GoldBod Chief Executive Officer Sammy Gyamfi has rejected attempts to associate losses recorded by the Bank of Ghana under its domestic gold purchase programme with GoldBod, insisting the two institutions operate independently.
Responding to concerns raised by Atiwa East MP Abena Osei Asare, Gyamfi said references to the Bank of Ghana’s reported losses should not be used to draw conclusions about GoldBod’s financial position.
He questioned the basis for linking the operations of the two institutions.
“Bank of Ghana made a loss of GH¢9.6 billion. So what? Is Bank of Ghana Gold Board?” he asked during an interview on JoyNews.
According to Gyamfi, the losses cited by the MP relate to a programme managed solely by the central bank.
“Take that same Bank of Ghana audited financial statement that posted a domestic gold purchase programme loss of GH¢9.6 billion. That programme is a Bank of Ghana programme and it ended on 31 March 2026,” he said.
He maintained that any financial outcome arising from that programme should remain the responsibility of the Bank of Ghana.
“Any loss under that programme is Bank of Ghana’s loss,” he stated.
Gyamfi argued that GoldBod and the Bank of Ghana are separate public institutions with different responsibilities, funding structures and operational mandates.
Referring to previous financial statements, he noted that the Bank of Ghana had also reported losses under the same programme in earlier years.
“In that same audited financial statement of the Bank of Ghana, the Bank of Ghana made a loss of GH¢6 billion under the domestic gold purchase programme in 2024,” he said.
He said such figures should not be interpreted as reflecting GoldBod’s financial performance.
“You are talking about two different body corporates, two different institutions, with different activities, different financing and everything,” Gyamfi said.
