Sammy Gyamfi Dismisses NPP Claims, Says GoldBod Remains Profitable Despite Gold Price Slump

The Acting Chief Executive Officer of the Ghana Gold Board (GoldBod), Lawyer Sammy Gyamfi, has strongly rejected claims by some members of the New Patriotic Party (NPP) Minority Caucus that the state-owned institution is recording losses and mismanaging public funds.

In a statement issued on Friday, July 24, Gyamfi described the allegations as false and misleading, insisting that GoldBod remains financially strong and continues to deliver on its mandate despite challenging global market conditions.

According to him, GoldBod posted an operational surplus of GH¢909.7 million and an overall surplus of GH¢5.44 billion for the 2025 financial year.

He explained that these figures are contained in the 2025 Audited Annual Report and Financial Statements, which were prepared by the Auditor-General and published on GoldBod’s official website.

Gyamfi further stated that despite a more than 23% decline in international gold prices since February 2026, GoldBod has continued to record significant achievements.

He noted that the institution has maintained strong performance even after reducing its pricing incentives from about 14% to 6% following the scaling down of its baseline programme implementation.

According to him, GoldBod remains on track in meeting its targets for the 2026 financial year, including increasing gold purchases, generating foreign exchange, supporting Ghana’s gold reserve accumulation, promoting local value addition, advancing sustainability initiatives, and achieving its projected financial surplus.

The GoldBod CEO also urged the media and the public to disregard what he described as “falsehoods” being circulated by certain members of the Minority Caucus in Parliament regarding the institution’s operations.

He specifically accused the Minority Leader, Alexander Afenyo-Markin, and some NPP MPs of repeatedly making unfounded claims that GoldBod is operating at a loss and siphoning public funds.

Gyamfi described the allegations as baseless, insisting that they are not supported by the institution’s audited financial records.

He maintained that GoldBod would remain focused on executing its mandate and contributing to Ghana’s economic development rather than responding to what he called politically motivated attacks.

According to him, the success of GoldBod will ultimately outweigh what he described as a campaign of misinformation by its critics.

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