The Chief Executive Officer of the Ghana Gold Board (GoldBod), Lawyer Sammy Gyamfi, has firmly denied claims that the institution incurred losses under the Gold-for-Reserves programme, asserting that the board concluded 2025 with a substantial financial surplus.
Speaking on Newsfile on Saturday, January 3, Mr. Gyamfi explained that GoldBod’s financial stability stems from meticulous accounting and strict management of all funds provided by the Bank of Ghana. “The GoldBod delivered the equivalent value in gold for every cedi received and was paid only its approved agency fees. That is why we have not made a loss,” he said, adding that suggestions that the institution could transfer non-existent losses are illogical.
According to the CEO, GoldBod generated revenue of slightly over GHS960 million in 2025, while total expenditure remained below GHS120 million, based on unaudited management accounts. The institution is expected to declare a conservative surplus of between GHS700 million and GHS800 million for the year.
Mr. Gyamfi emphasized that GoldBod is not a profit-making public operation. Nonetheless, careful management and transparent accounting practices have ensured the board remains financially sound.
“The GoldBod, even though it is not a profit-making public operation, has not made any losses. Our revenue for 2025 stands at GHS960 million, and expenditure is below GHS120 million. These figures reflect strict financial discipline and accountability,” he noted.
The CEO’s remarks come in response to reports alleging a US$214 million loss under the Gold-for-Reserves programme, which he described as “utterly false.”
GoldBod continues to maintain transparency in its operations, reinforcing public confidence in its handling of Ghana’s gold resources and the funds entrusted to it by the Bank of Ghana.
Story by Doe Benjamin Kofi Lawson