Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has rejected claims by Member of Parliament for Atiwa East, Abena Osei-Asare, linking the institution’s operations to losses recorded by the Bank of Ghana, insisting that the central bank’s Domestic Gold Purchase Programme is separate from GoldBod’s activities.
Speaking on Joy FM’s Super Morning Show on Friday, July 24, Sammy Gyamfi said Abena Osei-Asare’s comments showed a misunderstanding of public financial management and the operations of GoldBod.
His response came after Abena Osei-Asare questioned the level of public funds committed to the GoldBod while discussing the 2026 Mid-Year Budget Review.
She had urged the government to explain what she described as significant expenditure on the institution.
“Check the issues at Gold Board because it is worrying that in a year we have had to spend about US$1.2 billion in an institution that we believe should be able to raise more money for the government than government or Bank of Ghana making losses on their behalf,” she said.
Abena Osei-Asare also referred to what she said were losses incurred by the Bank of Ghana under its domestic gold purchase programme, as well as funds released by the Ministry of Finance to the GoldBod.
Responding to the claims, Gyamfi also dismissed attempts to link GoldBod to losses recorded by the Bank of Ghana under its Domestic Gold Purchase Programme.
He insisted the programme belonged to the central bank and that any losses arising from it should not be attributed to GoldBod.
“Bank of Ghana made a loss under the Domestic Gold Purchase Programme. That programme is Bank of Ghana’s programme.”
He said that the central bank had also recorded losses under the same programme in 2024, before GoldBod began its operations.
“In that same audited financial statement, the Bank of Ghana made a loss of GH¢6 billion under the Domestic Gold Purchase Programme in 2024.”
He challenged Abena Osei-Asare to examine GoldBod’s audited accounts if she had concerns about the institution’s finances.
“She should pick our audited financial statements and show us one piece of evidence of siphoning public funds or misappropriation of public funds.”
Sammy Gyamfi said the money released by the Ministry of Finance was not an unplanned expenditure but a revolving seed capital approved by Parliament in the 2025 Budget.
“Check the 2025 Budget Statement of government. In that budget, the Ministry of Finance provided a revolving seed capital for the Ghana Gold Board in the amount of GH¢4.5 billion,” he said.
According to him, the allocation was intended to support GoldBod’s trading operations and was only released towards the end of 2025.
“The Ministry of Finance was obliged to release that money to the GoldBod, a newly established public corporation, to serve as revolving seed capital for our trade operations.”
He explained that although the allocation formed part of the 2025 Budget, the funds did not reach GoldBod until the end of December.
“We got the money in our account on the 30th or 31st of December 2025. So how is that a crime if the Minister of Finance makes a budgetary allocation for you in the budget and releases that money to you?”
Sammy Gyamfi said that presenting the release of the funds as evidence of wrongdoing was misleading.
“How is that evidence of GoldBod siphoning public funds?”
The GoldBod CEO also pointed to the institution’s audited financial statements, saying they showed no evidence of financial mismanagement.
He noted that GoldBod’s 2025 accounts had been audited by the Auditor-General without any adverse findings.
“The 2025 audited financial statements of the GoldBod have been audited and published by the Auditor-General of Ghana. There was not even one adverse report, not one.”
According to Sammy Gyamfi, GoldBod generated an operational surplus of GH¢909 million from its own activities during 2025.
“We declared an operational surplus of GH¢909 million from our internally generated funds.”
He said that the institution did not rely on taxpayers’ money to achieve that result because the government’s revolving seed capital was only received at the end of the year.
“No taxpayers’ money was paid to us throughout 2025 because government subvention in the form of revolving seed capital came on or about 30th December 2025 at the end of the year.”
Sammy Gyamfi added that when government revenue was combined with the operational surplus, GoldBod recorded an overall surplus of GH¢5.4 billion.
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