The Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, has forcefully repudiated assertions that the state entity suffered a fiscal hemorrhage of one point seven billion dollars in 2025, characterizing the narrative as a deliberate distortion advanced for partisan ends. Addressing the Government Accountability Series in Accra on Wednesday, August 19, 2026, Gyamfi contended that the purported deficit contravenes the audited financial record of the institution and serves only to undermine public confidence in a strategic national asset.
The rebuttal comes amid intensifying scrutiny of GoldBod’s operational mandate, particularly its interface with the Bank of Ghana’s Domestic Gold Purchase Programme. Minority Leader Alexander Afenyo-Markin has persistently cited an International Monetary Fund assessment to allege systemic losses, a position he has reiterated both on the floor of Parliament and across broadcast platforms. Gyamfi dismissed the extrapolation as untenable, arguing that conflating the central bank’s legacy procurement mechanics with GoldBod’s current commercial architecture amounts to a categorical misrepresentation.
Gyamfi anchored his defense on the Auditor General’s certified statements for the year ended December 31, 2025. He asserted that the documents reveal an operational surplus of nine hundred and seven million cedis and an aggregate profit surplus of five point four billion cedis. “This claim is a barefaced lie which has been debunked times without number by the GoldBod,” Gyamfi stated. “The audited annual reports and financial statements disclose an operational surplus and an overall surplus of profits. This is an incontrovertible fact.” He further implored stakeholders to predicate evaluation on empirical disclosures rather than on conjecture amplified through legislative and media channels.
Beyond the numerical contestation, the GoldBod chief framed the opposition’s critique as a calculated smear campaign designed to delegitimize an institution credited with curbing gold smuggling and enhancing foreign exchange inflows. He maintained that fiscal transparency remains non-negotiable and that no material information had been withheld from the Auditor General. The intervention underscores the broader political economy surrounding Ghana’s gold sector, where the tension between monetary stabilization objectives and fiscal prudence continues to animate policy discourse.
The episode also reflects a recurrent dynamic in Ghanaian public finance where multilateral diagnostics and domestic audits often yield divergent interpretations. While the IMF’s diagnostic flagged pressures within the domestic gold purchase framework, GoldBod’s management insists that its own bookkeeping demonstrates robust profitability and operational efficiency since assuming an expanded regulatory role. The divergence has consequently sharpened the debate over attribution, accountability, and the appropriate metrics for assessing state-led commodity interventions.
With both sides entrenched, the controversy is likely to persist as Parliament resumes deliberations on extractive sector governance. For now, GoldBod has pledged to publish granular performance indicators to pre-empt further mischaracterization.
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Ghana Gold Board, Sammy Gyamfi, Alexander Afenyo-Markin, GoldBod, Domestic Gold Purchase Programme, Auditor General, IMF, Ghana economy, macroeconomic stability, forex, gold smuggling, fiscal surplus, public accountability, CitiNewsroom
Author: Korkor Anumu
