GoldBod Under Fire: Sammy Gyamfi Fights Back on Finances and BoG Relationship
Sammy Gyamfi, CEO of the Ghana Gold Board (GoldBod), clarified the institution's robust financial health, expanded mandate to independently buy and sell gold, and its revised relationship with the Bank of Ghana. He confirmed GoldBod has never made a loss and debunked claims regarding assay fees and central bank pre-financing, highlighting Ghana's increased gold reserves.
The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, recently addressed key aspects of the institution's operations, financial standing, and evolving mandate during a Twitter Spaces session held on Sunday, August 9.
Mr. Gyamfi underscored GoldBod's dedication to cautious and prudent management, its robust financial health, and its expanded, independent role within Ghana's vital gold sector.
He staunchly defended GoldBod's financial performance, asserting that the institution operates with extreme caution, discipline, and astute financial management to ensure its long-term sustainability.
He firmly stated that GoldBod has consistently avoided making any losses, and its strong financial position is readily verifiable through its audited financial statements, which are accessible on its official website.
He expressed unwavering confidence that GoldBod's performance would withstand rigorous scrutiny from both domestic and international bodies, including the International Monetary Fund (IMF), thereby debunking any claims of financial distress or reported losses.
A primary focus of the discussion was GoldBod's significantly expanded mandate. Mr. Gyamfi clarified that GoldBod has transitioned from being a mere gold-buying agent for the Bank of Ghana (BoG).
With the official conclusion of the Domestic Gold Purchase Programme (DGPP), which was initiated under a previous administration, GoldBod has now assumed full and autonomous responsibility for the buying and selling of gold across Ghana.
This new operational framework entails that GoldBod directly oversees the domestic gold trade and is responsible for supplying the foreign exchange generated from these transactions directly to the central bank, marking a clear departure from its previous agency role under the erstwhile programme.
Furthermore, Mr. Gyamfi elucidated the revised financial relationship between GoldBod and the Bank of Ghana.
He specified that the BoG no longer serves as an intermediary to facilitate or raise funds for GoldBod’s gold purchasing operations.
GoldBod has diligently cultivated the requisite institutional and human resource capabilities to independently execute its mandate.
He also clarified that the BoG does not pre-finance GoldBod’s gold acquisitions; instead, its role involves converting cedi proceeds into foreign exchange for gold sellers.
Mr. Gyamfi assured that this arrangement does not lead to the depletion of Ghana’s foreign exchange reserves, citing a notable increase in the country’s gold reserves from approximately US$8.9 billion to an impressive US$13.8 billion under the current administration.
The contentious issue of assay fees was also comprehensively addressed, and Mr. Gyamfi clarified emphatically that these fees were neither introduced by him nor by the current management of GoldBod.
He explained that these are approved charges, formally sanctioned by Parliament under a preceding administration, and constitute an intrinsic component of GoldBod's operational framework.
These fees, he detailed, are applicable to gold-buying transactions for any entities utilizing GoldBod’s professional assaying services, through which the institution accurately determines the quality and precise value of the gold.
Mr. Gyamfi underscored that, far from increasing these charges, his administration has, in fact, substantially reduced them as part of ongoing efforts to enhance efficiency and maximize benefits for the state.
He also critically questioned the logic behind claims linking these parliament-approved assay charges directly to any losses incurred by the Bank of Ghana, emphasizing that they were not his personal initiative.
In summary, Sammy Gyamfi reiterated GoldBod's unwavering commitment to modesty and prudence in its financial and operational management.
He reaffirmed the institution's central and financially sound role within Ghana’s gold sector, highlighting its full independence and enhanced capability to autonomously manage its operations, thereby supporting the nation's foreign exchange reserves and optimizing the economic benefits derived from its precious gold resources.