Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has rejected claims that the institution is financially dependent on the state, insisting that its revenue comes from legitimate services provided to clients.

Speaking on JoyNews’ Newsfile, Mr Gyamfi said GoldBod is not “sitting at GoldBod, just milking like a parasite another institution.”

He explained that the fees charged by GoldBod are approved by Parliament and are paid by individuals and businesses who access specific services provided by the institution.

“We are not sitting at gold board, just milking like a parasite another institution. Every fee we charge is approved by Parliament for legitimate services rendered,” he said on Saturday, August 22.

Mr Gyamfi likened GoldBod’s fee structure to charges imposed by other public institutions, such as the Registrar-General’s Department, where applicants pay for services including company registration.

He said GoldBod currently issues licences to more than 1,000 operators, with each licence attracting the appropriate statutory fee.

According to him, the revenue generated by GoldBod belongs to the state and cannot therefore be characterised as money being extracted from government.

“When GoldBod makes money, that money belongs to the state,” he stressed.

Mr Gyamfi further explained that GoldBod does not have unrestricted control over its funds, noting that the institution requires approval from the Ministry of Finance before it can open a bank account.

He said this demonstrates that GoldBod's finances remain subject to government oversight.

“Our money is the money of the state,” he said, arguing that GoldBod’s revenue generation should not be portrayed as a financial burden on government.

His comments come amid ongoing scrutiny of GoldBod’s finances and operations, particularly claims that the institution has incurred significant losses under the Domestic Gold Purchase Programme.

Mr Gyamfi has consistently rejected such claims, insisting that losses cited by the International Monetary Fund relate to the Bank of Ghana’s operations before the programme was formally transferred to GoldBod.