The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has urged critics of the state-owned gold trading institution to rely on accurate financial information when assessing its performance.
Mr Gyamfi acknowledged that losses are a possible part of gold trading but rejected what he described as misleading portrayals of GoldBod’s financial position.
Speaking at the Government Accountability Series on Wednesday, August 19, 2026, he stressed the need for a factual and evidence-based debate about the institution’s operations.
“Nobody is saying there hasn’t been loss, but be factual about it,” Mr Gyamfi said.
His comments come amid an ongoing debate over GoldBod’s financial performance, particularly following claims by Minority Leader and Effutu MP, Alexander Afenyo-Markin, that the institution has suffered losses running into about GH¢22 billion.
Mr Gyamfi maintained that discussions about GoldBod should take into account the nature of its operations and the financial realities associated with trading in gold and related instruments.
According to Mr Gyamfi, GoldBod was established specifically to undertake gold purchasing and trading activities, making its operations fundamentally different from those of the Bank of Ghana.
He explained that the central bank’s primary mandate is monetary and financial stability and that gold trading was not originally its core function.
GoldBod, he said, was created to provide a specialised institution with the mandate, resources and capacity required to manage Ghana’s gold purchasing and trading activities.
The distinction, he argued, is important when evaluating the financial performance of the two institutions and understanding the risks associated with GoldBod’s operations.
Mr Gyamfi further disclosed that GoldBod has expanded its operations beyond the purchase and sale of physical gold.
According to him, the institution has, since March, ventured into derivatives and other forms of gold trading as part of efforts to broaden its operations and strengthen its position in the international gold market.
“We don’t only buy physical gold, we trade derivatives. And we trade gold 24/7,” he said.
He explained that such trading activities naturally expose the institution to both opportunities for profit and the possibility of losses.
However, Mr Gyamfi said the key consideration should be GoldBod’s overall financial outcome rather than focusing on individual transactions or isolated losses.
“In trading, you can make profit, you can make losses. We’re going to ensure that at the end of the year, your overall profit is more than your losses,” he stated.
The Chief Executive’s remarks follow heightened scrutiny of GoldBod by the Minority in Parliament.
Mr Afenyo-Markin has been demanding greater clarity over the institution’s financial activities and has raised concerns about what he describes as a GH¢22 billion loss involving GoldBod.
The Minority Leader has called for accountability and explanations regarding the institution’s financial records, particularly the basis for its reported gains and losses.
Mr Gyamfi, however, urged critics to ensure that their assessments are grounded in the actual financial records of GoldBod.
While conceding that losses can arise from trading activities, he cautioned against presenting such losses in a manner that could create a misleading impression about the institution’s overall performance.
His position is that GoldBod’s financial health should ultimately be assessed by examining its aggregate performance rather than treating individual trading losses as evidence of an overall loss-making operation.
The GoldBod CEO’s comments add to the growing public discussion about the performance of the institution and the management of Ghana’s gold resources.
He said public scrutiny of GoldBod is legitimate, but insisted that such scrutiny must be supported by facts.
The debate is expected to continue as opposition lawmakers demand further explanations while management maintains that GoldBod’s operations should be assessed within the context of its specialised role as a gold trading institution.
At the centre of the disagreement is how GoldBod’s financial results should be interpreted, particularly the distinction between losses incurred from individual trading activities and the institution’s overall profitability.
Mr Gyamfi’s position is that while GoldBod cannot rule out losses in the course of trading, the ultimate objective is to ensure that its total profits outweigh such losses and that the institution remains financially sustainable.
By 1960news.com
