The Chief Executive Officer of the Gold Board (GoldBod), Sammy Gyamfi, says the institution recorded an operational surplus of GH¢909 million from its own activities and not from taxpayers’ funds. Mr Gyamfi explained that the surplus was generated through Gold Board’s internally generated funds before government released its revolving seed capital allocation at the end of 2025. His comments follow concerns raised by Chairperson of the Public Accounts Committee (PAC) of Parliament, Abena Osei-Asare, over payments made by the Ministry of Finance to Gold Board and losses associated with the Bank of Ghana’s Domestic Gold Purchase Programme.
Speaking on the Joy FM Super Morning Show on Friday, July 24, Mr Gyamfi reiterated that the funds released to Gold Board were part of its revolving seed capital approved in the 2025 Budget by Parliament. “The payment of GH¢4.5 billion is Gold Board’s revolving seed capital allocated in the 2025 Budget approved by Parliament. That money was released to us,” he said.
Mr Gyamfi, who questioned the basis of allegations against the institution, said Gold Board’s audited financial statements had been published by the Auditor-General and contained no adverse findings. “We declared an operational surplus of GH¢909 million from our internally generated funds. No taxpayer money was paid to us because government’s revolving seed capital came on or about December 30, 2025, at the end of the year,” he explained.
READ ALSO: How is it a crime if US$279m is allocated to Gold Board? – Sammy Gyamfi questions Abena Osei-Asare All audited financial statements of ministries, departments and agencies go before the committee. The 2025 audited financial statements of Gold Board have been audited and published by the Auditor-General of Ghana, and there was not even one adverse report,” he stated.
According to him, Gold Board was among the few public institutions that did not receive any negative findings in its management letter from the Auditor-General for the financial year. “If she wants to know the financial state and health of Gold Board and whether or not Gold Board is siphoning money, she should refer to the Auditor-General’s report,” he said. He added that when the government’s revolving seed capital is included, Gold Board’s overall surplus stood at about GH¢5.4 billion.
Mr Gyamfi challenged anyone alleging that Gold Board had misappropriat… The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has questioned why the release of US$279 million to the institution is being criticised, insisting that the funds were approved as part of the 2025 Budget and were intended to serve as revolving seed capital. Responding to concerns raised by the Chairperson of the Public Accounts Committee (PAC) of Parliament, Abena Osei-Asare, over funds released to GoldBod, Mr Gyamfi insisted the allocation was lawful and formed part of the budget for last year, which was approved by Parliament.
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