The Ghana Gold Board, GoldBod, has firmly rejected claims in a recent International Monetary Fund report suggesting that the Bank of Ghana suffered losses of about 214 million dollars under the Gold for Reserves programme.
The IMF had described the alleged losses as a potential risk to Ghana’s macroeconomic stabilisation efforts, attributing them to dealings in artisanal and small scale mining dore gold and what it termed GoldBod off taker fees.
Responding in a detailed statement shared on social media, the Chief Executive Officer of GoldBod, Sammy Gyamfi, described the IMF’s claims as inaccurate and founded on a misunderstanding of the Board’s mandate and operations.
Mr Gyamfi stated that GoldBod has not recorded any losses under its gold trading activities. On the contrary, he said the Board is on track to declare an income surplus of not less than 600 million cedis for the 2025 financial year, based on unaudited financial statements already published on its website.
He explained that throughout 2025, GoldBod’s role has been limited to the local purchase, assaying and export of gold on behalf of the Bank of Ghana. According to him, all trading and sales of gold to off takers fall solely under the responsibility of the central bank.
The GoldBod CEO added that the Board is not aware of any 214 million dollar loss incurred by the Bank of Ghana under the Gold for Reserves programme, noting that the financial statements for both the Gold for Reserves and Gold for Forex programmes are yet to be audited.
Addressing the IMF’s reference to GoldBod off taker fees, Mr Gyamfi clarified that no such fees exist within the ASM gold trading programme. He stressed that GoldBod does not engage off takers and does not charge any off taker fees, explaining that all off take agreements are negotiated and executed exclusively by the Bank of Ghana.
He noted that the only payments GoldBod receives from the Bank of Ghana are a statutory assay fee of 0.25 percent and a service charge of 0.5 percent, both of which were inherited from a 2023 gold purchase agreement between the central bank and the former Precious Minerals Marketing Company. He emphasized that these charges have not been increased in 2025, while commissions paid to licensed buyers are fully borne by the Bank of Ghana.
Mr Gyamfi also highlighted GoldBod’s contribution to Ghana’s foreign exchange inflows, stating that the Board generated more than 10 billion dollars in forex in 2025 through the local purchase of over 100 tonnes of ASM gold for the Bank of Ghana. He added that GoldBod also purchases 20 percent of the output of nine large scale mining companies to support the country’s gold reserves.
According to him, these inflows have contributed to an increase in Ghana’s gross international reserves to about 12 billion dollars in 2025, up from 9 billion dollars in 2016, while also supporting the recent appreciation of the cedi and easing inflationary pressures.
Looking ahead, Mr Gyamfi disclosed that GoldBod will fully assume control of the ASM gold trading programme from January 2026. Under the new arrangement, the Board will handle the purchasing, trading and sale of gold without any fee obligations to the Bank of Ghana.
He expressed confidence that the new structure will further strengthen Ghana’s gold trading framework and deliver improved returns for the national economy.
Allow the law to deal with defilement perpetrators - Director tells families
Gov’t to develop policy for Ghanaian sign language in education
Two Ada SHS students plead guilty to assault, slapped with 12-month bond
Enlistment: GAF begins documentation, body selection from September 28
Violent rainstorm rips off roofs, displaces residents in Krachi Nchumuru
Ghana risks EU gas market access over methane emissions
Tumu landlord gives road encroachers 2-week ultimatum to relocate for road const...
Serbian President Aleksandar Vucic resigns
Tigray TV station hit by drone, rebels advance in north Ethiopia
Swiss reject plan to toughen neutrality
