The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has taken the stage to address swirling allegations about the institution’s finances.
The rumors were damning, claims that GoldBod had suffered a colossal US$214 million deficit. But Mr. Gyamfi was resolute in his response, labeling the allegations inaccurate and misleading.
With clarity, he explained that GoldBod, established in April 2025, was not a profit-driven public institution. Instead, it was designed to declare surpluses. He revealed that, according to the unaudited management accounts, GoldBod recorded an impressive revenue of over GHS960 million in 2025, while keeping total expenditures below GHS20 million. The numbers told a different story than the rumors suggested; far from a deficit, GoldBod was on track to post a substantial surplus—estimated between GHS700 million and GHS800 million for the year.
As the conversation dug deeper, Mr. Gyamfi addressed another claim: that any potential losses from the Gold-for-Reserves programme had been quietly transferred to the Bank of Ghana’s books. He dismissed this idea as illogical, pointing out that the Gold-for-Reserves scheme was started by the Bank of Ghana in 2022 and all related transactions were always recorded by the central bank, not by GoldBod.
Mr. Gyamfi traced the roots of GoldBod, noting that it inherited its structures from the former Precious Minerals Marketing Company (PMMC) and underwent necessary reforms to ensure transparency. Despite the transition, he emphasized that every Cedi received from the Bank of Ghana had been fully accounted for, with the equivalent value delivered in gold and only approved agency fees earned in the process.
To put any lingering doubts to rest, Mr. Gyamfi concluded by announcing that an external audit by the Auditor-General was already underway and expected to be completed in the first quarter of 2026. The results, he promised, would publicly confirm GoldBod’s financial performance and set the record straight once and for all.
Source: Apexnewsgh.com
