No one can claim GoldBod has made a loss, not even IMF – Sammy Gyamfi

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has strongly defended the financial performance of the institution, insisting that there is no basis for claims that it has made a loss. He said GoldBod’s financial position could be verified through its audited financial statements and expressed confidence that the institution’s performance would withstand scrutiny from both local and international institutions. Mr Gyamfi said GoldBod was being managed with prudence and that its operations had remained financially sound since it assumed its expanded mandate in Ghana’s gold sector.

Speaking on Twitter Spaces on Sunday, August 9, Mr Gyamfi said, “Nobody can ever say that GoldBod has made a loss, including the IMF.” He added, “Those who wish us doom will be put to shame,” insisting that the institution’s financial records would ultimately settle claims about its performance. Mr Gyamfi had earlier stated that GoldBod had never made a loss and that its audited financial statements were available on its website. He also maintained that the institution was being managed with “modesty and prudence” as it takes on greater responsibility for Ghana’s gold trade.

He said GoldBod’s approach to its operations is guided by the need to protect public resources while maximising the economic benefits Ghana derives from its gold resources. Mr Gyamfi said the institution had adopted a measured approach to its spending and operations, insisting that its financial management was not driven by excessive expenditure or unnecessary commitments. He said the approach was also consistent with GoldBod’s broader objective of building a financially sustainable institution capable of playing a central role in Ghana’s gold sector and supporting the country’s foreign exchange reserves.

Speaking on Twitter Spaces on Sunday, August 9, Mr Gyamfi said, “We are managing GoldBod with modesty and prudence.” He stressed that the institution’s financial position should be assessed based on its records and audited financial statements rather than speculation. “GoldBod has never made a loss and our audited financial statement is on our site, and GoldBod is very financially sound,” he added. Mr Gyamfi’s comments come amid discussions about GoldBod’s financial performance and its expanded mandate to oversee the buying and selling of gold in Ghana.

He said GoldBod’s financial performance is supported by audited accounts, which he said have been made available to the public through the institution’s official website. Mr Gyamfi said claims suggesting that GoldBod is financially distressed do not reflect the organisation’s actual financial position. He maintained that the institution has remained financially sound since it began operations under its current mandate.

Speaking on Twitter Spaces on Sunday, August 9, Mr Gyamfi said, “GoldBod has never made a loss and our audited financial statement is on our site.” He added, “GoldBod is very financially sound,” stressing that the institution’s financial records provide a basis for assessing its performance rather than relying on speculation. Mr Gyamfi’s comments come amid public discussions about GoldBod’s operations, its relationship with the Bank of Ghana and the financial implications of its role in Ghana’s domestic gold market. He has previously defended GoldBod’s operations, arguing that the institution has assumed responsibility for the buying and selling of gold in Ghana and has developed the capacity to undertake its mandate independently.