We’re Committed To Transparency And Accountability – Sammy Gyamfi Clarifies GoldBod Finances

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, Esq., on Monday appeared before Parliament’s Public Accounts Committee (PAC) to provide clarifications on the Board’s audited financial statements.

Addressing the Committee, Sammy Gyamfi explained the nature of government funding received by GoldBod and its classification in accordance with the directive of the Auditor-General. According to him, the claim that the Gold Board has made a loss is not supported by the facts.

He told the Committee that the Board recorded an operational surplus of about GH¢900 million and a total surplus of about GH¢5.4 billion, stressing that GoldBod remains financially sound and profitable.

The CEO also addressed questions on operational expenditure, detailing how resources have been applied to establish and strengthen the Board’s systems and operations.

On task force activities, he explained that GoldBod’s enforcement operations were critical to clamping down on gold smuggling and illegal trading, which have saved the country millions of dollars in revenue leakages.

Mr. Gyamfi further touched on Corporate Social Responsibility (CSR) initiatives undertaken by the Board, as well as its foreign exchange operations, noting that GoldBod has become a key contributor to Ghana’s forex stability through its gold purchase and export programme.

He also clarified the Board’s financial obligations to the Bank of Ghana and the mechanisms in place to settle them.

Reaffirming GoldBod’s commitment to transparency, accountability and the effective execution of its statutory mandate, Sammy Gyamfi assured the Committee and the Ghanaian public that the Board will continue to work in the national interest to optimize Ghana’s gold resources for sustainable economic growth.

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