The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has denied claims that the institution has recorded any losses under the Gold-for-Reserves (G4R) programme, emphasising that GoldBod closed the 2025 financial year with a substantial surplus.
Appearing on JoyNews’ Newsfile on Saturday, January 3, 2026, Mr. Gyamfi described allegations of a US$214 million loss as misleading and unfounded.
“Emphatically, no. GoldBod, even though it is not a profit-making public institution, has not made any losses,” he asserted.
He revealed that, based on unaudited management accounts, GoldBod recorded revenue exceeding GH₵960 million in 2025, with total expenditure below GH₵120 million.
“These are management accounts, and from all indications, we are on course to declaring an income surplus,” Mr. Gyamfi said, adding that public institutions like GoldBod declare surpluses rather than profits.
He projected a conservative surplus of between GH₵700 million and GH₵800 million for the year.
Mr. Gyamfi highlighted that Section 42 of the Ghana Gold Board Act requires the publication of quarterly financial reports, which GoldBod has complied with.
He assured the public that the Auditor-General’s external audit, expected by the end of the first quarter of 2026, would confirm the institution’s strong financial position.
Addressing suggestions that GoldBod might have shifted losses to the Bank of Ghana (BoG), Mr. Gyamfi dismissed the idea as illogical.
“How can an institution that is not making losses transfer losses it has not made? Does that make sense?” he questioned.
He explained that the G4R programme, launched in 2022, is a BoG initiative fully funded by the central bank, with its financials historically recorded on the BoG’s books.
GoldBod, established on April 2, 2025, inherited the former Precious Minerals Marketing Company (PMMC) structure and was mandated under Section 76 of the Gold Board Act to continue the programme during the transition.
“That programme is funded by the Bank of Ghana, and that programme has always sat in the books of the Bank of Ghana in 2022, 2023, 2024, when the NPP was in power,” Mr. Gyamfi noted.
He challenged claims attributing programme losses to GoldBod, describing the institution as only eight months old at the time and stressing that it has fully accounted for all funds received from the BoG, delivered equivalent gold value, and earned approved agency fees.