{"id":109693,"date":"2026-01-03T09:55:43","date_gmt":"2026-01-03T09:55:43","guid":{"rendered":"https:\/\/sotnews.agency\/?p=109693"},"modified":"2026-01-03T09:55:43","modified_gmt":"2026-01-03T09:55:43","slug":"goldbod-hasnt-made-any-losses-we-made-over-gh%e2%82%b5960m-in-2025-sammy-gyamfi","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=109693","title":{"rendered":"GoldBod hasn\u2019t made any losses; we made over GH\u20b5960m in 2025 \u2013 Sammy Gyamfi"},"content":{"rendered":"
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The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has firmly dismissed claims that the institution recorded losses under the Gold-for-Reserves programme, insisting that GoldBod ended 2025 with a significant financial surplus.<\/p>\n

Speaking on JoyNews\u2019 <\/strong>Newsfile <\/em>on Saturday, January 3, Mr. Gyamfi described reports suggesting a US$214 million loss as false and misleading.<\/p>\n

\u201cEmphatically, no. GoldBod, even though it is not a profit-making public institution, has not made any losses,\u201d he stated.<\/p>\n

According to him, GoldBod generated over GH\u20b5960 million in revenue in 2025, while its total expenditure for the same period remained below GH\u20b5120 million, based on unaudited figures.<\/p>\n

\u201cThese are management accounts, and from all indications, we are on course to declaring an income surplus,\u201d Mr. Gyamfi explained. <\/p>\n

\u201cGoldBod does not declare profits; it declares surplus. There is a clear distinction between profit-making institutions and surplus-making public institutions.\u201d<\/p>\n

He disclosed that the institution is expected to declare a conservative surplus of between GH\u20b5700 million and GH\u20b5800 million.<\/p>\n

Mr. Gyamfi further noted that the Ghana Gold Board Act, particularly Section 42, mandates GoldBod to publish its quarterly financial reports, a requirement he said the institution has complied with.<\/p>\n

\u201cBy 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,\u201d he said.<\/p>\n

Responding to claims that GoldBod may have transferred losses onto the books of the Bank of Ghana (BoG), Mr. Gyamfi rejected the assertion, questioning its logic.<\/p>\n

\u201cHow can an institution that is not making losses transfer losses it has not made? Does that make sense?\u201d he asked.<\/p>\n

He explained that the Gold-for-Reserves (G4R) programme is a Bank of Ghana initiative, introduced in 2022 and fully funded by the central bank, with its accounts historically reflected in the BoG\u2019s books.<\/p>\n

\u201cWhen GoldBod was established on April 2, 2025, we inherited the PMMC structure, which was not fit for purpose. We had to build new departments, systems, policies, and personnel to meet our mandate,\u201d he said.<\/p>\n

Despite the institutional transition, Mr. Gyamfi said GoldBod was directed to continue the G4R programme under Section 76 of the Gold Board Act, as part of transitional arrangements.<\/p>\n

\u201cThat program is funded by the Bank of Ghana, and that program has always sat in the books of the Bank of Ghana in 2022, 2023, 2024, when the NPP was in power,\u201d he said.<\/p>\n

Mr. Gyamfi questioned the basis for attributing any alleged losses of the programme to GoldBod, noting that the institution is only eight months old.<\/p>\n

\u201cSo where from this claim that it is the GoldBod that has made losses. An eight-month-old company now responsible for the losses of BoG?\u201d he queried.<\/p>\n

He maintained that GoldBod has accounted for every cedi received from the Bank of Ghana, delivered gold equivalent value, and earned its approved agency fees.<\/p>\n<\/div>\n

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\"GoldBodThe Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has firmly dismissed claims that the institution recorded losses under the Gold-for-Reserves programme, insisting that GoldBod ended 2025 with a significant financial surplus.<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1789,1900,1883,10,9,169],"tags":[],"class_list":["post-109693","post","type-post","status-publish","format-standard","hentry","category-goldbod","category-hp-news-2","category-national","category-politics","category-popular","category-sammy-gyamfi"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/109693","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=109693"}],"version-history":[{"count":0,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/109693\/revisions"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=109693"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=109693"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=109693"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}