GoldBod CEO Sammy Gyamfi Under Fire Over Alleged $214 Million Loss
Ghanaians are up in arms over the alleged $214 million loss incurred by the Ghana Gold Board (GoldBod) under the Gold-for-Reserve (G4R) program. The controversy surrounds claims made by the International Monetary Fund (IMF) in its Fifth Review report, which attributed the losses to trading losses under the Artisanal and Small-scale Mining (ASM) doré gold transactions component.
However, GoldBod CEO Sammy Gyamfi has vehemently denied these claims, describing them as “inaccurate and misleading”. According to Gyamfi, GoldBod has made significant profits in 2025, with unaudited financial statements indicating an income surplus of not less than GH¢600 million.
GoldBod’s Role Clarified
Gyamfi explained that GoldBod’s role in 2025 was limited to local purchasing, assaying, and exporting gold on behalf of the Bank of Ghana (BoG). He emphasized that the selling or trading of gold lies exclusively with the BoG, and GoldBod is not aware of any $214 million loss incurred by the central bank.
Fees and Charges
Gyamfi also dismissed claims of “GoldBod off-taker fees”, stating that such fees do not exist under the ASM gold trading program. The only fees charged by GoldBod are a statutory Assay Fee of 0.25% and a Service Charge of 0.5%, inherited from a 2023 agreement with the former Precious Minerals Marketing Company (PMMC).
GoldBod’s Contribution to Ghana’s Economy
Despite the controversy, GoldBod has generated over $10 billion in foreign exchange for Ghana in 2025 through ASM gold purchases, contributing significantly to increased reserves and cedi stabilization. The institution is set to fully take over the ASM gold trading program in January 2026.
