Sammy Gyamfi Reacts to Reports of $214m Losses Under Gold-For-Reserves Programme
- The Ghana Gold Board has reacted to reports of $214 million in losses under the gold-for-reserves programme at the Bank of Ghana
- The Chief Executive Officer of Ghana Gold Board, Sammy Gyamfi, released a statement on the losses outlined in the 5th review of Ghana’s IMF programme
- Ghana sold artisanally mined gold at discounts, contributing to significant revenue shortfalls despite global price surges
The Ghana Gold Board has downplayed reports about the $214 million in losses under the gold-for-reserves programme at the Bank of Ghana.
The Chief Executive Officer of Ghana Gold Board, Sammy Gyamfi, described the reports as misleading.
Source: Facebook
In a statement on Facebook, he also reiterated that the board had not suffered any losses.
The Ghana Gold Board was only responsible for the local purchase, assay and export of gold for the Bank of Ghana.
“The selling or trading of gold purchased by the Ghana Gold Board to off-takers lies in the exclusive domain of the Bank of Ghana.”
He also rejected suggestions that the Ghana Gold Board charged off-taker fees, insisting that such claims were false.
According to him, the only payments GoldBod receives are a statutory assay fee of 0.25 per cent and a service charge of 0.5 per cent, which were inherited from a 2023 agreement between the central bank and the defunct Precious Minerals Marketing Company.
Gyamfi further noted that GoldBod generated over US$10 billion in foreign exchange for the country in 2025 through the local purchase of more than 100 tonnes of artisanal and small-scale mining gold.
About the Ghana Gold Board
The Goldbod is one of the top priorities of the Mahama administration.
It is aimed at economic revitalisation and would, among other things, be responsible for the sustainable management and marketing of the country's gold resources.
It would also include formalising the small-scale gold mining sector and providing mining support services for the industry.
The Goldbod has been clamping down on the smuggling of gold and has coordinated multiple arrests.
In April, the government restructured Ghana’s gold trading framework following the passage of the Ghana Gold Board Act, 2025 (Act 1140).
The law revoked all licences previously issued by the Precious Minerals Marketing Company and the sector minister, except for those granted to large-scale mining companies.
Foreigners are no longer allowed to partake in the local gold value chain. Foreign nationals may still apply to purchase gold directly from the board.
GoldBod rakes in forex from small-scale gold exports
YEN.com.gh reported that the Ghana Gold Board generated over $8 billion in foreign exchange between January and October 2025.
The board, which overlapped with the regime of the Precious Minerals Marketing Company, exported 81,719.23 kilograms of gold during the period.
This marks a sharp increase from US$4.61 billion recorded in 2024, nearly quadrupling the US$2.19 billion achieved in 2023.
Source: YEN.com.gh
