In a recent discussion on Joy FM’s Newsfile, Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board, provided insights into the organization’s financial health and its gold purchasing strategies. Gyamfi emphasized that the majority of losses attributed to the Bank of Ghana’s gold purchasing program are actually due to exchange rate fluctuations rather than any operational deficiencies.
He noted that over 97% of what has been labeled as losses stem from the accounting practices used to convert foreign exchange rates into local currency. “We acquire gold at market rates, and the subsequent conversion to cedis utilizes Bank of Ghana rates,” Gyamfi explained.
Responding to accusations of substantial losses incurred by GoldBod, Gyamfi firmly stated that the organization has not recorded any losses since its inception in April 2024. He projected that GoldBod would declare a surplus ranging between GH¢700 million and GH¢800 million for the fiscal year 2025, having generated revenues exceeding GH¢960 million against expenditures below GH¢120 million.
Gyamfi clarified the distinction between public corporations and profit-making entities, asserting, “GoldBod does not declare profits but rather records a surplus; any notion of losses is purely speculative.”
Addressing the Gold for Reserves initiative, Gyamfi clarified that the program was launched by the Bank of Ghana in 2022, prior to the establishment of GoldBod, and has always been recorded in the central bank’s accounts. He asserted that any financial discrepancies related to this program should not be attributed to mismanagement at the Bank of Ghana but rather to the structure of the policy.
On the matter of gold purchasing, Gyamfi defended the strategy of acquiring gold at prices exceeding market rates to combat smuggling. He highlighted a significant decline in gold output from artisanal and small-scale mining following a price drop in 2021, reinforcing the need for a premium pricing strategy.
For the first time in 2025, the small-scale gold sector in Ghana outperformed the large-scale sector in foreign exchange earnings, generating approximately US$10.8 billion compared to US$2.4 billion from larger operations.
In terms of operational transparency, Gyamfi noted that the Bank of Ghana conducts auctions to raise funds for GoldBod, while all licensed gold buyers are listed on the GoldBod website. He also clarified that the company Bawa Rock, which underwent a name change, continues to operate under the same business framework.
Established under Act 1095 in April 2024, the Ghana Gold Board aims to regulate gold trading, enhance foreign exchange inflows, and bolster the nation’s gold reserves, effectively taking over from the previous Precious Minerals Marketing Company.
