The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has shed light on the reported losses linked to the Bank of Ghana’s gold purchase programme, attributing the discrepancy to exchange rate translation differences rather than operational mismanagement. Speaking on #TheKeyPoints, Gyamfi emphasized that the bulk of the reported losses, over 97%, stem from accounting treatments and not from any wrongdoing by the central bank or GoldBod.
Gyamfi explained that GoldBod purchases gold at market exchange rates, while accountants later translate the foreign exchange component using Bank of Ghana rates, resulting in the reported losses. He stressed that GoldBod has not recorded any operational losses since its establishment in April 2024 and is on track to declare a surplus of between GH¢700 million and GH¢800 million for 2025.
The GoldBod CEO highlighted that the institution’s gold buying strategy aims to curb smuggling and support foreign exchange inflows. He noted that GoldBod has generated revenue of over GH¢960 million in 2025, with expenditure standing below GH¢120 million. Gyamfi also emphasized that the Ghana Accelerated National Reserve Accumulation Programme (GANRAP) has reduced the cost of gold reserve accumulation from 16% to 7.25%, with plans to further reduce it to 5% next year and eventually 3%.
According to GoldBod, the institution has contributed significantly to stabilising the cedi, supporting external payments, and reinforcing the Bank of Ghana’s foreign reserves. Gyamfi reiterated that GoldBod’s operations are focused on foreign exchange generation and reserve accumulation, rather than profit-making.
The clarification comes amidst concerns over the Bank of Ghana’s losses, with some attributing it to flawed policy decisions. However, Gyamfi maintained that the reported losses are primarily an accounting issue and do not reflect operational mismanagement.
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Source: Stella Sunu
