The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has firmly rejected reports that the institution suffered massive losses under the Gold-for-Reserves programme.
Speaking on JoyNews’ Newsfile on Saturday, January 3, 2026, Mr Gyamfi called claims of a US$214 million loss completely false.
He revealed that, based on unaudited management accounts, GoldBod generated over GH¢960 million in revenue in 2025, while total spending was less than GH¢120 million.
As a public institution, GoldBod does not declare “profits” but “surpluses.” Mr Gyamfi said the Board is expected to announce a conservative surplus of between GH¢700 million and GH¢800 million for the year.
“Has GoldBod made a loss? Emphatically no,” he stressed. “We generated over GH¢960 million in revenue and spent below GH¢120 million.”
He added that GoldBod has followed the law by publishing quarterly financial reports, and a full external audit by the Auditor-General is expected by the end of the first quarter of 2026, after which all details will be made public.
Mr Gyamfi also dismissed suggestions that GoldBod transferred any losses to the Bank of Ghana, calling the idea illogical.
He explained that the Gold-for-Reserves programme started in 2022 as a Bank of Ghana initiative, fully funded by the central bank, and its accounts have always been recorded in the Bank of Ghana’s books.
GoldBod was only established in April 2025 and inherited the programme as part of transitional arrangements. He questioned why losses from a pre-existing programme were being blamed on GoldBod, emphasising that the Board has properly accounted for every cedi received, delivered the required gold, and only earned its approved agency fees.
The CEO’s statements aim to clear the air amid recent concerns raised about GoldBod’s operations and finances.
