Chief Executive Officer of the Ghana Gold Board (GOLDBOD), Lawyer Sammy Gyamfi has strongly rejected allegations by some members of the Minority Caucus in Parliament that the State-owned institution is recording financial losses and mismanaging public funds.

In a statement responding to recent claims by the Minority, Sammy Gyamfi described the allegations as “false”, insisting that GOLDBOD remains financially strong and continues to deliver on its mandate.

According to him, GOLDBOD recorded an operational surplus of GH¢909.7 million and an overall surplus of GH¢5.44 billion for the 2025 financial year. 

He noted that these figures are contained in the institution’s 2025 audited annual report and financial statements which were prepared by the Auditor-General and published on GOLDBOD’s official website.

Mr. Gyamfi further disclosed that despite a more than 23 percent decline in international gold prices since February 2026 and a reduction in GoldBod’s pricing incentives following the scaling down of baseline programme implementation from about 14 percent to 6 percent, the institution has continued to post impressive results.

He said GOLDBOD remains on track to achieve its 2026 surplus target while making significant gains in gold purchases, foreign exchange generation, support for Ghana’s gold reserve accumulation, local value addition, and sustainability initiatives.

The GOLDBOD CEO urged the media and the public to disregard what he described as “false and misleading” claims being circulated by some members of the Minority Caucus regarding the operations of the institution.

He specifically criticized the Minority Leader, Alexander Afenyo-Markin, and some of his colleagues over allegations that GOLDBOD is incurring losses and siphoning public funds, describing the claims as baseless and without factual support.

Mr. Gyamfi reiterated that GoldBod remains committed to its mandate of maximizing value from Ghana’s gold resources for the benefit of the country. 

He stressed that the institution will remain focused on delivering results and will not be distracted by what he described as politically motivated attacks.

He expressed confidence that GOLDBOD’s performance and achievements would ultimately outweigh the criticisms directed at the institution.

Read statement below:

LAWYER SAMMY GYAMFI RESPONDS TO FALSE CLAIMS ABOUT THE GOLDBOD BY SOME ELEMENTS IN THE NPP MINORITY CAUCUS 

1. It is an incontrovertible fact that the GoldBod declared an operational surplus of GHS909.7 million and an overall surplus of GHS5.44 billion for the year 2025. 

These facts are contained in the 2025 audited Annual Report and Financial Statements of the GoldBod prepared by the Auditor General and published on the GoldBod’s website. For evidence, see: https://goldbod.gov.gh/wp-content/uploads/2026/04/2025-Audited-Financial-Statements-Ghana-Gold-Board_compressed.pdf

2. In spite of the substantial slump in international gold prices by over 23% since February this year, the significant reduction of GoldBod’s pricing incentives due to the cutting down of baseline program implementation from about 14% to 6%, the GoldBod has remained on course in achieving remarkable successes relative to the volume of gold purchases, foreign exchange generation, support for gold reserve accumulation, local value addition, support for sustainability initiatives and the achievement of our surplus target for the 2026 financial year. 

3. The media and general public are respectfully advised to treat with utmost contempt, the discredited cacophony of lies being rehashed in recent times about GoldBod’s operations by certain elements in the Minority Caucus in Parliament. 

4. Led by their pathetically ignorant Leader, Afenyo Markin, these Members of Parliament continue to make spurious claims to the effect that the GoldBod is recording losses and siphoning public funds. These ridiculous claims can only be a figment of the imaginations of these incorrigible MPs who ought to know better. Sadly, they have no interest in learning nor any regard for the truth. You take them serious at your own peril. 

5. The GoldBod remains focused on the delivery of its mandate for the benefit of Ghanaians. We will not be distracted by misguided noise. For we know, that the impact of the success story of the GoldBod shall outlive the hate-driven campaign of calumny being waged by our detractors.