Fact Check: No Evidence of Bank of Ghana Loss by GoldBod; Public Accounts Committee Hearing Reveals

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, Esq., has cited the Board’s 2025 audited financial statements to confirm that the institution that he leads has no records of losses during the financial year.

Appearing before Parliament’s Public Accounts Committee (PAC) on Tuesday, October 13, 2026, Mr. Gyamfi responded to questions from the Committee’s Chairperson, Hon. Abena Osei-Asare, regarding the reported losses incurred by Bank of Ghana in its Domestic Gold Purchase Programme (DGPP).

The CEO maintained that the much talked about losses made by the Bank of Ghana as borne out there “is alien to” the books of GoldBod, and rightly so, alien to the GoldBod’s 2025 financial statements as audited by the Auditor General. The GH¢22 billion loss has been part of public discourse in recent times.

The Deputy Minister for Finance, Hon. Thomas Ampem Nyarko who was present at the meeting also affirmed that the item has no expression in the financial statements of the GoldBod. Instead, amount sits with the Bank of Ghana.

Going further to highlight the sterling financial performance of the GoldBod, Mr. Gyamfi explained that, contrary to some public assertions not borne out by the facts, GoldBod recorded an operational surplus of about GH¢900 million which when added to the grant by the Government of Ghana amounted to an overall surplus of approximately GH¢5.4 billion, as reflected in the financial statements.

Mr. Gyamfi attributed the controversy to what he described as a misinterpretation of the Board’s financial position, arguing that a careful examination of the audited accounts would provide a clearer understanding of its performance.

He further directed the Committee’s attention to the relevant sections of the financial statements, which he said had also been published on GoldBod’s official website, for independent scrutiny.

Following the explanation, members of the Committee acknowledged the clarification provided by the CEO. The Chairperson, Hon. Abena Osei-Asare, indicated that the explanation had addressed the concerns raised during the discussion.

The issue arose amid public debate over the financial implications of Ghana’s Domestic Gold Purchase Programme, and that the Bank of Ghana would have an opportunity to present its position on related matters when it appears before the committee.