The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has firmly rejected claims by the New Patriotic Party (NPP) Minority Caucus that the institution is incurring losses and misappropriating public funds. Mr. Gyamfi stated that GoldBod achieved an operational surplus of GHS 909.7 million and an overall surplus of GHS 5.44 billion in 2025.
These financial results are documented in GoldBod's 2025 audited Annual Report and Financial Statements. The Auditor-General prepared these reports, which are accessible on GoldBod's official website. Mr. Gyamfi emphasized that the allegations made by some Minority members are false and misleading, urging the public to disregard them.
This robust financial performance comes despite significant headwinds in the global gold market. International gold prices have declined by more than 23% since February of this year. GoldBod also faced a reduction in its pricing incentives, which dropped from approximately 14% to 6% following adjustments to its baseline program. These external factors highlight the institution's ability to maintain profitability amidst challenging market conditions.
The claims from the Minority Caucus, led by Alexander Afenyo-Markin, suggest a political dimension to the financial scrutiny of GoldBod. Such accusations often arise in Ghana's political landscape, particularly concerning state-owned enterprises. Transparency in financial reporting, as demonstrated by GoldBod's published audited statements, is crucial for maintaining public trust and accountability.
Mr. Gyamfi asserted that GoldBod continues to make substantial progress in several key areas. These include gold purchases, generating foreign exchange, supporting gold reserve accumulation, and fostering local value addition. The institution is also committed to sustainability initiatives and is on track to achieve its projected surplus for the 2026 financial year. This focus aligns with its mandate to benefit the Ghanaian economy.
The Bank of Ghana (BoG) and GoldBod have been working to finalize a new financing model. This model aims to reduce pressure on the central bank's balance sheet, indicating a strategic shift in how GoldBod's operations are funded. Previously, the BoG pre-financed GoldBod's gold purchases, a practice that has now ended. This change necessitates the Finance Ministry to fund GoldBod's operations going forward, as suggested by economists.
The implications of GoldBod's reported surplus are significant for Ghana's economic stability. A financially strong GoldBod can contribute to foreign exchange reserves and support the local gold mining sector. Its continued performance will be closely watched by financial markets and policymakers. The institution's ability to navigate global price fluctuations and adapt its operational strategies will be key to its long-term success. Maintaining transparency and adhering to its mandate will be vital in countering future political criticisms and ensuring its role in national development.