GoldBod Chief Executive Officer Sammy Gyamfi has strongly rejected allegations that the Ghana Gold Board suffered $1.7 billion in losses in 2025, describing the claim as a “barefaced lie.”

Gyamfi argued that the $1.7 billion figure being cited does not represent GoldBod’s financial position for the 2025 financial year. He instead pointed to the institution’s audited financial statements as the authoritative measure of its performance.

Addressing the Government Accountability Series on Wednesday, August 19, 2026, Gyamfi criticised Minority Leader Alexander Afenyo-Markin and other opposition figures for repeatedly alleging in Parliament and in the media that GoldBod recorded losses in 2025.

He said the institution had on several occasions rejected the claim, stressing that its audited accounts provide evidence of a surplus rather than a loss.

Gyamfi said GoldBod’s audited annual reports and financial statements for the year ended December 31, 2025, indicate an operational surplus of GH¢907 million and an overall profit surplus of GH¢5.4 billion.

“Afenyo-Markin and his followers alleged on several occasions on the floor of Parliament and the media that the Ghana Gold Board made losses in the year 2025 repeatedly. This claim is a barefaced lie which has been debunked times without number by the GoldBod.

“The audited annual reports and financial statements of the GoldBod for the year ended December 31, 2025, prepared and published by the Auditor General of Ghana, disclose an operational surplus of GHS907 million and an overall surplus of profits of GH¢5.4 billion. This is an incontrovertible fact,” he said.

Earlier, the Minority in Parliament challenged the GoldBod to account for losses linked to its gold trading operations, arguing that the institution cannot claim credit for foreign exchange gains while distancing itself from the costs and losses arising from the same transactions.

The call follows an August report by the International Monetary Fund (IMF), which indicated that the Bank of Ghana’s Domestic Gold Purchase Programme, implemented through GoldBod, recorded losses of more than $1.7 billion in 2025, equivalent to 1.5% of Ghana’s Gross Domestic Product (GDP).

Addressing the press on Tuesday, August 18, 2026, Minority Leader Osahen Alexander Afenyo-Markin questioned why GoldBod should take credit for the foreign exchange generated from its operations while disowning the losses associated with those transactions.

According to him, GoldBod must account for the full cost of the activities from which it generates revenue, including the fees it collects and the losses arising from its purchasing, pricing and sales decisions.