Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board (GoldBod), has moved to dispel what he describes as widespread misinformation circulating in sections of the media regarding the operations and financial performance of the Board’s gold trading activities.
Speaking against the backdrop of growing public debate over Ghana’s Gold for Reserves and Gold for Forex programmes, Mr. Gyamfi emphasized that although GoldBod welcomes public scrutiny, feedback, and constructive criticism, such engagement must be anchored in verified facts rather than speculation or misrepresentation.
In a detailed Facebook post, the GoldBod CEO categorically rejected claims suggesting that the Bank of Ghana (BoG) had suffered losses amounting to US$214 million due to so-called “GoldBod offtaker fees.” According to him, GoldBod has no knowledge of any such losses, and the assertion itself is fundamentally flawed.
Mr. Gyamfi explained that the financial accounts relating to the Bank of Ghana’s Gold for Reserves and Gold for Forex programmes for the 2025 financial year have not yet undergone auditing. As such, drawing definitive conclusions about losses at this stage is both premature and misleading.
Providing further clarity, he stated that contrary to claims of financial setbacks, GoldBod’s operations in 2025 have been profitable. Unaudited financial statements published by the Board indicate that the institution is on course to record an income surplus of no less than GH¢600 million by the end of the year. This, he said, underscores the strong performance of GoldBod since its establishment.
Mr. Gyamfi outlined GoldBod’s operational mandate, noting that throughout 2025, the Board has primarily served as an agent of the Bank of Ghana. Its responsibilities have been limited to the local purchase, assaying, and export of gold on behalf of the central bank. The actual sale and trading of the gold, he stressed, fall exclusively under the authority of the Bank of Ghana.
Addressing the contentious issue of “offtaker fees,” Mr. Gyamfi clarified that no such fees exist within GoldBod’s artisanal and small-scale mining (ASM) gold trading framework. GoldBod neither engages directly with offtakers nor charges any fees related to off-take arrangements. All off-take agreements, including the discounts granted to cover freight, insurance, and refining costs, are negotiated and executed solely by the Bank of Ghana.
He further explained that the only charges GoldBod applies to the Bank of Ghana are a statutory Assay Fee of 0.25% and a Service Charge of 0.5%. These fees, he noted, were not introduced by GoldBod but were inherited from a 2023 Gold Purchase Agreement between the Bank of Ghana and the now-defunct Precious Minerals Marketing Company (PMMC). Importantly, these charges have not been increased in 2025, and any commissions payable to licensed gold buyers are borne entirely by the Bank of Ghana.
Highlighting the broader economic impact of GoldBod’s work, Mr. Gyamfi disclosed that the Board’s local purchase of more than 100 tonnes of ASM gold for the Bank of Ghana in 2025 alone generated over US$10 billion in foreign exchange inflows. In addition, GoldBod facilitated the purchase of 20 percent of gold output from nine large-scale mining companies to bolster Ghana’s gold reserves.
These developments, combined with other macroeconomic factors, have contributed to a historic rise in Ghana’s foreign reserves—from approximately US$9 billion in 2024 to about US$12 billion in 2025. This surge, he said, has strengthened the Ghanaian cedi, which has appreciated by over 35 percent against the US dollar year-to-date, marking the first such appreciation since 2007.
Mr. Gyamfi noted that the stronger currency has helped ease Ghana’s debt burden, keep inflation within single digits, and lower the general cost of living—benefits that have rippled across all sectors of the economy.
Reflecting on GoldBod’s relatively short existence—barely eight months—he stressed that the institution’s impact has already been profound. As a non-subvented state agency, its internally generated funds, largely derived from statutory fees, are essential to sustaining its operations.
Looking ahead, Mr. Gyamfi announced that from January 2026, GoldBod will fully assume responsibility for the ASM gold trading programme. Under this new structure, the Board will manage the purchasing, trading, and sale of gold independently, without imposing any fee obligations on the Bank of Ghana. He expressed confidence that with government-provided revolving seed capital, GoldBod is well-positioned to deliver even greater value for the Ghanaian people.
In his closing remarks, Mr. Gyamfi remained optimistic, asserting that the future of Ghana’s gold trade—and the wider economy—remains bright.
Story by Freedom Etsey Lavoe/Ahotor online.com