Sammy Gyamfi: No Losses at GoldBod, Audit Will Prove Surplus

Introduction

In a firm rebuttal to growing speculation and criticism, Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), has assured Ghanaians that the state agency is in a robust financial position. Contrary to recent reports suggesting financial hemorrhaging, Gyamfi asserts that GoldBod has not recorded any losses for the 2025 financial year. Instead, the Board is on track to declare a significant surplus. This assurance comes amidst a heated political environment and scrutiny from the International Monetary Fund (IMF) regarding the Gold-for-Reserves program. This article provides a comprehensive analysis of the CEO’s statements, the contrasting IMF reports, and the expected timeline for the final audit.

Key Points

Background

The Ghana Gold Board, often referred to as GoldBod, was established to regulate and manage the gold sector in Ghana, particularly focusing on the purchase of gold from artisanal and small-scale miners to bolster the country’s foreign reserves. The “Gold-for-Reserves” program is a critical component of Ghana’s economic strategy to stabilize the local currency and accumulate foreign exchange.

However, the implementation of this program has been under intense scrutiny. The International Monetary Fund (IMF), which has a support program with Ghana, recently released its 5th review. In this review, the IMF highlighted significant financial discrepancies, specifically citing losses amounting to $214 million from doré gold transactions as of September 2025. This report triggered alarm among investors and the political class, leading to calls for investigations by the Minority in Parliament.

Against this backdrop, Sammy Gyamfi’s media appearance on PleasureNews’ Newfile served as a direct address to the nation to clarify the Board’s internal accounting versus the macroeconomic assessments provided by international bodies.

Analysis

The current situation presents a classic dichotomy between internal management accounts and external audit findings. Sammy Gyamfi’s defense rests on the internal capital accounts which, according to him, show a massive inflow of GH¢960 million against a lean expenditure profile of less than GH¢120 million.

The “Surplus” vs. “Profit” Distinction

A critical pedagogical point raised by Gyamfi is the distinction between a “profit-making institution” and a “surplus-making institution.” In public sector accounting, a surplus is generally the excess of income over expenditure in a given period, which is often retained for reinvestment or future liabilities, whereas profit in the corporate sense is distributed to shareholders or subject to different tax treatments. By framing the results as a surplus, Gyamfi is aligning the Board’s performance with its statutory mandate as a state agency rather than a purely commercial entity.

Reconciling with IMF Figures

The divergence between the GH¢700-800 million surplus claim and the IMF’s $214 million loss report requires careful analysis. The discrepancy likely stems from different accounting methodologies and timeframes. The IMF’s figure specifically targets “losses” associated with artisanal and small-scale doré gold transactions. These losses might refer to the difference between the international market price of refined gold and the cost incurred by GoldBod to purchase the raw doré, including logistical and processing costs. If GoldBod accounts for the eventual refining and sale of this gold in its final valuation, it may view the operation as generating a surplus, whereas the IMF might be assessing the immediate cash-flow impact or specific transactional losses under the program’s terms.

Gyamfi’s confidence suggests that the Board believes the “losses” cited by the IMF are either overstated, misunderstood, or will be offset by other revenue streams or asset appreciation when the final audit is conducted.

Practical Advice

For stakeholders, investors, and the general public trying to understand the financial standing of the Ghana Gold Board, here is a guide on how to verify these claims and what to look for:

How to Verify the Claims

Transparency is a key pillar of public financial management. Sammy Gyamfi has stated that GoldBod has complied with Section 42 of the Ghana Gold Board Act by publishing quarterly financial reports on their official website.

1. Visit the Official Portal: Navigate to the Ghana Gold Board’s official website to access the quarterly reports released for 2025.
2. Check the Management Accounts: Look for the “Management Accounts” section. This is where the unaudited figures (GH¢960 million revenue vs. GH¢120 million expenditure) are likely detailed.
3. Monitor the Auditor-General’s Report: The definitive source of truth will be the external audit report expected by the end of Q1 2026. This report will be submitted to Parliament and made public.

Understanding the Audit Process

When the Auditor-General completes the external audit, it will scrutinize:

• The valuation of gold reserves.
• The cost of acquisition vs. market value.
• Operational expenditures.
• Compliance with the Gold-for-Reserves program guidelines.

Until this report is released, all figures remain unaudited and subject to adjustment.

FAQ

Conclusion

The narrative surrounding the Ghana Gold Board is currently one of conflicting data points: internal management accounts projecting a massive surplus versus external IMF assessments pointing to significant transactional losses. Sammy Gyamfi remains steadfast in his position that GoldBod is financially sound and has not incurred losses. The ultimate resolution lies in the pending external audit scheduled for Q1 2026. Until then, the public is advised to treat the unaudited surplus claims with caution while acknowledging the serious concerns raised by international financial monitors.