GoldBod Has Not Made Trading Losses — Sammy Gyamfi
Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has dismissed claims that the Board has sold gold and made losses, maintaining that GoldBod has not incurred any trading losses in its operations.
Responding to allegations by Minority Leader Alexander Afenyo-Markin, Mr Gyamfi described it as rich coming from a person under whose watch, as Board Chair of the Electricity Company of Ghana (ECG), a colossal loss of GH₵8.2 billion was posted in 2024.
He insisted that GoldBod’s financial position remains strong, as confirmed by the Auditor-General’s 2025 audited report.
On claims that the Bank of Ghana has pulled out of financing GoldBod as evidence of losses, Mr Gyamfi said the Bank never financed GoldBod in the first place.
According to him, funds advanced to GoldBod from January 2025 to February 2026 were for the Bank’s own gold purchases under its Domestic Gold Purchase Programme (DGPP), where GoldBod served only as a buying agent. He said such advances cannot be described as financing GoldBod.
He explained that subsequent to the commencement of GoldBod’s own trading model in March 2026, the Board only received funding for its artisanal and small-scale mining (ASM) gold purchases under the Bank’s FX Intermediation Program and the Forex Sale Agreement executed between the two institutions, which he described as a partnership and not a one-sided provision of financing.
Mr Gyamfi further disclosed that between March and June 2026, Baseline GANRAP Implementation Cost was paid by the Bank of Ghana in accordance with the Forex Sale Agreement and the GANRAP Implementation Agreement between GoldBod and the Ministry of Finance.
He said responsibility for the payment shifted to the Ministry of Finance in July 2026, describing it as a transfer of responsibility and not evidence of wrongdoing.
Effective August 2026, he said, GoldBod indicated to the Bank that it will raise funds for its ASM purchases on its own without the Bank serving as an intermediary.
He said a pilot has already been successfully conducted and a collaborative framework is being worked on between the Bank, GoldBod and the Ministry of Finance to sustain the new arrangement.
For emphasis, Mr Gyamfi stated that GoldBod’s trade model is not anchored on Bank of Ghana financing, as Parliament under Section 18 of Act 1140 empowered the Board to raise its own funds.
He said the ongoing changes to the funding framework are therefore a product of a policy shift from the DGPP to GoldBod’s trade model and not evidence of wrongdoing.
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