Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has rejected claims that the state-owned gold-buying institution incurred losses of $1.7 billion in 2025, describing the allegation as a “barefaced lie.”

Speaking at the Government Accountability Series on Wednesday, August 19, Mr Gyamfi said the government’s position was backed by audited financial statements and urged critics to examine the official documents before drawing conclusions about the reported figure.

According to him, the audited annual report and financial statements show that the organisation recorded a surplus of approximately GH¢907 million after expenditure was deducted from revenue.

He explained that the reported overall surplus of GH¢5.4 billion included GH¢4.5 billion in revolving seed capital, which had been budgeted by the government as equity for the newly established group.

Mr Gyamfi said the funds were credited to the organisation’s accounts around December 31, 2025.

He stressed that the GH¢4.5 billion had not been encumbered, depleted or dissipated and was therefore reflected in the organisation’s overall financial position.

“That is why the overall surplus is GH¢5.4 billion,” he said.

Mr Gyamfi further maintained that the financial statements were prepared in accordance with the applicable accounting guidelines and subsequently audited by the Auditor-General.

To substantiate his claims, he said he had brought copies of the relevant annual report and financial statements to the accountability event for participants to examine.

“We brought 50 copies, and we are going to distribute them to you,” he told the gathering.

He said making the documents available would allow the media, stakeholders and members of the public to independently scrutinise the figures and understand how the reported surplus was calculated.

The comments come amid continued scrutiny of the government’s financial performance, particularly the composition and accounting treatment of the reported GH¢5.4 billion surplus.

Mr Gyamfi maintained that the government’s position was supported by official audited records and urged critics to engage with the documents rather than rely on what he described as unfounded claims.