The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has clarified that the institution was not established for profit-making but rather to regulate, streamline, and add value to Ghana’s gold sector in the national interest.
According to him, GoldBod’s primary mandate is to ensure transparency, accountability, and efficiency across the gold value chain, while safeguarding Ghana’s natural resources and maximizing their long-term benefits for citizens.
Gyamfi explained that the operations of GoldBod are driven by public interest considerations, not commercial profit-making motives.
IMF report
His reactions come after a recent International Monetary Fund (IMF) report suggested that the Bank of Ghana (BoG) recorded losses of about $214 million under the Gold-for-Reserves programme.
According to the IMF’s assessment, losses linked to gold transactions under the Domestic Gold Purchase Programme have deepened significantly since the scheme was expanded.
In 2025 alone, through the end of the third quarter, losses from the artisanal and small-scale mining doré gold component of the Gold-for-Reserves initiative reached US$214 million, equivalent to about 0.2 per cent of Ghana’s gross domestic product.
The Fund attributes the bulk of these losses to adverse trading outcomes, compounded by fees paid to GoldBod off-takers, the new state-backed structure created to intermediate domestic gold purchases.
These losses come on top of earlier setbacks recorded under a now-discontinued component of the programme.
In 2024, the Gold-for-Oil (G4O) arm of the Domestic Gold Purchase Programme generated losses amounting to US$128 million, or 0.15% of GDP.
Notably, about 30 per cent of that loss stemmed solely from the sale of US$800 million worth of gold, underscoring the price, timing and execution risks inherent in the central bank’s direct participation in commodity trading.
Sammy Gyamfi sets record straight
Speaking on the role of GoldBod, the CEO emphasised that the institution was created to address longstanding challenges in the gold industry, including illegal mining, smuggling, revenue leakages, and poor regulatory coordination.
By strengthening oversight and enforcing standards, GoldBod aims to protect the integrity of the sector and ensure that gold resources contribute meaningfully to national development.
In an interview on TV3, he clarified that “The Gold Board is not a commercial venture established for the purpose of making profits. We are mandate-driven, not profit-driven.”
Gyamfi said the law establishing the GoldBod is explicit about its objectives, which prioritise national interest over profit-making.
He explained that the Gold Board Act intentionally avoids the terms “profit” and “loss” because the institution’s success should be assessed by its impact on the economy rather than its balance sheet.
“Even if we make losses in the discharge of our mandate, we will not shy away from it. What matters is whether that loss produced benefits for the country,” he said.
Sammy Gyamfi clarified that, contrary to claims circulating in public discourse, the Gold Board has not recorded any losses since it began operations eight months ago.
He noted that the Board has published its financial statements in accordance with the law and urged the public to review them.
“The IMF has not said the Gold Board has made losses. That narrative is simply not true, and we must put that matter to rest,” he stated.
He further explained that the Board inherited assets, liabilities and contractual obligations from the Precious Minerals Marketing Company (PMMC) at its inception, and that its financial performance must be viewed within that context.
Addressing allegations that the Bank of Ghana is concealing losses associated with the gold-for-reserves programme, Gyamfi said the matter relates to accounting treatment and reporting standards rather than any attempt to deny losses.
“The Bank of Ghana is not running away from any loss. These are accounting issues that have been referred to external auditors to ensure fairness and balance,” he explained.
He pointed out that the Bank of Ghana has recorded significantly larger losses in previous years without attracting similar controversy, questioning why a comparatively smaller figure is now being sensationalised.
“Why would the Bank of Ghana run away from a figure that is far smaller than the recurring losses it has recorded in the last three years?” he asked.
Defending the programme’s economic value, Sammy Gyamfi cited improvements in key macroeconomic indicators, including a sharp appreciation of the cedi and a sustained decline in inflation.
“The cedi has appreciated by almost 35 percent, and inflation has reduced for 11 consecutive months. That is real value to the Ghanaian economy,” he said.
He argued that had Ghana borrowed $10 billion externally, the resulting interest payments alone would have exceeded any losses linked to the gold-for-reserves programme.
“In this country, we know the cost of everything but the value of nothing. There is a cost to every economic decision,” he remarked.
