GoldBod Boss Sammy Gyamfi Reveals How Ghana Handles Billions in Foreign Exchange Earnings

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has clarified that the institution does not trade in foreign currency but sells foreign exchange generated through its statutory activities to the Bank of Ghana (BoG).

Speaking before Parliament’s Public Accounts Committee (PAC) on Tuesday, October 13, 2026, Gyamfi described GoldBod as a major contributor to Ghana’s foreign exchange earnings, highlighting its role in supporting the country’s economic activities.

He said the Board was on course to achieve or surpass its 2026 gold purchase and export targets. GoldBod is also seeking to exceed its US$10.8 billion foreign exchange generation target.

The committee’s session also examined concerns involving several public institutions, including the University of Ghana Medical Centre (UGMC), Ghana Water Limited, Takoradi Hospital and the Export-Import Bank.

Regarding UGMC, the committee directed the medical facility to comply with established procurement procedures when awarding contracts. It also urged the Ministry of Health to strengthen oversight to ensure proper accountability and adherence to regulations.

At Takoradi Hospital, the committee ordered the reinstatement of dental surgeon Dr Esenam Mockshell Sunu. It further directed the hospital to pay her outstanding entitlements and assign her to a workplace appropriate to her circumstances.

Meanwhile, Ghana Water Limited Managing Director Adam Mutawakil disclosed that approximately 50 per cent of the company’s commercial customers and 150,000 residential customers were not being billed for services.

Mutawakil said the company was taking steps to address the billing gaps, which could affect revenue collection and its ability to improve water service delivery.

He also appealed for Ghana Water Limited’s US$250 million legacy debt to be converted into equity, arguing that the move would support the company’s expansion plans and strengthen its financial position.

The committee also heard concerns from EXIM Bank Managing Director Sylvester Mensah regarding the dismissal of some employees without explanations. His remarks raised questions about staff management and the need for transparency in employment decisions within public institutions.

In another development, the committee commended National Home Ownership Fund Chief Executive Officer Prosper Hoetu and his team for their work.

However, members encouraged the fund to strengthen its advertising and public awareness campaigns to ensure more Ghanaians understand its mandate, activities and available opportunities.

The proceedings highlighted issues surrounding public financial management, procurement compliance, employment practices and revenue collection across government institutions.

The committee’s directives and recommendations are expected to reinforce accountability and encourage public agencies to address operational challenges while improving service delivery.

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