GoldBod CEO Rejects Minority’s Loss Allegations, Cites GH¢5.44bn Surplus

GoldBod finances and the surplus dispute ACCRA, Ghana  The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has forcefully pushed back against allegations from the Parliamentary Minority Caucus claiming that the state gold-trading body is recording severe operational losses and misusing public funds. In this articleGoldBod: figures cited in the surplus disputeOvercoming Global Commodity Downturns and Policy ShiftsStrategic Outlook and Future Targets for 2026 The controversy erupted following the mid-year budget presentation delivered by the Minister for Finance to Parliament on Thursday, July 23. Speaking shortly after the presentation concluded, Minority Leader Alexander Afenyo-Markin publicly challenged the performance of the GoldBod initiative, alleging that the agency was operating in the red and failing to contribute meaningfully to national economic recovery. However, in a comprehensive official statement released to clarify the situation, Gyamfi described the Minority’s assertions as factually inaccurate, misleading, and politically motivated. GoldBod: figures cited in the surplus dispute Rebutting the Minority’s claims of financial decline, Gyamfi pointed to official fiscal data to demonstrate the agency's financial health. He revealed that GoldBod generated an operational surplus of GH¢909.7 million alongside an overall financial surplus of GH¢5.44 billion for the 2025 financial year. Gyamfi emphasized that these figures are not arbitrary estimates but are fully documented in GoldBod's 2025 Annual Report and Financial Statements. The financial statements were thoroughly audited by the Auditor-General of Ghana and have been made publicly available on GoldBod’s official portal for public verification. According to Gyamfi, the substantial Ghana Gold Board surplus reflects sound fiscal governance, operational efficiency, and strategic market positionings aimed at maximizing returns from the nation's gold assets. Overcoming Global Commodity Downturns and Policy Shifts Highlighting the significance of the financial metrics, the GoldBod CEO noted that the Ghana Gold Board surplus was achieved despite severe headwinds in the international commodity market and internal structural policy realignments. Among the major pressures faced by the agency during the period under review were: Falling Global Gold Prices: International market prices for gold suffered a sharp decline of more than 23 percent beginning in February of this year, significantly squeezing trading margins worldwide. Reduced Baseline Incentive Allocations: GoldBod's baseline pricing incentive allocation was reduced from approximately 14 percent down to 6 percent as part of broader fiscal consolidation measures. Despite these constrained operational margins, Gyamfi noted that GoldBod managed to increase gold purchase volumes, scale up foreign exchange generation, and support the Bank of Ghana’s domestic gold purchase program to strengthen foreign reserves. Furthermore, the board expanded local value-addition initiatives and corporate sustainability frameworks across gold-producing communities. Strategic Outlook and Future Targets for 2026 Addressing future operational targets, Gyamfi reassured investors, industry stakeholders, and the general public that GoldBod remains on track to meet its financial projections for the current year. The agency is actively executing measures designed to duplicate the Ghana Gold Board surplus in the 2026 financial year through expanded trading channels and streamlined supply chain oversight. Gyamfi urged media outlets and citizens to rely strictly on audited, official documentation rather than unverified parliamentary commentary when assessing state institutions. He reaffirmed that GoldBod remains focused on delivering maximum value to the state and will not be drawn into political debates. More coverage: GM247 News business. Primary reference: Related official GoldBod accountability briefing.