GoldBod recovers GH¢38.7m of GH¢55.8m outstanding receivables; remainder subject to legal action – Sammy Gyamfi
The Chief Executive Officer of Ghana Gold Board (GoldBod), Sammy Gyamfi, has revealed that GoldBod has recovered GH¢38.7 million out of GH¢55.8 million in outstanding receivables, representing approximately 69 per cent of the total amount owed.
GoldBod CEO Sammy Gyamfi disclosed to Parliament’s Public Accounts Committee that the company has recovered GH¢38.7 million out of GH¢55.8 million in outstanding receivables, representing around 69% of the total amount owed. The remaining GH¢17.1 million is being pursued through various legal and negotiating channels with the concerned parties.
Gyamfi expressed optimism that GoldBod's recovery rate would improve by the end of 2026. Red Sapphire, a private aggregator under the Bank of Ghana’s Domestic Gold Purchase Programme, is believed to hold a substantial portion of the outstanding receivables. The company owes GH¢7.5 million in court-related matters and GH¢9.6 million to GoldBod, according to the CEO.
These debts arise from assay fees payable on gold purchased by Red Sapphire and submitted to GoldBod for testing. Gyamfi clarified that, in their records, Red Sapphire should have paid the assay fees to GoldBod, but the company argues that the Bank of Ghana should shoulder the liability. Negotiations are currently underway with both Red Sapphire and the Bank of Ghana to determine liability and recover the remaining GH¢2.61 million from the company.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
