The Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, has rejected claims that GoldBod made losses under the Gold-for-Reserves programme, saying the institution ended 2025 with a strong financial surplus.
Speaking on JoyNews’ Newsfile on Saturday, January 3, Mr Gyamfi described reports suggesting a US$214 million loss as false. He said GoldBod generated more than GHS960 million in revenue in 2025, while its total spending was below GHS120 million, based on unaudited management accounts.
According to him, GoldBod is a public institution and does not declare profits but surpluses. He said the Board is expected to declare a conservative surplus of between GHS700 million and GHS800 million for 2025.
Mr Gyamfi added that GoldBod has complied with the law by publishing its quarterly financial reports and that the Auditor-General is expected to complete an external audit by the end of the first quarter of 2026, after which all financial details will be made public.
“Has GoldBod made a loss? Emphatically no. The GoldBod, even though it is not a profit-making public operation, has not made any losses. The GoldBod for the year 2025 generated revenue to the tune of GHS960 million, a little over that. Our expenditure for the year 2025 stands below GHS120 million. These are all unaudited accounts.”
“…It is very clear that we will be declaring a surplus of GHS700, GHS800million to put it very conservatively.”
He also dismissed claims that GoldBod transferred losses to the Bank of Ghana, describing the assertion as illogical. He explained that the Gold-for-Reserves programme is a Bank of Ghana initiative introduced in 2022 and fully funded by the central bank, with its accounts always reflected in the Bank of Ghana’s books.
Mr Gyamfi noted that GoldBod was established in April 2025 and inherited an outdated structure, which required major reforms.
Despite this, he said GoldBod was directed by law to continue the Gold-for-Reserves programme as part of transitional arrangements.
He questioned why losses from a programme that existed before GoldBod’s creation were being attributed to the Board, stressing that GoldBod has accounted for every cedi received from the Bank of Ghana, delivered the required gold value, and earned only its approved agency fees.
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In a reelated issue, Sammy Gyamfi, has clarified that Bawa Rock Company Limited was the only applicant that met the eligibility requirements for an aggregator licence during GoldBod’s first year of operations in 2025.
Speaking amid concerns raised by the Minority in Parliament over the licensing process on Joy FM’s News File on Saturday, January 3, 2026, Mr Gyamfi said claims that GoldBod deliberately created a monopoly are based on a misunderstanding of how the Board’s gold trading and licensing system operates.
According to him, GoldBod operates a four-tier gold buying licence system. These include tier one buyers, tier two buyers, self-financing aggregators, and aggregators. All four categories are authorised to buy gold on behalf of GoldBod, not only aggregators.
He explained that tier one buyers are grassroots buyers licensed to purchase gold directly from licensed small-scale miners, while tier two buyers are permitted to buy from both miners and tier one buyers. Self-financing aggregators, he said, use their own funds to buy gold for GoldBod, unlike aggregators who are primarily funded by GoldBod to carry out purchases.
Mr Gyamfi disclosed that in 2025, GoldBod issued a total of 900 buying licences. Out of these, 269 were issued under the tier one category, 578 under tier two, 52 self-financing aggregator licences, and only one aggregator licence.
He noted that 31 applications were received for the aggregator category, but only Bawa Rock met the eligibility criteria required for approval in 2025.
Mr Gyamfi further clarified that the approval of aggregator licences is not done by him as Chief Executive Officer. He said management only makes recommendations, while the governing board of GoldBod is solely responsible for approving or rejecting applications.
He added that the aggregator licensing process is ongoing and has not been closed, stressing that the number of aggregators can change at any time. According to him, licences can be suspended or revoked, and additional applicants can be approved once they meet the required standards.
The clarification follows concerns raised by the Minority in Parliament, who questioned the decision to license Bawa Rock as the sole aggregator, arguing that it has reduced competition and transparency in the artisanal gold sector. GoldBod has, however, maintained that its operations are transparent and that its licensing decisions are based strictly on eligibility and regulatory requirements.
