GoldBod dismisses GH¢22bn loss claim …says it recorded GH¢907m operational surplus

The Ghana Gold Board (GoldBod) has refuted allegations that it incurred a reported US$1.7 billion loss related to its operations under the Domestic Gold Purchase Programme (DGPP) in 2025. The Board emphasized its actual performance, recording an operational surplus of GH¢907 million and an overall profit of GH¢5.4 billion for the 2025 financial year.

These figures are documented in the Auditor-General’s Annual Report and Financial Statements for the year ending December 31, 2025. In response to the Minority Leader, Mr Alexander Afenyo-Markin, GoldBod's CEO, Mr Sammy Gyamfi, challenged Afenyo-Markin to provide evidence from the International Monetary Fund (IMF) report to substantiate his claims.

Afenyo-Markin had previously stated that the IMF's sixth review of Ghana's Extended Credit Facility programme documented the GoldBod incurring the stated loss, mainly citing service and assay fees, discounts on gold sold, and exchange rate differentials. However, Gyamfi clarified that the IMF attributed the losses to the Bank of Ghana (BoG), not GoldBod, citing increases due to the expansion of the DGPP.

GoldBod's role, he explained, was to act as a gold-buying agent for the BoG under a Gold Purchase Agreement signed in September 2023, fully accounting for all advances received to purchase gold, which amounted to GH¢133 billion. Gyamfi stated that if GoldBod did not play a role in the sale of gold by the BoG, it could not be held accountable for any losses associated with that sale.

He reiterated that the DGPP's primary purpose was to bolster the country's foreign exchange reserves and stabilize the cedi during Ghana's financial crisis, rather than to generate profits. With the new GoldBod Act, the Board is now mandated to raise capital on the financial market for gold purchases, having developed a new trading model that commenced operations in March 2025 following the receipt of revolving seed capital in December 2025.