The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has stated that the institution was not established as a profit-making entity, dismissing claims that it is incurring losses or shielding poor financial performance.
Speaking on KeyPoints with Alfred Ocansey on Saturday, December 27, Mr Gyamfi explained that GoldBod is a strategic national institution created to support Ghana’s gold reserves and strengthen macroeconomic stability, rather than operate as a commercial business.
“The Gold Board is not a commercial venture established for the purpose of making profits. We are mandate-driven, not profit-driven,” he said.
According to him, the law establishing GoldBod is clear on its objectives, which prioritise national economic interest over profitability. He noted that the Act deliberately avoids references to “profit” or “loss,” stressing that the success of the institution should be measured by its impact on the economy.
Mr Gyamfi further clarified that GoldBod has not recorded any losses since it began operations eight months ago, contrary to claims circulating in public discourse. He added that the institution has published its financial statements as required by law and encouraged the public to verify the figures.
Addressing concerns raised by the International Monetary Fund (IMF) regarding potential risks linked to the gold-for-reserves programme, Mr Gyamfi said the IMF did not state that GoldBod had made losses. He explained that issues being discussed relate largely to accounting treatments and inherited liabilities from the Precious Minerals Marketing Company.
He also defended the economic value of the programme, citing improvements in key macroeconomic indicators, including the appreciation of the cedi and a sustained decline in inflation.
“The cedi has appreciated significantly, and inflation has reduced for several consecutive months. These are tangible benefits to the Ghanaian economy,” he said.
Mr Gyamfi added that borrowing externally to achieve similar outcomes would have cost the country far more in interest payments, insisting that the gold-for-reserves initiative remains a sound policy choice in the national interest.
