GoldBod CEO Sammy Gyamfi Rejects $1.7bn Loss Allegation, Blames BoG Under DGPP

GoldBod, the state-owned gold trading body that is barely two years old, is facing fresh allegations of financial mismanagement. But management says the claims are misleading.
This was after the Minority in Parliament accused the Ghana Gold Board, of incurring a financial loss of 1.7 billion Ghana cedis.

According to the Minority Leader Alexander Afenyo-Markin, the losses are due to what they describe as poor operational decisions and a lack of transparency in GoldBod’s gold purchasing and trading activities in recent months.

The Minority further demands an immediate investigation and full accountability from management.

Speaking at the Government Accountability Series on Wednesday, August 19, Chief Executive Officer of GoldBod, Sammy Gyamfi, dismissed the claim.

He described reports that the institution incurred losses of 1.7 billion dollars in 2025 as ‘a barefaced lie,’

According to him, the figure does not reflect GoldBod’s actual financial performance for the year.

He challenged the Minority Leader to provide evidence from an International Monetary Fund report that directly links GoldBod to the losses.

The Gold Board CEO stressed that the IMF report rather attributed losses of about 400 million dollars in 2024 and 1.7 billion dollars in 2025 to the Bank of Ghana, under the Domestic Gold Purchase Programme, DGPP.

According to him, the 2025 figure was due to the scaling up of the programme and should not be interpreted as an indictment of GoldBod.

He urged the public to disregard what he called misinformation, and reaffirmed GoldBod’s commitment to transparency and safeguarding Ghana’s gold reserves.”
By Deborah Adorsu