The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has firmly defended the financial integrity of the institution, insisting that it should not be held accountable for losses incurred by the Bank of Ghana under its domestic gold purchase programme.
His remarks come in response to concerns raised by Atiwa East MP Abena Osei Asare, who referenced the central bank’s reported GH¢9.6 billion loss in connection with discussions surrounding GoldBod’s operations.
Speaking in an interview on JoyNews, Mr. Gyamfi dismissed attempts to link the financial performance of the two institutions, arguing that they operate under separate legal mandates and management structures.
“Bank of Ghana made a loss of GH¢9.6 billion. So what? Is Bank of Ghana Gold Board?” he asked.
According to Mr. Gyamfi, the domestic gold purchase programme cited by the MP was administered exclusively by the Bank of Ghana and concluded on March 31, 2026. He stressed that any financial gains or losses arising from that initiative remain the sole responsibility of the central bank.
“That programme is a Bank of Ghana programme. Any loss under that programme is Bank of Ghana’s loss,” he stated.
The GoldBod CEO further argued that drawing parallels between the two organisations creates a misleading impression of GoldBod’s financial position.
He explained that GoldBod and the Bank of Ghana are distinct public institutions with different mandates, financing arrangements and operational responsibilities, making it inappropriate to assess one institution based on the financial results of the other.
To reinforce his position, Mr. Gyamfi pointed to previous audited financial statements of the Bank of Ghana, noting that the central bank had also recorded a GH¢6 billion loss under the same domestic gold purchase programme in 2024.
He maintained that those losses were recorded before GoldBod assumed its current role and therefore cannot be used to evaluate the Board’s financial performance.
The exchange has reignited debate over the management of Ghana’s domestic gold purchase initiatives, with questions continuing to emerge about the responsibilities of the various state institutions involved in the country’s gold sector.
