The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has categorically denied claims that the institution suffered losses under the Gold-for-Reserves (G4R) programme, insisting that GoldBod closed the 2025 financial year with a substantial surplus.
Speaking on JoyNews’ Newsfile on Saturday, January 3, Mr. Gyamfi described reports suggesting a US$214 million loss as “false and misleading.”
“Emphatically, no. GoldBod, even though it is not a profit-making public institution, has not made any losses,” he stated.
According to the CEO, GoldBod recorded over GH₵960 million in revenue in 2025, while its total expenditure remained below GH₵120 million, based on unaudited management accounts.
“These are management accounts, and from all indications, we are on course to declaring an income surplus,” he explained, adding that public institutions such as GoldBod declare surpluses, not profits.
Mr. Gyamfi disclosed that the Board is projected to announce a conservative surplus of between GH₵700 million and GH₵800 million.
He further noted that under Section 42 of the Ghana Gold Board Act, the institution is required to publish quarterly financial reports, a responsibility he said GoldBod has consistently fulfilled.
“By the end of the first quarter of 2026, the Auditor-General would have completed the external audit of our accounts, and all our financials will be published for the public to see that GoldBod has not made any losses,” he assured.
