The Chief Executive Officer of Ghana Gold Board (GoldBod), Sammy Gyamfi, has revealed that GoldBod has recovered GH¢38.7 million out of GH¢55.8 million in outstanding receivables, representing approximately 69 per cent of the total amount owed.

He disclosed this when he appeared before Parliament’s Public Accounts Committee on Tuesday, October 13, 2026.

He said the remaining GH¢17.1 million was being pursued through legal proceedings, demand notices and negotiations with the parties concerned.

He expressed hope that by the end of the year, 2026, GoldBod would have even increased what they have recovered.

"Through demand notices, we have recovered a little over GH¢38.7 million, constituting about 69 percent of the amount. Of the remaining amount of GH¢17.1 million, GH¢7.5 million, approximately, relates to matters before courts of competent jurisdiction, and an amount of approximately GH¢9.6 million relates to debts that we are currently pursuing through various civil options like demand notices and negotiations with the parties concerned," he said.

Responding to questions about Red Sapphire, a private company appointed as an aggregator under the Bank of Ghana’s Domestic Gold Purchase Programme, Mr Gyamfi said the company accounted for a significant portion of the outstanding receivables.

He explained that the debt arose from assay fees payable on gold purchased by the company and submitted to GoldBod’s assayer for testing.

"And per our records, gold that they bought and brought to our assayer, which we assayed, they are supposed to pay the amount you see before them, being assay fees. But their counter-argument is that that money is supposed to be paid by the Bank of Ghana to us. So we are currently negotiating with them and the Bank of Ghana to see who bears the liability, so that we can recover that amount."

Mr Gyamfi disclosed that GoldBod had recovered GH¢13.53 million from Red Sapphire, which had an outstanding debt of approximately GH¢16.14 million. The remaining balance is approximately GH¢2.61 million.

The GoldBod CEO assured the committee that the board would continue pursuing the remaining receivables, with the aim of increasing the recovery rate before the end of 2026.