GoldBod Did Not Record Losses in 2025, CEO Dismisses US$214 Million Claims

The Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, has strongly denied reports claiming that the Gold-for-Reserves programme recorded losses under GoldBod’s management, insisting that the institution ended 2025 with a significant financial surplus.

Speaking on JoyNews’ Newsfile on Saturday, January 3, Mr Gyamfi described claims of a US$214 million loss as false and misleading. He explained that, based on unaudited management accounts, GoldBod generated over GHS960 million in revenue in 2025, while total expenditure for the same period remained below GHS120 million.

According to him, as a public institution, GoldBod does not declare profits but surpluses. He indicated that the Board is expected to announce a conservative surplus of between GHS700 million and GHS800 million for the 2025 financial year.

Mr Gyamfi also noted that GoldBod has complied with all legal requirements by publishing its quarterly financial reports. He added that the Auditor-General is expected to complete an external audit by the end of the first quarter of 2026, after which the full audited accounts will be made available to the public.

He further rejected assertions that GoldBod transferred losses to the Bank of Ghana, describing such claims as illogical. He explained that the Gold-for-Reserves programme was introduced by the Bank of Ghana in 2022 and is fully funded by the central bank, with all related transactions recorded in the Bank of Ghana’s books.

Mr Gyamfi explained that GoldBod was established in April 2025 and inherited an outdated operational structure, which required significant reforms. Despite these challenges, he said the law mandated GoldBod to continue managing the Gold-for-Reserves programme under transitional arrangements.

He questioned why alleged losses from a programme that existed before GoldBod’s establishment were being attributed to the Board. According to him, GoldBod has accounted for every cedi received from the Bank of Ghana, delivered the required gold value, and earned only its approved agency fees.