The Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, has rejected claims that GoldBod made losses under the Gold-for-Reserves programme, saying the institution ended 2025 with a strong financial surplus.
Speaking on JoyNews’ Newsfile on Saturday, January 3, Mr Gyamfi described reports suggesting a US$214 million loss as false. He said GoldBod generated more than GHS960 million in revenue in 2025, while its total spending was below GHS120 million, based on unaudited management accounts.
According to him, GoldBod is a public institution and does not declare profits but surpluses. He said the Board is expected to declare a conservative surplus of between GHS700 million and GHS800 million for 2025.
Mr Gyamfi added that GoldBod has complied with the law by publishing its quarterly financial reports and that the Auditor-General is expected to complete an external audit by the end of the first quarter of 2026, after which all financial details will be made public.
“Has GoldBod made a loss? Emphatically no. The GoldBod, even though it is not a profit-making public operation, has not made any losses. The GoldBod for the year 2025 generated revenue to the tune of GHS960 million, a little over that. Our expenditure for the year 2025 stands below GHS120 million. These are all unaudited accounts.”
“…It is very clear that we will be declaring a surplus of GHS700, GHS800million to put it very conservatively.”
He also dismissed claims that GoldBod transferred losses to the Bank of Ghana, describing the assertion as illogical. He explained that the Gold-for-Reserves programme is a Bank of Ghana initiative introduced in 2022 and fully funded by the central bank, with its accounts always reflected in the Bank of Ghana’s books.
Mr Gyamfi noted that GoldBod was established in April 2025 and inherited an outdated structure, which required major reforms.
Despite this, he said GoldBod was directed by law to continue the Gold-for-Reserves programme as part of transitional arrangements.
He questioned why losses from a programme that existed before GoldBod’s creation were being attributed to the Board, stressing that GoldBod has accounted for every cedi received from the Bank of Ghana, delivered the required gold value, and earned only its approved agency fees.
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