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