Ghana Gold Board CEO Refutes Minority Allegations of Financial Losses and Mismanagement
Lawyer Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board (GOLDBOD), has firmly denied accusations from members of the Minority Caucus in Parliament that the state-owned institution is suffering financial losses and mismanaging public funds. In a statement addressing recent claims, Gyamfi labeled the allegations as “false” and emphasized that GOLDBOD remains financially robust and committed to its mandate. He revealed that for the 2025 financial year, GOLDBOD recorded an operational surplus of GH¢909.7 million and an overall surplus of GH¢5.44 billion, figures documented in the institution’s 2025 audited annual report and financial statements prepared by the Auditor-General and published on GOLDBOD’s website. Despite a decline of over 23 percent in international gold prices since February 2026 and a reduction in pricing incentives following the scaling down of its baseline programme, GOLDBOD has continued to deliver strong results. Gyamfi noted that the institution is on track to meet its 2026 surplus target, making significant strides in gold purchases, foreign exchange generation, support for Ghana’s gold reserve accumulation, local value addition, and sustainability efforts. The CEO urged the public and media to disregard what he called “false and misleading” claims being spread by some Minority members. He specifically criticized Minority Leader Alexander Afenyo-Markin and his colleagues for making what he described as baseless allegations of losses and misappropriation of public funds. Gyamfi reaffirmed GOLDBOD’s commitment to maximizing value from Ghana’s gold resources for national benefit, stating that the institution would remain focused on delivering results and would not be distracted by politically motivated attacks. He expressed confidence that GOLDBOD’s performance and achievements would ultimately overshadow the criticisms faced by the institution. Read statement below: LAWYER SAMMY GYAMFI RESPONDS TO FALSE CLAIMS ABOUT THE GOLDBOD BY SOME ELEMENTS IN THE NPP MINORITY CAUCUS 1. It is an incontrovertible fact that the GoldBod declared an operational surplus of GHS909.7 million and an overall surplus of GHS5.44 billion for the year 2025. These facts are contained in the 2025 audited Annual Report and Financial Statements of the GoldBod prepared by the Auditor General and published on the GoldBod’s website. For evidence, see: https://goldbod.gov.gh/wp-content/uploads/2026/04/2025-Audited-Financial-Statements-Ghana-Gold-Board_compressed.pdf 2. In spite of the substantial slump in international gold prices by over 23% since February this year, the significant reduction of GoldBod’s pricing incentives due to the cutting down of baseline program implementation from about 14% to 6%, the GoldBod has remained on course in achieving remarkable successes relative to the volume of gold purchases, foreign exchange generation, support for gold reserve accumulation, local value addition, support for sustainability initiatives and the achievement of our surplus target for the 2026 financial year. 3. The media and general public are respectfully advised to treat with utmost contempt, the discredited cacophony of lies being rehashed in recent times about GoldBod’s operations by certain elements in the Minority Caucus in Parliament. 4. Led by their pathetically ignorant Leader, Afenyo Markin, these Members of Parliament continue to make spurious claims to the effect that the GoldBod is recording losses and siphoning public funds. These ridiculous claims can only be a figment of the imaginations of these incorrigible MPs who ought to know better. Sadly, they have no interest in learning nor any regard for the truth. You take them serious at your own peril. 5. The GoldBod remains focused on the delivery of its mandate for the benefit of Ghanaians. We will not be distracted by misguided noise. For we know, that the impact of the success story of the GoldBod shall outlive the hate-driven campaign of calumny being waged by our detractors. Source: Apexnewsgh.com
Speaker Bagbin Pays Tribute to Late President Mills, Celebrates His Humility and Integrity
The Speaker of Parliament, Alban Sumana Kingsford Bagbin, has paid glowing tribute to the late President John Evans Fiifi Atta Mills, remembering him as a leader who ruled Ghana with humility, integrity, and an unwavering commitment to principle. Speaking during a memorial ceremony at Asomdwe Park marking the 14th anniversary of President Mills’ passing, Mr. Bagbin described the late president’s gentle approach to leadership as a true strength. He recalled that Mills was patient when others were anxious, optimistic in the face of pessimism, and confident amid uncertainty. Bagbin noted that President Mills was always guided by principle over convenience and maintained the same humility and integrity in office that he displayed during his campaign for the presidency. Having served in Mills’ administration as Majority Leader in Parliament, Minister for Water Resources, Works and Housing, and later as Minister of Health, Bagbin shared insights into Mills’ leadership style. He said Mills listened before making decisions, consulted widely before taking action, and never let the privileges of high office separate him from the people he served. The Speaker emphasized that Mills’ commitment to probity, accountability, and a good heart was not just political rhetoric but fundamental to his conduct in office. He added that the late president believed in the importance of strong institutions and envisioned a Ghana where power would serve the people rather than dominate them. Bagbin also reflected on Mills’ quiet determination to do what was right, even when it was difficult, and his belief that leadership was about trust, not trophies. While some saw Mills’ calm and gentle demeanor as softness, those who worked closely with him recognized it as a rare strength: the ability to remain humble in power and principled under pressure. The commemoration at Asomdwe Park brought together government officials, political figures, family, and admirers to honour the legacy of Ghana’s third President under the Fourth Republic, whose message of probity and accountability continues to inspire the nation’s democratic journey. Source: Apexnewsgh.com
Ghana Faces GH¢111 Billion Domestic Debt Repayment in 2027 and 2028 – Finance Minister Warns
Finance Minister Dr. Cassiel Ato Forson has sounded the alarm over Ghana’s looming domestic debt repayment burden, revealing that GH¢111 billion in Domestic Debt Exchange Programme (DDEP) bonds are set to mature in 2027 and 2028. Presenting the 2026 Mid-Year Budget Review to Parliament on Thursday, July 23, Dr. Ato Forson cautioned that the country must prepare for this significant financial obligation. “In two years alone, Ghana has to repay GH¢111 billion, 111, Mr. Speaker. This is the true Agenda 111 Ghana must deal with,” he stressed. Dr. Ato Forson attributed the massive repayment challenge to the structure of the DDEP, which he argued was never meant to provide a permanent solution to Ghana’s debt problems. Instead, he said, the programme merely postponed repayment, shifting the burden to coming years. “Its architect mortgaged tomorrow to survive today,” the minister remarked. The Finance Minister assured Parliament that government is adopting a proactive, forward-looking debt management strategy to honour these obligations without destabilizing the economy. He emphasized the importance of prudent debt management and careful fiscal planning to restore investor confidence and strengthen Ghana’s long-term economic resilience. The DDEP was a key component of Ghana’s broader debt restructuring efforts, designed to restore macroeconomic stability and secure IMF-backed support. While it provided short-term relief, it also deferred substantial repayments, leaving the country with a formidable challenge in the years ahead. Source: Apexnewsgh.com