GoldBod CEO rejects Minority's loss claims after mid-year budget row, cites GH¢5.44bn surplus

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has strongly rejected claims by the Minority Caucus in Parliament that the state-owned gold trading body is operating at a loss and misusing public funds.

His response follows comments made after the presentation of the 2026 Mid-Year Budget Review in Parliament on Thursday, July 23, where Minority Leader Alexander Afenyo-Markin alleged that the GoldBod initiative was recording significant financial losses and questioned the government's economic performance.

In a statement responding to the allegations, Mr Gyamfi said GoldBod remained financially strong and profitable.

According to him, the organisation recorded:

• An operational surplus of GH¢909.7 million
• An overall surplus of GH¢5.44 billion for the 2025 financial year

He explained that the figures are contained in GoldBod's 2025 Audited Annual Report and Financial Statements, which were prepared by the Auditor-General and published on the organisation's official website.

Mr Gyamfi said the audited results provide clear evidence that the state gold trading company is delivering on its mandate and contributing positively to Ghana's economy.

The GoldBod CEO noted that the impressive financial performance was achieved under challenging market conditions.

He disclosed that international gold prices have declined by more than 23 percent since February this year, creating pressure on the global gold market.

In addition, he said GoldBod had reduced its pricing incentives, with the baseline programme allocation falling from approximately 14 percent to 6 percent.

Despite these developments, the organisation continued to post strong financial results.

Mr Gyamfi said GoldBod has continued to make significant progress in several key operational areas despite the market downturn.

According to him, the organisation has recorded growth in:

• Gold purchase volumes
• Foreign exchange generation
• Gold reserve accumulation
• Local value addition
• Sustainability initiatives

He added that GoldBod remains on track to achieve its surplus target for the 2026 financial year.

The GoldBod CEO described the Minority's assertions that the organisation is recording losses and diverting public funds as false and misleading.

He urged the media and the general public to disregard the claims, insisting that they are inconsistent with the audited financial statements.

Mr Gyamfi maintained that GoldBod's financial records clearly demonstrate that the institution remains profitable and financially sound.

According to the CEO, the organisation will remain focused on its core mandate of strengthening Ghana's gold sector and maximising value from the country's mineral resources.

He said GoldBod is committed to supporting Ghana's economic development through responsible gold trading, foreign exchange generation and value addition.

Mr Gyamfi added that the institution would not be distracted by political criticism and would continue working to deliver sustainable benefits for the Ghanaian people.

The latest exchange comes amid ongoing parliamentary debate over the government's economic performance following the presentation of the 2026 Mid-Year Budget Review, with both the Majority and Minority offering contrasting assessments of the country's fiscal outlook.