The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has refuted allegations that the institution suffered financial losses, revealing instead that GoldBod recorded robust revenue figures in 2025.

Speaking on Joy News’  News File on Saturday, Mr. Gyamfi dismissed claims of a US$214 million deficit as inaccurate and misleading.

He explained that GoldBod, although not a profit-oriented public institution, generated over GHS960 million in revenue last year, while keeping total expenditures below GH¢S20 million, according to unaudited management accounts.

Because GoldBod is a statutory body that declares surpluses rather than profits, Mr. Gyamfi said the figures show the organisation is on track to post a substantial surplus.

He estimated a conservative surplus of between GHS700 million and GHS800 million for 2025.

Mr. Gyamfi also responded to assertions that any losses from the Gold-for-Reserves programme might have been shifted onto the Bank of Ghana’s books, calling that idea illogical.

He pointed out that the Gold-for-Reserves scheme began as a Bank of Ghana initiative in 2022 and all related accounts have historically been recorded by the central bank, not by GoldBod.

The CEO noted that GoldBod was only established in April 2025 and inherited structures from the former Precious Minerals Marketing Company (PMMC), which required reform.

Despite this transition, he stressed that GoldBod has accounted for every Cedi received from the Bank of Ghana, delivered the equivalent value in gold, and earned only approved agency fees.

Mr. Gyamfi added that an external audit by the Auditor-General, expected to be completed in the first quarter of 2026, will publicly confirm the institution’s financial performance.