THE Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has refuted allegations that the institution suffered financial losses, revealing instead that GoldBod recorded robust revenue figures in 2025.
Speaking on Accra–based Radio Station on Saturday, Mr Gyamfi dismissed claims of a US$214 million deficit as inaccurate and misleading.
He explained that GoldBod, although not a profit-oriented public institution, generated over GH¢960 million in revenue last year, while keeping total expenditures below GH¢120 million, according to unaudited management accounts.
Because GoldBod is a statutory body that declares surpluses rather than profits, Mr Gyamfi said the figures showed the organisation was on track to post a substantial surplus. He estimated a conservative surplus of between GH¢700 million and GH¢800 million for 2025.
Mr Gyamfi also responded to assertions that any losses from the Gold-for-Reserves programme might have been shifted onto the Bank of Ghana’s books, calling that idea illogical.
He pointed out that the Gold-for-Reserves scheme began as a Bank of Ghana initiative in 2022 and all related accounts have historically been recorded by the central bank, not by GoldBod.
The CEO noted that GoldBod was only established in April 2025 and inherited structures from the former Precious Minerals Marketing Company (PMMC), which required reform. Despite this transition, he stressed that GoldBod had accounted for every cedi received from the Bank of Ghana, delivered the equivalent value in gold, and earned only approved agency fees.
Mr Gyamfi added that an external audit by the Auditor-General, expected to be completed in the first quarter of 2026, will publicly confirm the institution’s financial performance.
Relatedly, the Chief Executive Officer of the Ghana Gold Board (GoldBod), also affirmed that Bawa Rock Company Limited was a legally incorporated and fully registered gold trading company in Ghana, dismissing recent claims that it lacks registration or proper licensing.
According to Mr Gyamfi, Bawa Rock was incorporated under Ghanaian law on January 15, 2015, with precious mineral trading — including gold — listed among its principal business activities.
He underscored that the company has traded in gold for years and had renewed its gold trading licence annually since it was first granted by the now-defunct Precious Minerals Marketing Company (PMMC) in 2016.
Mr Gyamfi described as “false and misleading” assertions suggesting Bawa Rock is a recently created or unlicensed “mushroom” company with no meaningful history in Ghana’s gold sector, noting instead that it has long been involved in the precious minerals trade.
The clarification comes against the backdrop of public debate over the GoldBod’s licensing scheme, introduced in 2025 when Parliament passed the GoldBod Act to centralise and regulate Ghana’s gold buying, assaying, selling and export processes.
GoldBod operates with a tiered licensing system for gold buyers, including small-scale buyers, larger tier buyers, self-financing aggregators, and aggregators — each authorised under law to purchase gold from licensed artisanal and small-scale miners.
In 2025, Bawa Rock was reported to be the only company that met the eligibility criteria to receive an aggregator license under GoldBod’s first licensing cycle, out of more than 30 applicants for that category.
Despite these clarifications, members of the Minority have raised concerns about the implications of licensing a single aggregator to handle artisanal gold purchases nationwide — a structure they argue may reduce competition, transparency and fair pricing in a sector historically served by multiple licensed buyers.
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