The Ghana Gold Board (GoldBod) has rejected categorically claims circulating in sections of the media that it has incurred losses in its operations.
The company described such reports as “misconceptions” that do not reflect the facts.
In a detailed social media post on December 24, 2025, GoldBod Chief Executive Officer (CEO), Sammy Gyamfi, said the institution has rather made “significant profit/surplus” in 2025 and is on course to declare an income surplus of “not less than GH¢600 million” for the year.
“First and foremost, the Ghana Gold Board has made no losses. Rather, the GoldBod has made significant profit/surplus under its gold trading programs in the year 2025,” Sammy Gyamfi stated, adding that unaudited financial statements published on the Board’s website support this position.
Clarifying GoldBod’s mandate, the CEO explained that in 2025 the Board has only been responsible for the local purchasing, assay and export of gold on behalf of the Bank of Ghana (BoG), stressing that the actual sale of gold lies solely with the central bank.
“The selling or trading of gold purchased by GoldBod to off-takers lies in the exclusive domain of the BoG,” he said.
Mr Gyamfi also dismissed reports of a purported $214 million loss allegedly incurred by the Bank of Ghana under the Gold for Reserves Programme due to so-called GoldBod off-taker fees.
“The GoldBod is not aware of any loss of $214 million incurred by the BoG… on account of ‘GoldBod off-taker fees’,” he noted, pointing out that the financials of the Gold for Reserves and Gold for Forex programmes for 2025 are yet to be audited.
According to the GoldBod CEO, assertions that the Board charges off-taker fees are “incorrect”, insisting that GoldBod does not deal with off-takers at all.
“For the records, there is nothing like ‘GoldBod off-taker fees’ under the ASM gold trading program,” he wrote.
“Neither does the GoldBod charge any off-taker fees. All off-take agreements are signed and implemented by the Bank of Ghana.”
He explained that any discounts related to freight, insurance and refining charges are granted by the BoG, not GoldBod.
The only fees charged by GoldBod, Mr Gyamfi said, are a statutory assay fee of 0.25 per cent and a service charge of 0.5 per cent, both inherited from a 2023 Gold Purchase Agreement between the BoG and the now-defunct Precious Minerals Marketing Company (PMMC).
“There has been no increase by the GoldBod of these fees in the year 2025,” he emphasised.
Mr Gyamfi further highlighted the Board’s contribution to the economy, revealing that GoldBod has generated “over $10 billion dollars in foreign exchange for the country in 2025 alone” through the local purchase of more than 100 tonnes of artisanal and small-scale mining (ASM) gold for the Bank of Ghana.
He added that GoldBod also purchases 20 per cent of the output of nine large-scale mining companies to support Ghana’s gold reserves.
These inflows, he argued, have contributed to a sharp improvement in Ghana’s external position.
“This coupled with other factors, have led to a historic increase in the country’s foreign reserves from $9 billion in 2016 to a record high of about $12 billion dollars in 2025,” he said.
Mr Gyamfi further claimed that the cedi has appreciated against the US dollar by over 35 per cent year-to-date, “making it the first time since 2007, that the cedi has appreciated against the U.S. dollar.”
Noting that GoldBod is “barely eight months old”, the CEO said its 2025 operations have largely been in an agency role for the BoG, with its internally generated funds coming mainly from statutory fees.
However, he announced that from January 2026, GoldBod will fully take over the ASM gold trading programme, assuming responsibility for purchasing, trading and selling gold without any fee obligations to the Bank of Ghana.
“The issue of GoldBod’s fees and charges and their impact on BoG’s books will thus, be a thing of the past in the year 2026,” Mr Gyamfi said.
He expressed confidence in the Board’s future, stating that GoldBod is ready to use its revolving seed trade capital allocated by government to “deliver positive returns for the Ghanaian people,” adding: “The future is bright for Ghana.”
