Mining consultant Ing. Wisdom Gomashie has issued a critique of the Ghana Gold Board (GoldBod) CEO, Mr. Sammy Gyamfi, accusing him of using historical Bank of Ghana (BoG) data to cover a staggering US$214 million loss incurred during the 2025 fiscal year.
The consultant argued that the recent “breaking news” regarding the GH¢5.66 billion losses within the Domestic Gold Purchase Programme (DGPP) is a tactical distraction designed to gaslight the public and justify current fiscal mismanagement.
By highlighting past losses from the Gold for Oil (G4O) and Gold for Reserves (G4R) initiatives, GoldBod is allegedly attempting to normalize sovereign deficits that Gomashie insisted are unacceptable given that global gold prices surged to record highs, crossing US$4,500 per ounce during the period in question.
“The Bank of Ghana had published all these reports in the past, and these losses are only being used today to justify a colossal loss of US$214 million. You have the mandate to buy and sell Ghana’s gold for profits, yet you are designing a path toward losses while claiming to have no idea how gold was sold to off-takers. This posturing addresses nothing, as the gold remains the property of the people of Ghana.”
Ing. Wisdom Gomashie
The core of the controversy lies in the disparity between the strategic mandate of the Bank of Ghana and the commercial failures of GoldBod.
While the BoG’s DGPP was designed to bolster foreign exchange buffers and ensure currency stability, a feat evidenced by the 22 tonnes added to Gross International Reserves GoldBod’s operational model has come under fire for creating “sovereign losses” despite holding a near-monopoly on the trade.
Gomashie pointed out that the institution has moved beyond its regulatory role to become a sole aggregator, effectively “monopolizing and setting prices” in a manner that raises significant “State Capture Flags.”
This shift has marginalized local Ghanaian gold traders while failing to deliver the profitability expected of a state-backed entity operating in a bullish extractive market.
Paradox of Sovereign Losses in a Bullish Gold Market
The extractive sector remains the backbone of Ghana’s economy, yet the current financial trajectory of GoldBod suggests a decoupling from market realities.
Under Act 1140, specifically Sections 2a and 3(2), the institution was granted powers to manage the trade, but Ing. Gomashie argued these were never intended to facilitate “sovereign losses” while bypassing tax obligations under Section 21.
The consultant noted that even the Ghana Publishing Company, a state entity dealing in paper, has demonstrated profitability, making GoldBod’s deficit in a sector as lucrative as gold statistically and managerially indefensible.
The “surplus” of GH¢960 million frequently cited by the board is dismissed by experts as mere regulatory fees rather than actual trading profit, a distinction that Parliament is expected to scrutinize in the coming weeks.
Strategic Reserves vs. Commercial Mismanagement
The relevance of gold trade initiatives like the DGPP cannot be understated in the context of Ghana’s macroeconomic health.
When functioning correctly, these programs provide a critical hedge against inflation and supply-chain shocks in the petroleum sector.
However, the “FX impact” argument is being stretched thin to cover for what Gomashie described as a lack of accountability.
He emphasizes that GoldBod must account for its performance in three distinct capacities: as a Regulator, as a supporter of G4R, and as the State’s Gold Trader.
The failure to distinguish between these roles has allowed the institution to “throw hands in the air” and blame external factors for internal systemic failures.
Demanding Accountability for the Extractive Wealth
As the 2026 fiscal year approaches, the pressure on GoldBod to reform its “aggregator” model is mounting.
The transition from the PMMC era to the current monopolized structure was intended to streamline the sector, but critics argued it has only centralized the potential for loss.
The mining consultant insists that “no amount of consultants or academics” can rewrite the legal responsibilities of the board to permit these levels of financial attrition.
For Ghana to truly benefit from its mineral wealth, the state trader must move beyond using historical BoG data as a shield.
The US$214 million loss stands as a testament to the need for a transparent, profit-oriented approach that respects the gold as a national asset rather than a tool for fiscal experimentation.
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