Gold Board records GHC909m operational surplus from internal revenue, not taxpayer funds— CEO Sammy Gyamfi defends institution amid PAC scrutiny

The Chief Executive Officer of the Gold Board (GoldBod), Sammy Gyamfi, has mounted a robust defence of the state-owned minerals trading entity, revealing that it generated an operational surplus of GH¢909 million entirely from its own internally generated revenues—well before any government seed capital was released. His remarks, delivered on the Joy FM Super Morning Show on Friday, July 24, come in response to mounting parliamentary scrutiny over the institution’s financial dealings and attempt to disentangle GoldBod’s performance from losses incurred by the Bank of Ghana’s separate gold purchase programme.

Clarifying the Source of the Surplus

Mr. Gyamfi was unequivocal in his rebuttal of suggestions that the GH¢909 million surplus came from public coffers. “We declared an operational surplus of GH¢909 million from our internally generated funds. No taxpayer money was paid to us because government’s revolving seed capital came on or about December 30, 2025, at the end of the year,” he explained. The surplus, he stressed, was earned through GoldBod’s core mandate—purchasing, refining, and marketing gold—and reflected the institution’s operational efficiency rather than any state subsidy.

This clarification was prompted by concerns raised by the Chairperson of Parliament’s Public Accounts Committee (PAC), Abena Osei-Asare, who had questioned the Ministry of Finance’s disbursement of GH¢4.5 billion to GoldBod and also raised the issue of GH¢9.6 billion in losses recorded under the Bank of Ghana’s Domestic Gold Purchase Programme. Gyamfi sought to correct the record on both fronts.

Revolving Seed Capital: A Parliamentary-Approved Allocation

Regarding the GH¢4.5 billion transferred from the Ministry of Finance, Gyamfi insisted it was not a grant or bailout but rather the institution’s revolving seed capital—a working capital facility explicitly approved by Parliament in the 2025 Budget. “The payment of GH¢4.5 billion is Gold Board’s revolving seed capital allocated in the 2025 Budget approved by Parliament. That money was released to us,” he stated. This seed capital, he explained, is meant to be recycled through gold purchases and sales, with the proceeds returning to the state, thereby making it a loan-like facility rather than a permanent fiscal transfer.

When the government’s seed capital is factored in, Gyamfi noted that GoldBod’s overall surplus for the year stood at approximately GH¢5.4 billion—a figure that includes both its internally generated profit and the seed capital allocation, though he was careful to distinguish the two.

Audited Financials Show No Adverse Findings

Perhaps the strongest pillar of Gyamfi’s defence was his appeal to independent audit evidence. He pointed out that GoldBod’s audited financial statements for the 2025 fiscal year have been published by the Auditor-General and contain no adverse findings—no qualified opinions, no material misstatements, and no reports of misappropriation. “All audited financial statements of ministries, departments and agencies go before the committee. The 2025 audited financial statements of Gold Board have been audited and published by the Auditor-General of Ghana, and there was not even one adverse report,” he asserted.

He went further, noting that GoldBod was among a select group of public institutions that received a clean management letter from the Auditor-General for the year. “If she wants to know the financial state and health of Gold Board and whether or not Gold Board is siphoning money, she should refer to the Auditor-General’s report,” Gyamfi said, directly addressing the PAC chairperson. He also issued an open challenge: “I invite anyone to come and show us one evidence of siphoning of public funds or misappropriation of public funds in our audited financials.”

Distinguishing GoldBod from Bank of Ghana’s Programme

A key point of confusion, which Gyamfi sought to clear, was the conflation of GoldBod’s operations with the Bank of Ghana’s Domestic Gold Purchase Programme. The central bank’s programme, which involved buying gold from small-scale miners to boost foreign reserves, reportedly recorded a loss of GH¢9.6 billion—a figure that has drawn sharp criticism from lawmakers and civil society.

