Sammy Gyamfi Claims GoldBod Made Over GH₵960m in 2025, Contrary to a Loss Allegation
- GoldBod ended 2025 with a significant surplus, dismissing $214 million loss claims as false
- CEO Sammy Gyamfi attributed the success to efficient management, generating over GH₵960 million
- Gyamfi refutes loss transfer claims to Bank of Ghana, clarifying GoldBod's financial integrity
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The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, emphasised that the institution did not make any loss under the Gold-for-Reserves programme.
He insisted that GoldBod ended 2025 with an impressive financial surplus only eight months after it was set up.
Source: Facebook
Speaking to Accra-based JoyNews, Sammy Gyamfi explained that GoldBod is not a profit-making institution; however, they recorded no loss in 2025. He said that reports that the public institution made a US$214 million loss were false and misleading.
“Emphatically, no. GoldBod, even though it is not a profit-making public institution, has not made any losses,” he stated.
The GoldBod CEO explained that the institution generated over GH₵960 million in revenue in 2025. Meanwhile, its total expenditure for the same period remained below GH₵120 million, based on unaudited figures.
“These are management accounts, and from all indications, we are on course to declare an income surplus. GoldBod does not declare profits; it declares surplus. There is a clear distinction between profit-making institutions and surplus-making public institutions.”
Sammy Gyamfi disclosed that GoldBod is expected to declare a conservative surplus of between GH₵700 million and GH₵800 million.
“By the end of the first quarter of 2026, the Auditor-General would have completed the external audit of our accounts, and all our financials will be published for the public to see that GoldBod has not made any losses."
CEO denies transferring GoldBod losses to BoG
Sammy Gyamfi denied claims that GoldBod transferred its losses onto the books of the Bank of Ghana (BoG). He wondered about the logic in that assertion and explained that the Gold-for-Reserves (G4R) programme is a Bank of Ghana initiative introduced in 2022 and funded by the Central Bank. The accounts of the G4R since its inception is reflected in the BoG's books.
“How can an institution that is not making losses transfer losses it has not made? Does that make sense?” he asked.
“When GoldBod was established on April 2, 2025, we inherited the PMMC structure, which was not fit for purpose. We had to build new departments, systems, policies, and personnel to meet our mandate,” he added.
Despite the institutional transition, Sammy Gyamfi said GoldBod was directed to continue the G4R programme under Section 76 of the Gold Board Act, as part of transitional arrangements.
“That program is funded by the Bank of Ghana, and that program has always sat in the books of the Bank of Ghana in 2022, 2023, 2024, when the NPP was in power. So, where from this claim that it is the GoldBod that has made losses. An eight-month-old company now responsible for the losses of BoG?”
He insisted that GoldBod has accounted for every money received from the BoG, delivered gold equivalent value, and earned its approved agency fees.
Source: YEN.com.gh
