Goldbod CEO Sammy Gyamfi firmly rejected claims that GoldBod has incurred losses or transferred liabilities to the Bank of Ghana’s books, describing such assertions as “illogical.”
“Emphatically, no, GoldBod has not made any losses,” he stated on Joy Prime’s Newsfile monitored by MyNewsGh
He explained that GoldBod operates as an agent under the Bank of Ghana’s Gold-for-Reserves (G4R) programme, which was introduced in 2022, long before GoldBod’s establishment. “That programme has always sat on the books of the Bank of Ghana,” he said.
According to Gyamfi, GoldBod accounts for every cedi it receives. “We deliver the gold equivalent, we get paid our agency fees, and that is why we declare surplus, not profit,” he explained.
For 2025, he disclosed that GoldBod generated about GH¢960 million in revenue, with expenditure below GH¢120 million.
“We are on course to declare a surplus of not less than GH¢700 million,” he said, noting that audited accounts would be published by March 2026 as required by law.
On reported losses under the G4R programme, Gyamfi argued that these were not due to mismanagement. “Any cost incurred under G4R is a product of policy design, not incompetence,” he said.
He explained that the central bank deliberately buys gold at spot prices to attract supply and accumulate foreign exchange.
“This is a non-profit monetary policy initiative designed to stabilise the economy,” he said.
