The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has dismissed a petition alleging the unlawful involvement of unlicensed and investigated persons in the board’s operations, describing the claims as misleading and unsupported by evidence.
Speaking during a panel discussion, Gyamfi clarified that an individual named Roger, cited in the petition, is not licensed by GoldBod and does not work for the board in any capacity. He explained that Roger serves only as a consultant to Barrock, an entity licensed by GoldBod, stressing that consultancy arrangements do not amount to regulatory control or operational authority within the state institution.
Gyamfi also addressed references to Gostrom, noting that the company previously operated as an aggregator under the Minerals Income Investment Fund’s gold-for-reserves programme. According to him, Gostrom has since settled all its obligations to MIIF in full, with acknowledgement letters confirming payment.
Turning to GoldBod’s financial performance, Gyamfi rejected suggestions that the board had incurred losses. He said GoldBod generated revenue of slightly over GH¢960 million in 2025, while expenditure remained below GH¢120 million, based on unaudited figures. Although the board is not mandated to make profits, he said management accounts indicate it is on course to declare a surplus of between GH¢700 million and GH¢800 million.
He further stated that all funds received from the Bank of Ghana have been fully accounted for, with gold equivalents supplied and agent fees duly earned. Gyamfi added that quarterly financial reports have been published in line with the Ghana Gold Board Act.
On claims linking GoldBod to losses under the Gold-for-Reserves programme, Gyamfi emphasised that the initiative was introduced and funded by the Bank of Ghana in 2022 as a non-profit monetary policy tool. Any losses, he said, stem from policy design and cannot be attributed to the relatively new GoldBod.