GoldBod Chief Justifies Setup Costs, Denies Financial Mismanagement

Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board (GoldBod), has publicly defended the setup costs associated with creating the state institution, maintaining that forming a new regulatory body inevitably incurs necessary operational expenses.

Gyamfi explained that the foundational process required significant engagement with key stakeholders. These efforts included hiring legal consultants to draft the institutional framework, contracting KPMG to design the organizational structure, and conducting paid consultations with civil society groups, gold buyers, and traders.

Addressing public scrutiny surrounding GoldBod’s financial records—which highlight GH¢5.8 million spent on setup costs as part of GH¢38.9 million in specialized operational expenses—Gyamfi emphasized that every transaction was fully documented. He added that the Auditor-General reviewed and audited the financial records without flagging any irregularities or concerns.

Furthermore, the CEO pushed back against claims that GoldBod relies heavily on government subsidies. He clarified that the board funds its operations through legally authorized fees earned from services such as licensing, gold testing, and trade inspections.

As public discussions continue over GoldBod’s role and financial management in Ghana’s gold sector, Gyamfi maintains that all expenditures remain transparent, audited, and crucial to fulfilling the board’s regulatory mandate.

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