Mining consultant, Ing. Wisdom Gomashie, has launched critique of the Ghana Gold Board (GoldBod) CEO, Sammy Gyamfi, over recent claims of institutional profitability and operational success.
Mr. Gomashie argued that the reported GHS 600 million income is merely a byproduct of regulatory fees rather than actual trading prowess, further alleging that the organization is masking a staggering $214 million loss.
The tension centers on the interpretation of the Ghana Gold Board Act, 2025 (Act 1140), with Gomashie accusing the leadership of operating as a monopoly while failing to provide a transparent accounting of gold purchases and associated costs.
He contends that the current administration is attempting to bury the previous government’s achievements, specifically the addition of 22 tonnes to national reserves, while hiding behind the Bank of Ghana to evade accountability for its own trading deficits.
“Therefore, in declaring profit or loss, it should not be just on fees you charge as a regulator. You must give proper accounting of the gold you purchase and all associated costs involved till the final destination. You were even forced before you released your two(2) quarterly reports. Later, you released a partial information on your trade volumes after a lot of inquiry.”
Ing. Wisdom Gomashie
According to Ing. Gomashie, “The stupendous efforts of adding 22 tonnes to a reserve in less than two years by the NPP cannot be downplayed. You cannot bury NPP’s efforts in building Ghana’s reserves. Sammy Gyamfi and the Bank of Ghana are running GoldBod mostly out of the law and running away from accountability.”
The Monopoly Trap and Financial Accountability
Under the new regulatory regime, GoldBod replaced the Precious Minerals Marketing Company (PMMC) as the sole national assayer and primary aggregator for the Artisanal and Small-Scale Mining (ASM) sector.
While the Bank of Ghana (BoG) manages the “Gold for Reserves” program, Ing. Gomashie asserts that GoldBod overstepped its bounds by establishing a monopoly that stifles transparency.
He argued that claiming a GHS 600 million profit based on regulatory fees is “not news,” as the defunct PMMC achieved similar results to clear historical debts.
The core of the dispute lies in the “missing” $214 million. Gomashie demands a full disclosure of trade volumes and a “proper accounting of the gold purchased and all associated costs involved till the final destination.”
He suggests that the delay in releasing quarterly reports and the subsequent release of only partial trade data indicates a deliberate attempt to shield the public from the true state of the board’s balance sheet.
Jurisdictional Confusion: GoldBod vs. Bank of Ghana
A significant point of contention is the blurring of lines between the Central Bank and GoldBod. While the Bank of Ghana is legally mandated to maintain price stability and manage foreign reserves, Act 1140 explicitly tasks GoldBod with the management of off-takers and the physical trade of gold.
Gomashie questioned why the CEO claims that the responsibility for off-taker relationships sits with the BoG, calling it a “blatant lie” or evidence of a dangerous connivance to cause financial loss to the state.
GoldBod serves as the “gatekeeper,” providing assaying and valuation services, while the BoG acts as the “off-taker” for the national reserve program.
However, Gomashie insists that Section 42c of the GoldBod Act keeps the domain of trading contracts firmly within the Board’s jurisdiction. He warns that by designating 2026 as the year to “start proper operations,” the current leadership is essentially admitting to a year of illegalities and unmanaged losses.
The Reserve Debate and Export Realities
The consultant further challenged the CEO’s narrative regarding foreign exchange (FX) inflows. While Sammy Gyamfi touted GoldBod as a novel driver of FX, Gomashie points out that Ghana’s gold reserves have been growing steadily long before the Board’s inception, rising from 8.7 tonnes in 2016 to over 30 tonnes by early 2025.
He argued that GoldBod is merely a “unit under the Central Bank” if it cannot account for its own independent exports or the commissions paid to licensed buyers.
As the industry watches this unfolding drama, the demand for a forensic audit of the $214 million loss remains the focal point.
For extractive experts, the lack of clarity on what percentage of the “100 tons” is reserved versus exported by the BoG remains a red flag.
Gomashie concludes that the law is the law, and no amount of “playing with foreign reserves” can substitute for the rigorous accountability required by Act 1140.
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