GoldBod Boss: No Losses—Sammy Gyamfi Says Gold-for-Reserves Ended 2025 with Surplus!
Source: Joyonline
Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), has denied claims that the institution lost money under the Gold-for-Reserves program. He said that reports of a US$214 million loss were false and misleading. On January 3, he told JoyNews’ Newsfile that GoldBod is not a profit-making business, but it ended 2025 with a large financial surplus, bringing in more than GH₵960 million in revenue and spending less than GH₵120 million, according to unaudited management accounts. It is expected to report a surplus of between GH₵700 million and GH₵800 million. Mr. Gyamfi said that GoldBod does not make profits but declares surpluses. He also said that the institution has followed the law by publishing its quarterly financial reports and that the Auditor-General will publish an external audit of its accounts in early 2026. He also rejected the idea that GoldBod passed on losses to the Bank of Ghana, saying that the Gold-for-Reserves program is a Bank of Ghana initiative that is fully funded and recorded in the central bank’s books. He also said that GoldBod, which was set up in April 2025, has accounted for all the money it has received, delivered gold of equal value, and earned only its approved agency fees.
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