The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has firmly disregarded claims that the establishment recorded losses beneath the Gold-for-Reserves programme, insisting that GoldBod ended 2025 with a vital monetary surplus.

Speaking on PleasureNews’ Newsfile on Saturday, January 3, Mr. Gyamfi described reviews suggesting a US$214 million loss as false and deceptive.

“Emphatically, no. GoldBod, even though it is not a profit-making public institution, has not made any losses,” he mentioned.

According to him, GoldBod generated over GH₵960 million in IT in 2025, whilst its overall expenditure for a similar length remained underneath GH₵120 million, in accordance with unaudited figures.

“These are management accounts, and from all indications, we are on course to declaring an income surplus,” Mr. Gyamfi defined.

“GoldBod does not declare profits; it declares surplus. There is a clear distinction between profit-making institutions and surplus-making public institutions.”

He disclosed that the establishment is anticipated to claim a conservative surplus of between GH₵700 million and GH₵800 million.

Mr. Gyamfi additional famous that the Ghana Gold Board Act, specifically Section 42, mandates GoldBod to put up its quarterly monetary reviews, a demand he stated the establishment has complied with.

“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,” he stated.

Responding to claims that GoldBod could have transferred losses onto the books of the Bank of Ghana (BoG), Mr. Gyamfi rejected the statement, wondering its good judgment.

“How can an institution that is not making losses transfer losses it has not made? Does that make sense?” he requested.

He defined that the Gold-for-Reserves (G4R) programme is a Bank of Ghana initiative, offered in 2022 and completely funded via the central financial institution, with its accounts traditionally mirrored within the BoG’s books.

“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 stated.

Despite the institutional transition, Mr. Gyamfi stated GoldBod was once directed to proceed the G4R programme beneath Section 76 of the Gold Board Act, as a part of transitional preparations.

“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,” he stated.

Mr. Gyamfi puzzled the root for attributing any alleged losses of the programme to GoldBod, noting that the establishment is most effective 8 months outdated.

“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 queried.

He maintained that GoldBod has accounted for each and every cedi won from the Bank of Ghana, delivered gold identical price, and earned its authorized company charges.

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