Sammy Gyamfi, Chief Executive Officer of the Gold Board (GoldBod), has vehemently refuted allegations made by members of the New Patriotic Party (NPP) Minority Caucus in Parliament claiming that the state-owned precious metals institution is incurring operational losses and siphoning public funds.
The executive clarification directly counters recent political commentary suggesting fiscal distress within the organization, asserting instead that GoldBod remains on a highly profitable trajectory while delivering unprecedented economic returns for Ghana’s extractives sector.
Elaborating on the entity’s underlying financial performance, Gyamfi emphasized that GoldBod’s operational stability is grounded in verified statutory accounting rather than partisan rhetoric.
He noted that the organization’s official financial disclosures, fully audited by the Auditor General, demonstrate exceptional revenue retention and structural profitability that actively reinforce the country’s broader macroeconomic framework.
“It is an incontrovertible fact that the GoldBod declared an operational surplus of GHS909.7 million and an overall surplus of GHS5.44 billion for the year 2025. These facts are contained in the 2025 audited Annual Report and Financial Statements of the GoldBod prepared by the Auditor General and published on the GoldBod’s website.”
Sammy Gyamfi, Chief Executive Officer of the Gold Board (GoldBod)
Rebuttal of Political Allegations and Minority Caucus Claims
Addressing the political discourse surrounding the state body, Sammy Gyamfi strongly criticized the narrative advanced by parliamentary opposition members regarding GoldBod’s financial management.
He urged members of the media and the general public to treat with “utmost contempt, the discredited cacophony of lies being rehashed in recent times about GoldBod’s operations by certain elements in the Minority Caucus in Parliament.”
Sammy Gyamfi explicitly identified the parliamentary opposition’s leadership as the primary source of these persistent claims, noting that “led by their leader, Afenyo Markin, these Members of Parliament continue to make false claims to the effect that the GoldBod is recording losses and siphoning public funds.“
According to the GoldBod chief, such statements deliberately disregard published statutory disclosures, seeking to create a false impression of fiscal impropriety where audited financial figures demonstrate clear institutional viability and operational discipline.
Fiscal Performance and Revenue Dividends for Ghana
A comprehensive review of GoldBod’s financial performance reveals how its operational strategies have yielded significant financial dividends for the nation’s public balance sheet.
The declared overall surplus of GHS 5.44 billion for the 2025 financial year represents a major boost to state coffers, providing critical non-tax revenue that supports national infrastructure development and public sector financing during a period of tight global fiscal conditions.
At the core of this financial success is GoldBod’s net operational surplus of GHS 909.7 million, which underscores the commercial viability of its centralized gold purchasing and trading framework.
Crucially, these high-yielding returns were achieved alongside a structural policy shift that saw GoldBod cut its baseline program implementation pricing incentives from approximately 14% to 6%.
By tightening incentive margins and reducing administrative expenditure, the board successfully retained a significantly higher proportion of trading margins within the domestic economy, effectively transforming precious mineral trade into lasting public equity for the nation.
Strategic Forex Generation, Local Value Addition, and Sustainability
Beyond direct budgetary contributions, GoldBod’s operational strides have strengthened Ghana’s broader extractive economy amidst volatile global commodity market dynamics.
Despite confronting a “substantial slump in international gold prices by over 23% since February,” the institution maintained consistent gold purchase volumes.
This sustained trade volume ensured that local mineral production was efficiently monetized and integrated into the formal financial ecosystem rather than lost to informal, unrecorded cross-border leakages.
These operational achievements have yielded multifaceted benefits for Ghana’s macroeconomic stability through enhanced foreign exchange generation and strategic gold reserve accumulation.
By funneling domestically purchased gold into official reserve stockpiles, GoldBod has directly reinforced the central bank’s asset base, providing liquid backing to defend the local currency against external balance-of-payment pressures.
Concurrently, the board has championed local value addition by fostering domestic refining capacities, ensuring that a higher percentage of raw gold undergoes secondary processing inside Ghana prior to export.
Coupled with robust financial support for environmental sustainability initiatives within artisanal and small-scale mining communities, Gyamfi reaffirmed that GoldBod remains resolutely “focused on the delivery of its mandate for the benefit of Ghanaians” as it advances toward its projected profitability targets for the 2026 financial year.
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