The Ghana Gold Board (GoldBod) has dismissed claims circulating in sections of the media that it has incurred losses in its gold trading operations, describing the assertions as inaccurate and misleading.
In a statement issued by its Chief Executive Officer, Sammy Gyamfi, on his Facebook page, the GoldBod said it recorded significant profits in 2025 and is expected to declare an income surplus of not less than GH¢600 million for the year.
According to the statement, unaudited financial records published on the GoldBod’s official website confirm that the institution has not made any losses since its establishment.
The GoldBod clarified that its role in 2025 has been limited to the local purchase, assay and export of gold on behalf of the Bank of Ghana (BoG), stressing that the sale or trading of gold to off-takers falls exclusively under the mandate of the central bank.
The agency further rejected claims that the Bank of Ghana incurred a loss of US$214 million due to so-called “GoldBod off-taker fees” under the Gold for Reserves Programme, noting that the financial statements for the programme are yet to be audited.
“For the avoidance of doubt, there is nothing like ‘GoldBod off-taker fees’ under the ASM gold trading programme,” the statement said, adding that the GoldBod does not engage off-takers or charge any such fees.
It explained that all off-take agreements are negotiated and implemented by the Bank of Ghana, which grants discounts to off-takers to cover costs such as freight, insurance and refining.
The statement noted that the only charges paid to the GoldBod by the BoG are a statutory assay fee of 0.25 per cent and a service charge of 0.5 per cent, both of which were inherited from a 2023 Gold Purchase Agreement between the BoG and the now-defunct Precious Minerals Marketing Company (PMMC).
The GoldBod also disclosed that it generated more than US$10 billion in foreign exchange for Ghana in 2025 through the local purchase of over 100 tonnes of artisanal and small-scale mining (ASM) gold for the central bank.
In addition, it purchases 20 per cent of gold output from nine large-scale mining companies to support Ghana’s gold reserves.
According to the statement, these inflows contributed to an increase in Ghana’s foreign reserves from US$9 billion in 2016 to about US$12 billion in 2025, leading to a more than 35 per cent appreciation of the cedi against the US dollar year-to-date.
The GoldBod said the currency appreciation has helped reduce debt obligations, maintain single-digit inflation and lower the general cost of living, with positive effects across the economy.
The statement also highlighted that the GoldBod, which is barely eight months old, has largely operated as an agent of the Bank of Ghana and relies on statutory fees as its internally generated funds, being a non-subvented state agency.
Looking ahead, the GoldBod announced that it will fully take over the ASM gold trading programme from January 2026, assuming responsibility for the purchase, trade and sale of gold without any fee obligations to the Bank of Ghana.
The agency expressed confidence that the new arrangement, supported by government-allocated revolving seed capital, will deliver positive returns for the country.
“The future is bright for Ghana,” the statement said.
Source :www.kumasimail.com
