$1.7bn GoldBod loss claim is ‘barefaced lie’ – Sammy Gyamfi
Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has rejected claims that the state-owned gold-buying institution incurred losses of $1.7 billion in 2025, describing the allegation as a “barefaced lie.”
Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), dismissed allegations that the state-owned gold-buying institution suffered a loss of $1.7 billion in 2025, calling the claim a "barefaced lie." At a government accountability event on August 19, Gyamfi emphasized that the government's stance was supported by audited financial statements and called on critics to review the official documents before making judgments about the reported figure.
The audited annual report and financial statements revealed a surplus of roughly GH¢907 million after deducting expenditures from revenue. The overall surplus of GH¢5.4 billion included GH¢4.5 billion in revolving seed capital, which was budgeted by the government as equity for the newly created organization. This capital was credited to the organization's accounts on December 31, 2025, and remained unspent.
Gyamfi underscored that the surplus figure was derived from the organization's financial position, as recorded in accordance with applicable accounting guidelines, and subsequently audited by the Auditor-General. To bolster his assertions, Gyamfi presented copies of the relevant annual report and financial statements during the event, allowing the media, stakeholders, and the public to independently verify the figures and the methodology used to calculate the reported surplus.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
