The Chief Executive Officer of the Gold Board (GoldBod), Sammy Gyamfi, says the institution recorded an operational surplus of GH¢909 million from its own activities and not from taxpayers’ funds.

Mr Gyamfi explained that the surplus was generated through Gold Board’s internally generated funds before government released its revolving seed capital allocation at the end of 2025.

His comments follow concerns raised by Chairperson of the Public Accounts Committee (PAC) of Parliament, Abena Osei-Asare, over payments made by the Ministry of Finance to Gold Board and losses associated with the Bank of Ghana’s Domestic Gold Purchase Programme.

Speaking on the Joy FM Super Morning Show on Friday, July 24, Mr Gyamfi reiterated that the funds released to Gold Board were part of its revolving seed capital approved in the 2025 Budget by Parliament.

"The payment of GH¢4.5 billion is Gold Board’s revolving seed capital allocated in the 2025 Budget approved by Parliament. That money was released to us," he said.

Mr Gyamfi, who questioned the basis of allegations against the institution, said Gold Board’s audited financial statements had been published by the Auditor-General and contained no adverse findings.

"We declared an operational surplus of GH¢909 million from our internally generated funds. No taxpayer money was paid to us because government's revolving seed capital came on or about December 30, 2025, at the end of the year," he explained.

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All audited financial statements of ministries, departments and agencies go before the committee. The 2025 audited financial statements of Gold Board have been audited and published by the Auditor-General of Ghana, and there was not even one adverse report," he stated.

According to him, Gold Board was among the few public institutions that did not receive any negative findings in its management letter from the Auditor-General for the financial year.

"If she wants to know the financial state and health of Gold Board and whether or not Gold Board is siphoning money, she should refer to the Auditor-General’s report," he said.

He added that when the government’s revolving seed capital is included, Gold Board’s overall surplus stood at about GH¢5.4 billion.

Mr Gyamfi challenged anyone alleging that Gold Board had misappropriated public funds to provide evidence from the institution’s audited financial statements.

"I invite anyone to come and show us one evidence of siphoning of public funds or misappropriation of public funds in our audited financials," he said.

Addressing concerns about the Bank of Ghana’s losses under the Domestic Gold Purchase Programme, Mr Gyamfi said the programme was operated by the central bank and should not be attributed to Gold Board.

"Bank of Ghana made a loss of GH¢9.6 billion. Is Bank of Ghana Gold Board? The Domestic Gold Purchase Programme is a Bank of Ghana programme," he stated.

He maintained that any losses recorded under that programme should be assessed within the context of the Bank of Ghana’s operations and not used as a basis to accuse Gold Board of wrongdoing.