‘We’re not milking the state like a parasite’ – Sammy Gyamfi defends GoldBod fees

Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), has defended the institution against claims that it is financially dependent on the state. Speaking on JoyNews’ Newsfile, Gyamfi emphasized that GoldBod's revenue comes from legitimate services provided to clients, and not from parasitic milking of any institution.

The fees charged by GoldBod, he explained, are approved by Parliament and paid by individuals and businesses who access specific services offered by the institution. He likened GoldBod’s fee structure to charges levied by other public institutions like the Registrar-General’s Department, where applicants pay for services such as company registration.

GoldBod currently issues licenses to over 1,000 operators, with each license attracting the relevant statutory fee. According to Gyamfi, the revenue generated by GoldBod belongs to the state, hence it cannot be characterized as money being extracted from the government. He further clarified that GoldBod does not have unrestricted control over its funds, as it requires approval from the Ministry of Finance before opening a bank account, demonstrating that GoldBod’s finances remain under government oversight.

His remarks come during ongoing scrutiny of GoldBod's finances and operations, particularly claims of significant losses under the Domestic Gold Purchase Programme. Despite these claims, Gyamfi has consistently rejected them, stating that the losses cited by the International Monetary Fund pertain to the Bank of Ghana’s operations before the programme was transferred to GoldBod.