GoldBod recovers GH¢38.7m of GH¢55.8m outstanding receivables; remainder subject to legal action – Sammy Gyamfi

The Ghana Gold Board (GoldBod) has recovered GH¢38.71 million out of GH¢55.88 million owed to its predecessor, the Precious Minerals Marketing Company (PMMC), by third parties, representing approximately 69.2 per cent of the outstanding debt. Chief Executive Officer of GoldBod, Sammy Gyamfi, disclosed the recovery when he appeared before Parliament’s Public Accounts Committee (PAC) on Tuesday, October 13, 2026, adding that management was pursuing the remaining debts through legal and other civil recovery measures. Mr Gyamfi said the debts were uncovered during an audit of PMMC’s financial statements covering 2020 to 2024, after the company’s accounts had gone unaudited for five consecutive years.

“When we assumed office in January 2025, we found out that the financials of the PMMC, the antecedent of the Gold Board, had not been audited for five consecutive years, which is from the year 2020 to 2024,” he told the committee. The audit identified GH¢55.88 million owed by third parties as of December 31, 2023. According to the GoldBod CEO, management issued demand notices to the debtors and had recovered GH¢38.71 million as of September 30, 2026.

He said approximately GH¢17.1 million remained outstanding, with GH¢7.5 million tied up in court proceedings and GH¢9.6 million being pursued through demand notices, negotiations and other civil recovery options. “Of the remaining amount of GH¢17.1 million, approximately GH¢7.5 million is involved in matters before courts of competent jurisdiction, and an amount of approximately GH¢9.6 million relates to debts that we are currently pursuing through various civil options like demand notices and negotiations with the parties concerned,” he said. Mr Gyamfi expressed optimism that the Board would recover a larger portion of the outstanding amount before the end of 2026.

“We hope that by the end of this year we will have even increased what we have recovered so far,” he said. 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. He disclosed this when he appeared before Parliament’s Public Accounts Committee on Tuesday, October 13, 2026.

He said the remaining GH¢17.1 million was being pursued through legal proceedings, demand notices and negotiations with the parties concerned. He expressed hope that by the end of the year, 2026, GoldBod would have even increased what they have recovered. “Through demand notices, we have recovered a little over GH¢38.7 million, constituting about 69 percent of the amount.

Of the remaining amount of GH¢17.1 million, GH¢7.5 million, approximately, relates to matters before courts of competent jurisdiction, and an amount of approximately GH¢9.6 million relates to debts that we are currently pursuing through various civil options like demand notices and negotiations with the parties concerned,” he said. Responding to questions about Red Sapphire, a private company appointed as an aggregator under the Bank of Ghana’s Domestic Gold Purchase Programme, Mr Gyamfi said the company accounted for a significant portion of the outstanding receivables. He explained that the debt arose from assay fees payable on gold purchased by the company and submitted to GoldBod’s assayer for testing.