The Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, Esq. has dismissed claims that the institution recorded losses under the Gold-for-Reserves Programme, stating that GoldBod ended the 2025 financial year with a significant surplus.
Speaking on JoyNews’ Newsfile on Saturday, January 3, 2026, Mr. Gyamfi described reports suggesting that GoldBod incurred losses amounting to US$214 million as inaccurate and misleading, stressing that the institution is not a profit-seeking entity and has not recorded losses since commencing operations.
“Emphatically, no. GoldBod, even though it is not a profit-making public institution, has not made any losses,” he said.
According to Mr. Gyamfi, GoldBod generated more than GH₵960 million in revenue in 2025, while total expenditure for the same period remained below GH₵120 million, based on unaudited management accounts.
He explained that although GoldBod does not declare profits, it records surpluses in line with its statutory mandate.
“These are management accounts, and from all indications, we are on course to declaring an income surplus,” he stated, adding that the institution is expected to post a conservative surplus of between GH₵700 million and GH₵800 million.
Mr. Gyamfi further noted that the GoldBod Act, particularly Section 42, mandates the publication of quarterly financial statements, an obligation he said the institution has fully complied with.
“GoldBod does not declare profits; it declares surplus. There is a clear distinction between profit-making institutions and surplus-making public institutions,” he explained.
He added that GoldBod’s accounts are currently undergoing external audits and that the Auditor-General is expected to complete the process by the end of the first quarter of 2026.
“By the end of the first quarter of 2026, the Auditor-General would have completed the external audit of our accounts, and all our financials will be published for the public to see that GoldBod has not made any losses,” he stressed.
Responding to suggestions that GoldBod may have transferred losses onto the books of the Bank of Ghana, Mr. Gyamfi rejected the claim, questioning the basis for such assertions.
“How can an institution that is not making losses transfer losses it has not made? Does that make sense?” he asked.
He explained that the Gold-for-Reserves (G4R) project under the Domestic Gold Purchasing Programme (DGPP) is a Bank of Ghana initiative introduced in 2022 and fully funded by the central bank, with its financial records historically reflected in the Bank of Ghana’s books.
“When GoldBod was established in April 2025, we inherited the PMMC structure and were directed under transitional arrangements to continue the programme on behalf of the Bank of Ghana,” he said, noting that the programme had been reflected in the central bank’s accounts in 2022, 2023 and 2024.
Mr. Gyamfi questioned attempts to attribute any alleged losses under the programme to GoldBod, pointing out that the institution is barely eight months old.
“So where from this claim that it is the GoldBod that has made losses? An eight-month-old institution now responsible for the losses of the Bank of Ghana?” he queried.
He emphasised that GoldBod has fully accounted for all funds received from the Bank of Ghana, delivered gold of equivalent value, and earned only its approved agency fees in line with its mandate.
