The Ghana Gold Board (GoldBod) has pushed back against reports that it incurred losses in its gold trading operations, saying the institution is on course to record a significant financial surplus by the end of 2025.
Reacting to claims in a Facebook post, Acting Chief Executive Officer of GoldBod, Sammy Gyamfi, said the assertions misrepresent the Board’s financial performance.
“The Ghana Gold Board has made no losses. Rather, the GoldBod has made significant profit or surplus under its gold trading programs in the year 2025,” he stated in a post on his Facebook page.
Mr. Gyamfi explained that unaudited financial statements published on the Board’s website indicate GoldBod is expected to declare an income surplus of not less than GH¢600 million for the year.
He noted that GoldBod’s operations in 2025 have largely been limited to an agency role for the Bank of Ghana, involving the local purchase, assay and export of gold, rather than the trading or sale of gold to international buyers.
“The selling or trading of gold purchased by GoldBod to off-takers lies in the exclusive domain of the Bank of Ghana,” he clarified.
Addressing reports that the Bank of Ghana recorded a $214 million loss linked to GoldBod off-taker fees, Mr. Gyamfi dismissed the claims, insisting that no such fees exist under the artisanal and small-scale mining gold trading programme.
“For the records, there is nothing like GoldBod off-taker fees under the ASM gold trading program,” he said.
He further explained that the only charges applied by GoldBod are a statutory assay fee of 0.25 percent and a service charge of 0.5 percent, both of which were inherited from a 2023 gold purchase agreement between the Bank of Ghana and the defunct Precious Minerals Marketing Company.
Mr. Gyamfi’s remarks come in response to concerns reportedly expressed by the International Monetary Fund, which identified the alleged losses as a possible threat to Ghana’s macroeconomic stabilisation agenda, linking them to transactions involving artisanal and small-scale mining dore gold and so-called “GoldBod off-taker fees.”
Source: Starrfm.com.gh
