Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has rejected claims by the Minority Caucus in Parliament that the state gold-trading body is recording losses and misusing public funds.
The allegations emerged after Finance Minister Dr Cassiel Ato Forson presented the 2026 Mid-Year Budget Review to Parliament on Thursday, July 23.
Speaking after the presentation, Minority Leader Alexander Afenyo-Markin alleged that the GoldBod initiative was incurring significant losses and argued that the current administration had failed to stimulate economic growth.
GoldBod reports GH¢5.44bn surplus
In a statement responding to the claims, Mr. Gyamfi said GoldBod recorded an operational surplus of GH¢909.7 million and an overall surplus of GH¢5.44 billion for the 2025 financial year.
He said the figures are contained in GoldBod’s 2025 Audited Annual Report and Financial Statements, which were prepared by the Auditor-General and published on the organisation’s website.
According to Mr. Gyamfi, the results were achieved despite challenging market conditions.
He said international gold prices have fallen by more than 23 per cent since February this year, while GoldBod’s pricing incentives under its baseline programme were reduced from about 14 per cent to 6 per cent.
CEO dismisses Minority’s allegations
Despite those challenges, Mr Gyamfi said GoldBod has continued to improve its performance across key areas.
He cited increased gold purchase volumes, higher foreign exchange generation, support for Ghana’s gold reserve accumulation, local value addition and sustainability initiatives as evidence of the organisation’s progress.
He added that GoldBod remains on course to achieve its surplus target for the 2026 financial year.
Mr. Gyamfi described the Minority’s claims that GoldBod is making losses and diverting public funds as inaccurate.
He urged the media and the public to disregard the allegations, insisting that the state agency remains focused on delivering its mandate for the benefit of Ghanaians.
The exchange adds to the debate that followed the presentation of the 2026 Mid-Year Budget Review, with both the Majority and Minority offering contrasting assessments of the government’s economic performance and the effectiveness of key state-backed initiatives.
