Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board (GoldBod), has forcefully rejected viral assertions claiming the state-backed gold regulatory body has lost funds to defaulting market participants, maintaining that none of its licensed aggregators owes the institution money.
Reacting to public commentary suggesting that a massive financial leakage had occurred within the country’s official gold trading architecture, the GoldBod head clarified that the institutional safeguards governing pre-finance allocations remain fully intact and operational.
“The subject matter of the arrest and court case arises from commercial dealings between a licensed Aggregator of the GoldBod and a licensed Tier 2 buyer. The case does not involve any amount of GHS200 million. None of the licensed Aggregators of the GoldBod, of which Dominic Bonsu is not a part, owes the GoldBod money.”
Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board (GoldBod)
Expanding on the operational integrity of the statutory gold trader, Sammy Gyamfi explained that allegations pointing to a GHS 200 million shortfall or theft are entirely fabricated and devoid of factual backing.
He stressed that GoldBod does not engage in unhedged or direct pre-financing arrangements with secondary market operators, noting instead that all capital advanced to primary licensed aggregators is strictly backed by Advance Payment Guarantees (APGs).
Consequently, any commercial friction occurring further down the supply chain between aggregators and local buyers does not expose state capital to default risks or balance-sheet impairment.
Rebutting Personal Bodyguard Claims and Clarifying Tier 2 Buyer Status
Setting the record straight regarding the identity of individuals linked to the controversy, the GoldBod Chief Executive categorically debunked reports alleging that a suspect in an ongoing police action, identified as Dominic Bonsu, served as his personal bodyguard.
Sammy Gyamfi stated unequivocally that he has never met, seen, or employed the individual in any personal or security capacity.
He revealed that Bonsu is simply the sole proprietor of Dominic Bonsu Ventures, an entity that operates as one of more than 400 licensed Tier 2 gold buyers authorized under Ghana’s small-scale gold purchasing framework.
In detailing the structural hierarchy of the national gold market, Gyamfi emphasized that GoldBod maintains no direct financial relationships or credit arrangements with Tier 2 buyer entities like Dominic Bonsu Ventures. According to the CEO, GoldBod deals exclusively with top-tier licensed aggregators who assume full commercial liability for downstream operations.
By design, secondary buyers source gold independently or utilize funds provided by their respective counterparty aggregators under private commercial contracts, ensuring that GoldBod’s liquidity pool is completely insulated from third-party non-performance.
Regulatory Enforcement and Legal Proceedings Under Act 1140
Providing insight into the legal actions currently underway, Gyamfi disclosed that the High Court has remanded Dominic Bonsu into custody following a formal complaint lodged by his aggregator counterparty over a commercial dispute.
However, beyond the private civil and criminal grievances between the two commercial partners, GoldBod has intervened directly by initiating parallel criminal proceedings against Bonsu.
This decisive step was taken because certain aspects of the suspect’s conduct were deemed to constitute explicit statutory offenses under the governing GoldBod Act, 2025 (ACT 1140).
In addition to criminal prosecution, GoldBod has exercised its regulatory authority by imposing immediate administrative sanctions against the defaulting buyer’s operational entity.
The regulatory body has officially suspended the gold buying license of Dominic Bonsu Ventures due to severe infractions against its licensing terms and conditions.
Specifically, the firm failed to adhere to GoldBod’s mandatory guidelines regarding gold stock-bookings and the proper closure of trade accounts, signaling a zero-tolerance approach toward regulatory non-compliance in the precious minerals sector.
Safeguarding Sector Integrity and the Demand for Due Diligence
The necessity for this comprehensive public clarification highlights the heightened vulnerability of Ghana’s formalizing gold trading ecosystem to unverified, sensationalized social media claims.
In an industry where international counterparty trust, central bank monetary reserves, and supply chain transparency are paramount, false reports of a GHS 200 million loss pose significant reputational risks.
The GoldBod Chief Executive’s proactive intervention serves to reassure institutional investors, international bullion refiners, and domestic banking partners that the state’s gold monetization and export operations remain financially sound and strictly regulated.
Concluding his response, Gyamfi expressed deep concern that senior public commentators and legal professionals could amplify unverified rumors without conducting basic fact-checking.
Directly addressing commentary attributed to legal practitioner and Vice Chair of IMANI Africa, Kofi Bentil, Sammy Gyamfi noted that it would be “highly disappointing and disgraceful” if such mischievous fabrications originated from prominent civil society figures.
He urged public commentators to subject viral social media narratives to rigorous due diligence before publication, ensuring that public debate surrounding national extractive assets remains grounded in truth.
READ ALSO: Mahama Pushes for Deeper Africa-Caribbean Partnership in Jamaica
