GoldBod CEO Slams Critics Over ‘Imaginary Losses’
The CEO of Ghana Gold Board (GoldBod), Sammy Gyamfi, has slammed critics for claiming the company is making losses, calling it an “imaginary” figure imposed by “doom wishers” desperate to see the Mahama government fail. Gyamfi insists GoldBod is operating profitably, generating over $10 billion in foreign exchange for Ghana in 2025 alone m
According to Gyamfi, critics are conveniently forgetting the Domestic Gold Purchase Programme’s (DGPP) intrinsic costs, which were previously justified by a holistic analysis of cost versus economic benefits. He argues the current administration has delivered a strong economic record, achieving in one year what predecessors failed to do in eight.
Gyamfi attributes the controversy to a misunderstanding of GoldBod’s role, emphasizing the company only purchases, assays, and exports gold on behalf of the Bank of Ghana (BoG). The BoG handles gold sales and trading, and any discounts or fees are granted or charged by the central bank, not GoldBod.
The IMF had flagged a $214 million shortfall attributed to artisanal and small-scale mining (ASM) gold transactions, sparking intense scrutiny. However, Gyamfi insists GoldBod’s unaudited financial statements show a surplus of no less than GH¢600 million for 2025.
GoldBod’s mandate includes purchasing 20% of output from nine large-scale mining companies to boost Ghana’s gold reserves. Gyamfi is confident in the company’s future, announcing GoldBod will take over the ASM gold trading program in January 2026, trading gold without fee obligations to the BoG.
