GoldBod Did Not Record Losses in 2025; Afenyo-Markin’s Claims Are False — Sammy Gyamfi

Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has dismissed allegations by Minority Leader Alexander Afenyo-Markin that the Board made losses in its 2025 gold-trading operations, describing them as “baseless” and “deliberate falsehoods.”

Addressing the press on Wednesday, Mr Gyamfi said claims that GoldBod recorded losses in 2025 have been debunked by the Audited Annual Report and Financial Statements for the year ended December 31, 2025, prepared and published by the Auditor-General.

According to him, the report discloses an operational surplus of GH₵907 million and an overall surplus of over GH₵5.4 billion.

“This is an incontrovertible fact,” he stressed, adding that officials of the Auditor-General were given unhindered access to all relevant information and that no adverse audit finding was made in the 2025 report.

Mr Gyamfi said after failing to sustain the loss narrative, the Minority Leader had shifted to a new claim linking GoldBod to a US$1.7 billion loss recorded by the Bank of Ghana under its Domestic Gold Purchase Programme (DGPP), as captured in the IMF’s report on Ghana’s sixth and final review of the Extended Credit Facility.

“Nowhere in the IMF reports is GoldBod accused of causing losses incurred by the Bank of Ghana under the DGPP. I challenge Afenyo-Markin to point to any page, paragraph, sentence or phrase where GoldBod was accused,” he said.

He explained that what the IMF reports state is that the Bank of Ghana incurred losses through the sale of gold under its DGPP of $400 million in 2024 and $1.7 billion in 2025 as a result of scaling up the programme, and that the losses partly reflect valuation effects.

He said among the components listed by the IMF was fees paid to GoldBod under the DGPP, which is the context in which GoldBod’s name featured.

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