The Ghana Gold Board (GoldBod) has dismissed claims that Ghana recorded US$214 million in losses under the gold-for-reserves programme, describing the assertion as inaccurate and misleading.

The Chief Executive Officer of GoldBod, Sammy Gyamfi, stated that the institution has not incurred any losses since its inception.

“First and foremost, the Ghana Gold Board has made no losses. Rather, the GoldBod has made a significant profit or surplus under its gold trading programmes in the year 2025,” Mr Gyamfi stated.

He added that the board is “set to declare an income surplus of not less than GH¢600 million for the year 2025” based on its unaudited financial statements.

Clarifying GoldBod’s role, Mr Gyamfi explained that the board was only responsible for the local purchase, assay and export of gold for the Bank of Ghana (BoG) in 2025, stressing that the sale and trading of the gold rests solely with the central bank.

“The selling or trading of gold purchased by GoldBod to off-takers lies in the exclusive domain of the Bank of Ghana,” he said, noting that GoldBod is “not aware of any loss of $214 million incurred by the BoG” under the programme.

He also rejected suggestions that GoldBod charged off-taker fees, insisting that such claims were false.

“For the records, there is nothing like ‘GoldBod off-taker fees’ under the ASM gold trading programme. That assertion is incorrect,” Mr Gyamfi said.

“The GoldBod does not deal with off-takers, nor does the GoldBod charge any off-taker fees. All off-take agreements are signed and implemented by the Bank of Ghana.”

According to him, the only payments GoldBod receives are a statutory assay fee of 0.25 per cent and a service charge of 0.5 per cent, which were inherited from a 2023 agreement between the BoG and the defunct PMMC.

“There has been no increase by the GoldBod of these fees in the year 2025,” he stressed, adding that these charges form the bulk of the board’s internally generated funds.

Mr Gyamfi further noted that GoldBod generated over US$10 billion in foreign exchange for the country in 2025 through the local purchase of more than 100 tonnes of artisanal and small-scale mining gold.

“It remains an indisputable fact that the GoldBod has generated over $10 billion in foreign exchange for the country in 2025 alone,” he said, adding that from January 2026, GoldBod will fully take over the ASM gold trading programme, making concerns about fees and losses “a thing of the past.”