing process remains open, with the possibility of additional aggregators qualifying in the future or existing licences being revoked.
The CEO defended the G4R programme as a monetary policy tool designed to stabilize the economy rather than generate profits. He traced its origins to Ghana’s 2022 economic crisis, when debt defaults, currency depreciation, and market exclusion made dollar borrowing impossible. Without adequate reserves, he warned, a currency cannot maintain stability.
Under the programme, the Bank of Ghana uses cedis to purchase gold locally and sells it for foreign exchange. Gyamfi acknowledged that costs are involved but described them as intentional and strategic. He cited the sharp decline in small scale gold exports after a 3% withholding tax was introduced in 2021, noting that foreign exchange inflows collapsed from $2 billion to $185 million.
The institution generated over $10.8 billion in foreign exchange during 2025 from local purchases of more than 100 tons of artisanal and small scale mining (ASM) gold for the Bank of Ghana. GoldBod also buys 20% of gold output from nine large scale companies to shore up the central bank’s reserves.
These efforts contributed to historic increases in Ghana’s foreign reserves, rising from $9 billion in 2016 to approximately $12 billion in 2025. Gyamfi argued that when evaluating programme costs, they must be weighed against benefits including reserve accumulation, cedi stabilization, and economic stability.
The CEO emphasized that GoldBod accounts for every cedi received from the Bank of Ghana, delivers equivalent gold value, and collects only approved agency fees. The institution receives a statutory assay fee of 0.25% and a service charge of 0.5%, both inherited from a 2023 Gold Purchase Agreement between the Bank of Ghana and the PMMC.
GoldBod is scheduled to fully take over the ASM gold trading programme in January 2026. Under the new arrangement, the institution will assume sole responsibility for purchasing, trading, and selling gold, with no fee obligations to the Bank of Ghana. This transition eliminates concerns about GoldBod’s fees impacting the central bank’s financial statements.
The Ghana Gold Board Act requires the institution to publish quarterly financial reports, a mandate Gyamfi said has been fulfilled with all documents available on the organization’s website. The external audit will provide final confirmation of the surplus and ensure full public disclosure of GoldBod’s financial performance.
As a non subvented state agency, GoldBod relies on internally generated funds from statutory fees to support its operations. The institution’s quarterly financial statements remain publicly accessible for verification, demonstrating transparency in its financial management.
