The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has dismissed claims that GoldBod recorded losses in its 2025 operations.
He has also refuted claims by the minority leader, Alexander Afenyo Markin, that GoldBod is responsible for losses incurred by the Bank of Ghana under its Domestic Gold Purchase Programme (DGPP).
Speaking at the Government Accountability Series yesterday,Wednesday, August 19, 2026 Lawyer Gyamfi described the claim that GoldBod made losses as “simply a barefaced lie which has been debunked time and again by the GoldBod.”
According to him, “the Audited Annual Report and Financial Statements of the GoldBod for the year ended December 31, 2025 prepared and published by the Auditor-General completely belies that claim, as it discloses an operational surplus/profit of GH?907 million and an overall surplus/profit of over GH?5.4 billion. This is an incontrovertible fact.”
Mr Gyamfi said officials of the Auditor-General were given unhindered access to all relevant information and raised no adverse findings.
On the IMF’s sixth review report which cited a US$1.7 billion loss by the Bank of Ghana under the DGPP in 2025, the GoldBod Chief Executive Officer said: “Nowhere in the under-referenced IMF report is the GoldBod accused as having caused losses incurred by the Bank of Ghana under the Bank’s DGPP.
“I challenge Afenyo Markin to point to any page, paragraph, sentence or phrase in the under-referenced reports of the IMF, where the GoldBod was accused as the entity responsible for losses incurred by the Bank of Ghana under the DGPP.”
He said the IMF stated that the Bank incurred losses through the sale of gold of “$400 million and $1.7 billion in the years 2024 and 2025 respectively” and that the 2025 loss was as a result of the “scaling-up” of the DGPP.
Mr Gyamfi said the IMF noted that “these accounting losses partly reflect valuation effects.”
On GoldBod’s role
He said, “The GoldBod’s role under the DGPP in 2025 was simply a continuation of the inherited role of the defunct PMMC under the Gold Purchase Agreement with the Bank of Ghana, signed in September 2023, under which the PMMC served as a gold buying agent.
“This buying agent’s role was limited to only the purchase of gold for the Bank of Ghana on agreed terms,” he clarified.
He added that “the PMMC/GoldBod had no role in the sale of gold by the BoG under the DGPP. It was not a signatory to off-take agreements under the DGPP in 2025. Neither was it involved in determining selling price or sale terms.”
Lawyer Gyamfi said GoldBod fully accounted for “about GHS133 billion” advanced to it in 2025.
He questioned: “In any case, the under-referenced IMF reports state that the BoG incurred a loss of $400 million from gold sales under the DGPP in the year 2024. Ladies and gentlemen, there was no GoldBod in the year 2024. Who then caused that loss?”
On fees, Mr Gyamfi said GoldBod was paid an assay fee of 0.258% and a service fee of 0.5%, totalling 0.758%.
He said: “It is instructive to note right from the outset, that the said GoldBod fees that is alleged to be the reason for BoG’s DGPP losses, constitute less than 1% of the reported 17% loss by the IMF of the value of gold purchased. It’s a paltry 0.758%.”
He said the assay fee is “the standard fee charged by the PMMC/GoldBod as the National Assayer” approved by Parliament, while the service fee was agreed in 2023 “to cover the cost of transportation, logistics, security, insurance, trade margins and smelting losses.”
On the claim that the Bank of Ghana pulled out of financing GoldBod, Mr Gyamfi said: “For the records, the BoG has not pulled out from financing the GoldBod as there was no such financing in the first place. From January 2025 to February 2026, the GoldBod served as the BoG’s gold buying agent.
“Funds advanced to it by the BoG cannot be said to amount to financing the GoldBod. The BoG was simply funding its gold purchases under its program,” he continued.
The GoldBod Chief Executive Officer said between March and June 2026, baseline GANRAP Implementation Cost was paid by the BoG under the Forex Sale Agreement and GANRAP Implementation Agreement and that responsibility shifted to the Ministry of Finance in July 2026.
According to him, “Effective August 2026, the GoldBod indicated to the BoG that it will want to raise funds for its ASM purchases on its own, without the BoG serving as an intermediary.”
Mr Gyamfi said DGPP losses stem from policy design, not mismanagement. “The GoldBod’s defense of its financial performance for the year 2025 should not be misconstrued as an effort to shift blame for DGPP losses to the BoG.”
He stated that DGPP losses over the years stemmed from deliberate policy design by the erstwhile NPP government saying “It was a crisis intervention aimed at foreign exchange generation and not profit.”
He added: “Nobody buys gold at spot prices and yet seeks profit. This is why the DGPP never made profit since its inception in 2021.”
He said the scaling up of the programme increased reserves “from USD8.9 billion in 2024 to about USD13 billion in 2025” and “largely delivered the appreciation of the Ghana Cedi by 41% in 2025, the substantial reduction in inflation from 23.8% to below 5% and the macro-economic stability we are enjoying today.”
He concluded: “I am ready any day and time to appear before any committee of Parliament to discuss the operational and financial health of the GoldBod.”
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The post GoldBod Did Not Make Losses In 2025 -Sammy Gyamfi appeared first on The Ghanaian Chronicle.
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