The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has rejected attempts to associate the state gold-buying agency with losses, describing such claims as “far-fetched”.

Mr Gyamfi said GoldBod operated as a buying agent for the Bank of Ghana in 2025 and was entitled to fees for its services, similar to the arrangement that existed under the Precious Minerals Marketing Company (PMMC).

Speaking on JoyNews’ Beyond the Numbers on Monday, August 10, he explained that GoldBod initially received the same fees that had been paid to PMMC but subsequently reduced the charges as the volume of gold purchases increased.

“I’m explaining to you that for 2025, the Gold Board continued as a buying agent, just like the PMMC. And we’re entitled to fees that the PMMC was paid. Same fees,” Mr Gyamfi said.

He said GoldBod reduced the fees from 0.75 per cent to 0.6 per cent in October 2025, before cutting them further to 0.35 per cent in January 2026.

“In fact, it was the Gold Board that reduced the fees from 0.75% to 0.6% in October 2025. And there’s evidence. Because the scale of the gold purchase has gone up,” he said.

According to the GoldBod CEO, the agency eventually ended its role under the programme in February 2026 and no longer depended on the Bank of Ghana for fees.

“And by the end of February, we ended the programme. And so now we do not depend on the Bank of Ghana for any fees because we now control the trade from the beginning to the end. And we fend for ourselves. That is what it is,” he explained.

Mr Gyamfi's comments come amid discussions over losses associated with the Bank of Ghana's Domestic Gold Purchase Programme (DGPP) and whether fees paid to GoldBod contributed to those losses.

He disputed the suggestion that GoldBod's fees could be used to explain the losses attributed to the central bank.

Referring to an IMF assessment cited in a recent report on the Bank of Ghana, Mr Gyamfi said the figures showed a significant difference between the alleged losses and the fees paid to GoldBod.

“The IMF claims that the losses the Bank of Ghana recorded under DGPP, which I cannot validate. But let’s assume they are correct. They say it is 17% of the value of gold bought by the Bank of Ghana,” he said.

Mr Gyamfi questioned how fees of less than one per cent could reasonably be used to attribute the much larger losses to GoldBod.

“So how does fees amounting to 0.758%, assuming without admitting that that is even a cost, what is the percentage of 0.758% of 17%?” he asked.

He therefore dismissed what he described as an attempt to blame GoldBod for losses recorded by another institution.

“So this whole attempt to tag the Gold Board with losses is far-fetched,” Mr Gyamfi said.

The GoldBod CEO also used the interview to present the organisation's 2025 financial performance, arguing that its own audited accounts do not support claims that the institution made a loss.

He referred to GoldBod's annual report and financial statements and invited viewers to examine the figures contained in the report.

“This is the annual report. I’m giving you a free copy,” he told the programme.

Mr Gyamfi directed attention to page 16 of the report, which contains the statement of financial performance for the year ended 31 December 2025.

He said that the financial statements were published by the Auditor-General and were therefore not figures prepared by him or GoldBod management.

“And if you go to page 16, this report was published by the Auditor General of Ghana, not Sammy Gyamfi, the Auditor General of Ghana,” he said.

According to the figures he presented, GoldBod recorded total revenue of GH¢5.5 billion in 2025, compared with GH¢308 million recorded by PMMC in 2024.

“Our total revenue, like you rightly said, was 5.5 billion from 308 million in 2024,” Mr Gyamfi said.

Mr Gyamfi also pointed to what he described as a reduction in expenditure despite GoldBod operating with a much larger workforce than PMMC.

He said PMMC recorded expenditure of GH¢129.6 million in 2024, while GoldBod's expenditure for 2025 stood at GH¢109.5 million.

“Despite revenue being tripled by the Gold Board, our expenditure rather was reduced,” he said.

“In 2024, expenditure of PMMC was 129.6 million. But expenditure for Gold Board in 2025 was reduced to 109.5 million.”

He said the reduction was achieved even though GoldBod had more than 450 workers, compared with fewer than 120 workers at PMMC.

Mr Gyamfi argued that the figures demonstrated what he described as prudent financial management by the new institution.

“And this was despite the fact that the PMMC had less than 120 workers, but the Gold Board had over 450 workers,” he said.

“Despite having over 450 workers, more than double the workforce of PMMC, we displayed frugality, modesty, and prudence in expenditure and reduced expenditure from 129.6 million in 2024 to 109.5 million.”

Mr Gyamfi said the combination of increased revenue and lower expenditure resulted in a surplus of GH¢5.4 billion for GoldBod in 2025.

“At the end of it, we recorded a surplus of 5.4 billion,” he said.

He said the financial statements should be used to distinguish GoldBod's own financial position from losses reported by other institutions.

“So if anybody tells you that the Gold Board has made a loss, this is the audited financials of Gold Board published by the Auditor General of Ghana,” he said.

Mr Gyamfi further rejected any suggestion that GoldBod should be counted among institutions responsible for losses recorded elsewhere.

“And if somebody says that the Gold Board is part of loss declared by another institution, tell them that that is a lie,” he said.