GoldBod has not recorded any losses and is on course to declare a significant surplus for the 2025 financial year, Chief Executive Officer Sammy Gyamfi has insisted, dismissing claims to the contrary as unfounded.
Speaking on JoyNews’ Newfile, Sammy Gyamfi said management accounts show that the Ghana Gold Board generated about GH¢960 million in revenue in 2025, with expenditure kept below GH¢120 million.
According to him, this positions the institution to declare a surplus of between GH¢700 million and GH¢800 million, subject to auditing.
“GoldBod has not declared profit. It declares surplus. There’s a big difference between profit-making institutions and surplus-making institutions,” he explained.
“If you look at our management accounts, we are on our way to declaring a surplus of nothing less than GH¢700–800 million, to put it very conservatively.”
Sammy Gyamfi stressed that the figures cited are unaudited, but maintained that GoldBod has complied with legal requirements under Section 42 of the Ghana Gold Board Act by publishing its quarterly financial reports on its website.
“We have done so, and if you check, you will see that everything I’m telling you is factual,” he said, adding that the Auditor-General is expected to complete an external audit of the Board’s accounts by the end of the first quarter of 2026.
He rejected assertions that GoldBod had incurred losses, describing such claims as misleading. “When you hear people talking about GoldBod losses, maybe they are dreaming or hallucinating. We’ve not made any losses,” he said.
The CEO’s comments come on the back of growing political debate over the Gold-for-Reserves programme.
In its fifth review of Ghana’s IMF-supported programme, the International Monetary Fund reported that losses linked to artisanal and small-scale doré gold transactions under the scheme had reached about $214 million as of September 2025.
Following the IMF’s disclosure, the Minority in Parliament has called for the establishment of a parliamentary ad-hoc committee to investigate the matter, warning that criminal prosecution should follow if wrongdoing is established.
Sammy Gyamfi, however, expressed confidence that the forthcoming audit would put the matter to rest, insisting that GoldBod’s financial position remains sound and transparent.
