GoldBod CEO rejects $1.7bn loss claim, says accounts show GHS5.4bn surplus
Ghana Gold Board chief executive Sammy Gyamfi says the state-owned gold-buying institution did not make a $1.7bn loss in 2025, insisting its audited accounts show an overall surplus of GHS5.4bn.
The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has rejected claims that the institution lost $1.7bn in 2025, saying its audited financial statements show an overall surplus of GHS5.4bn.
Mr Gyamfi described the $1.7bn loss claim as a “barefaced lie” and said it did not reflect GoldBod's financial performance for the 2025 financial year.
He made the comments at the Government Accountability Series on Wednesday, 19 August 2026, where he accused opposition politicians, particularly Minority Leader Alexander Afenyo-Markin, of repeatedly making the claim in Parliament and through the media.
Mr Gyamfi said GoldBod had previously disputed the allegation and urged the public to rely on its audited financial statements when assessing the institution's performance.
According to him, the audited annual reports and financial statements for the year ended 31 December 2025 show an operational surplus of GHS907m.
He said the accounts also recorded an overall surplus of GHS5.4bn.
“This claim is a barefaced lie which has been debunked times without number by the GoldBod,” Mr Gyamfi said.
He described the figures in the audited accounts as an “incontrovertible fact”.
The comments come amid a political dispute over the financial performance of GoldBod, the state institution responsible for Ghana's gold-buying operations.
Mr Gyamfi said the $1.7bn figure being circulated should not be used as a measure of GoldBod's performance because, in his view, it conflicts with the institution's audited accounts.
However, the material available for this report does not provide the calculation or source behind the $1.7bn loss figure, nor does it include a response from Mr Afenyo-Markin or the Minority to Mr Gyamfi's latest comments.
That distinction is important because the two sides are presenting different interpretations of GoldBod's 2025 financial performance.
Mr Gyamfi's position is that the audited accounts provide the authoritative picture and show a GHS907m operational surplus and GHS5.4bn overall surplus.
The opposition's specific basis for the $1.7bn figure is not established in the material available here.
GoldBod's financial performance has broader significance because the institution plays a central role in Ghana's gold-buying strategy, making claims about its profits or losses relevant to public debate over the management of one of the country's most important export commodities.
The immediate issue, therefore, is not simply whether GoldBod made a profit or loss, but how the competing figures have been calculated and what each figure represents.
A detailed comparison of GoldBod's audited accounts with the figures cited by its critics would be needed to establish why the two positions differ.
For now, GoldBod's chief executive insists that the institution's 2025 accounts do not support the $1.7bn loss claim.
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