Sammy Gyamfi is the Chief Executive Officer of the Ghana Gold Board
Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has dismissed allegations that his institution recorded losses under the Gold-for-Reserves programme, revealing a substantial financial surplus for 2025 instead.
During his appearance on Newsfile on Saturday, January 3, Gyamfi refuted reports of a US$214 million deficit as completely inaccurate.
He disclosed that GoldBod generated over GH¢960 million in revenue last year against expenditures under GH¢120 million, according to preliminary unaudited management accounts.
He clarified that as a public entity, GoldBod does not aim for profits but surpluses, projecting a cautious figure of GH¢700–800 million for 2025.
He confirmed compliance with legal requirements through quarterly financial disclosures, with a full external audit by the Auditor-General due by Q1 2026.
“Has GoldBod incurred losses? Absolutely not. Despite not being a commercial profit-driven entity, we’ve posted no deficits. Revenue reached GH¢960 million-plus, while spending stayed below GH¢120 million; these are unaudited figures,” he stated.
He further rejected assertions that GoldBod shifted losses to the Bank of Ghana, calling the claim nonsensical.
Gyamfi explained the programme originated as a Bank of Ghana initiative in 2022, fully funded by the central bank, with all transactions recorded in its accounts.
Noting GoldBod’s establishment in April 2025 amid an inherited inefficient structure requiring overhaul, he said legal directives mandated continuity of the Gold-for-Reserves scheme during the transition.
Gyamfi questioned why pre-existing programme losses were being pinned on GoldBod, insisting they have meticulously accounted for every cedi from BoG, delivered equivalent gold value, and collected only authorised agency fees.