Gyamfi was adamant that this loss cannot be attributed to GoldBod. “Bank of Ghana made a loss of GH¢9.6 billion. Is Bank of Ghana Gold Board? The Domestic Gold Purchase Programme is a Bank of Ghana programme,” he said. He argued that any losses under that programme should be assessed within the context of the central bank’s own operations and monetary policy objectives, not used as a basis to accuse GoldBod of wrongdoing. GoldBod, he explained, is a separate entity with a distinct mandate: to aggregate, refine, and trade gold commercially, whereas the central bank’s programme was a strategic reserve-building initiative.

Background: The Gold Board’s Mandate and Significance

The Gold Board was established under the Gold Board Act, 2021 (Act 1064) to consolidate Ghana’s gold trading, formalise the small-scale mining sector, and maximise the state’s share of gold revenues. It is tasked with purchasing gold from licensed small-scale miners, refining it locally (through the state-owned Precious Minerals Marketing Company), and selling it on international markets. The board is also intended to curb illegal gold smuggling and ensure that more value is captured within Ghana.

Since its operational launch in 2024, GoldBod has been a cornerstone of the government’s strategy to increase mineral revenue and reduce the reliance on traditional tax collection. Its performance has been closely watched, particularly given the volatility of global gold prices and the persistent challenge of illegal mining, or galamsey. The GH¢909 million surplus, achieved in just its second full year of operation, is seen by supporters as a validation of the model, while critics argue that the seed capital allocation—combined with the central bank’s losses—raises broader questions about governance in the gold sector.

Parliamentary Scrutiny and Political Context

The PAC’s interest in GoldBod’s finances comes at a politically charged time. With general elections scheduled for December 2026, opposition lawmakers have been scrutinising government spending and state-owned enterprises for potential inefficiencies or improprieties. Abena Osei-Asare, a former Deputy Minister of Finance under the previous administration, has been vocal in her questioning, demanding detailed breakdowns of the GH¢4.5 billion transfer and the circumstances surrounding the BoG’s losses.

Gyamfi, a former Deputy Minister of Finance himself and a close ally of the current administration, has framed the attacks as politically motivated, while insisting that his institution is open to all legitimate oversight. “We have nothing to hide. Our books are open to the Auditor-General, to Parliament, and to the public. If there is any evidence of wrongdoing, let it be brought forward,” he stated.

Public and Expert Reactions

The disclosure of the operational surplus has drawn mixed reactions. Some economic analysts have welcomed the news, noting that a state-owned enterprise generating nearly a billion cedis in profit without taxpayer subsidies is a rare achievement in Ghana’s public sector. Dr. Kwame Baah, a mining economist at the University of Mines and Technology, commented: “This surplus is a promising indicator that GoldBod is fulfilling its mandate. However, we need to see whether this level of profitability is sustainable, especially if global gold prices decline.”

Others, however, remain sceptical about the revolving seed capital mechanism. Civil society groups, including the Ghana Integrity Initiative, have called for a full forensic audit of GoldBod’s transactions with both the Ministry of Finance and the central bank, to ensure there is no hidden cross-subsidisation or off-budget transfers. “The distinction between internally generated funds and seed capital is important, but the public deserves to know exactly how the seed capital is being utilised and repaid,” said GII spokesperson Nana Yaa Asare.

The Way Forward

As the PAC prepares to summon GoldBod officials for further questioning, Gyamfi has pledged full cooperation. He reiterated that the board’s management is committed to transparency and that its audited accounts, which are publicly available, provide a complete picture of its financial health. He also urged the public not to conflate GoldBod’s performance with the Bank of Ghana’s separate programme, emphasising that the two institutions operate under different mandates, accounting frameworks, and oversight regimes.

For now, the GH¢909 million surplus stands as a significant achievement for the fledgling board—one that its CEO hopes will silence critics and demonstrate that state-owned enterprises can be profitable and accountable. But with the political temperature rising and the PAC determined to dig deeper, the debate over GoldBod’s finances is far from over. The next few weeks, as parliamentary hearings unfold, will likely reveal more details about the inner workings of Ghana’s gold trading apparatus and whether the surplus is a sign of success or a harbinger of deeper fiscal risks.