LIVE: Sammy Gyamfi Speaks on GoldBod’s Performance, Gold Sector and Government Accountability

Date: August 19, 2026
By: Ebenezer Adugyamfi/ Emmanuel Ayiku for GhanaianNewsCanada

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, is addressing the public as part of the government’s Government Accountability Series, providing updates on the operations, achievements and broader contribution of the state-owned gold trading institution.

The engagement, held on Wednesday, August 19, 2026, forms part of a series of public accountability sessions organised by the Presidency Communications to allow senior government officials and heads of state institutions to explain their work and respond to questions surrounding their respective sectors.

The appearance of Mr Gyamfi comes amid renewed public and political debate over GoldBod’s financial performance, the management of the country’s gold resources and allegations concerning losses associated with the Gold-for-Reserves (G4R) programme.

GoldBod rejects claims of losses

One of the major issues surrounding GoldBod has been claims that the institution has incurred significant financial losses.

Mr Gyamfi has consistently rejected such claims, arguing that GoldBod itself has not incurred the losses being attributed to it.

He has previously explained that the G4R programme was introduced by the Bank of Ghana in 2022, before GoldBod was established, and was fully funded by the central bank.

According to Mr Gyamfi, the financial transactions associated with the programme were historically reflected in the Bank of Ghana’s accounts.

He has therefore questioned how an institution established in April 2025 could be held responsible for losses arising from a programme that began several years earlier.

GoldBod, he maintains, was instructed under Section 76 of the Gold Board Act to continue managing the programme as part of transitional arrangements following its establishment.

GoldBod says it has accounted for funds received

Mr Gyamfi has also maintained that GoldBod has accounted for funds received from the Bank of Ghana and delivered gold equivalent to the value of the funds provided.

He has disputed suggestions that GoldBod transferred losses onto the books of the central bank.

The CEO has previously argued that it would be illogical for an institution that did not incur a loss to transfer such a loss to another institution.

He has also said GoldBod’s revenue during the relevant period came from approved fees, including a statutory assay fee and service charge inherited from an earlier arrangement between the Bank of Ghana and the former Precious Minerals Marketing Company (PMMC).

GoldBod’s contribution to Ghana’s foreign exchange reserves

Another major issue expected to feature prominently in the accountability engagement is GoldBod’s contribution to Ghana’s foreign exchange position.

According to figures previously presented by the institution, GoldBod generated more than US$10.8 billion in foreign exchange in 2025 through the purchase of more than 100 tonnes of artisanal and small-scale mining gold for the Bank of Ghana.

GoldBod has argued that its activities have helped strengthen Ghana’s foreign reserves and support efforts to stabilize the cedi.

The institution has also pointed to improvements in Ghana’s foreign reserves and broader macroeconomic indicators as evidence of the potential impact of the gold-for-reserves strategy.

Four-tier gold purchasing system

Mr Gyamfi has previously explained that GoldBod operates a four-tier gold-buying structure covering grassroots buyers, second-tier buyers, self-financing aggregators and aggregators.

He disclosed that GoldBod issued hundreds of buying licences under the system, rejecting suggestions that the gold-buying business had been handed over to a single company.

The system, according to GoldBod, is intended to bring greater structure and accountability to Ghana’s gold trading industry while reducing leakages associated with the illegal export and smuggling of gold.

GoldBod and the fight against gold smuggling

The institution has also been positioned by government as a central tool in efforts to ensure that Ghana receives the full economic benefit from its gold resources.

Under the new arrangement, GoldBod has assumed greater responsibility for the purchasing, trading and export of artisanal and small-scale mining gold.

The government’s broader objective is to increase the amount of foreign exchange generated from Ghana’s mineral resources and ensure that proceeds from gold exports return to the country.

The move forms part of the government’s wider agenda to reform Ghana’s gold sector and strengthen local value addition.

Debate over the G4R programme

The G4R programme has nevertheless remained a subject of controversy.

Critics have raised questions about the cost of the programme, gold trading arrangements, foreign-exchange risks and the accounting treatment of losses associated with gold transactions.

The International Monetary Fund has previously reported significant losses connected to the programme, while GoldBod has disputed interpretations suggesting that those figures represent losses incurred by the institution itself.

Mr Gyamfi has argued that the distinction between GoldBod’s own financial performance and the financial results of the Bank of Ghana’s G4R programme is critical to understanding the controversy.

He has also maintained that GoldBod expects to demonstrate a surplus rather than a loss when its audited financial statements are completed.

Transparency and public accountability

The GoldBod CEO has also highlighted the institution’s obligation to publish financial information.

Under the Ghana Gold Board Act, GoldBod is required to publish quarterly financial reports.

Mr Gyamfi has said the institution has complied with that requirement and that its financial statements are available for public scrutiny.

He has argued that an external audit will provide the most authoritative assessment of GoldBod’s financial position and allow the public to properly assess the institution’s performance.

The issue of transparency has become increasingly important as GoldBod assumes a more prominent role in Ghana’s gold industry.

A new chapter for Ghana’s gold sector

GoldBod was established in 2025 as part of government’s efforts to overhaul the country’s gold trading system.

The institution inherited structures from the former PMMC but has since established new departments, systems and operational frameworks to carry out its expanded mandate.

The government believes a centralised gold-trading structure can reduce leakages, improve foreign-exchange earnings and give Ghana greater control over its natural resources.

However, the institution’s expanding role has also attracted scrutiny from opposition politicians, economists and other stakeholders who want greater clarity on its finances and operations.

Sammy Gyamfi’s accountability session

Mr Gyamfi’s appearance at the Government Accountability Series therefore provides an opportunity for the GoldBod chief to directly address questions surrounding the institution.

The session is expected to focus on GoldBod’s financial performance, gold purchases, foreign-exchange generation, the G4R programme, licensing arrangements and the institution’s broader contribution to Ghana’s economy.

The engagement also comes at a time when the gold sector remains central to the government’s economic strategy.

Gold continues to be one of Ghana’s most important sources of foreign exchange, making the efficiency and transparency of the sector critical to the country’s economic stability.

What the public will be watching

For many Ghanaians, the key question is whether GoldBod’s activities are delivering the economic benefits promised by government.

The institution has presented significant figures on foreign-exchange generation and gold purchases, while critics continue to demand greater clarity on the costs and financial risks associated with its operations.

Mr Gyamfi’s latest engagement is therefore significant because it puts the CEO directly before the public to explain the institution’s record and respond to concerns.

As GoldBod continues to take on a larger role in Ghana’s gold industry, scrutiny of its finances, licensing system and gold-trading operations is likely to remain intense.

For now, the GoldBod chief insists that the institution has performed strongly, accounted for funds entrusted to it and played an important role in strengthening Ghana’s foreign-exchange position.

The Government Accountability Series is expected to provide further details as Mr Gyamfi responds to questions about the institution’s performance and the government’s wider plans for Ghana’s gold sector.