Attempt to associate GoldBod with losses is far-fetched — Sammy Gyamfi
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”.
Ghana Gold Board CEO, Sammy Gyamfi, has dismissed accusations associating the state gold-buying agency with losses, calling the claims "far-fetched". GoldBod acted as a buying agent for the Bank of Ghana in 2025, receiving fees akin to its predecessor, the Precious Minerals Marketing Company (PMMC). Mr Gyamfi explained that GoldBod initially received PMMC's fees but later reduced them as gold purchase volumes increased.
In October 2025, fees dropped to 0.6%, and further to 0.35% in January 2026. By February 2026, GoldBod ended its role in the program, no longer relying on Bank of Ghana for fees. Disputing claims that GoldBod's fees contributed to central bank losses, Gyamfi pointed out the significant difference between the alleged losses and the fees paid to GoldBod, estimating a mere 0.758% of the 17% in question.
He dismissed the attempt to blame GoldBod, stating it was "far-fetched." Presenting GoldBod's 2025 financial performance, Gyamfi highlighted the organization's audited accounts, showing a total revenue of GH¢5.5 billion and reduced expenditure to GH¢109.5 million, leading to a surplus of GH¢5.4 billion, contradicting claims of a loss.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
