GOLDBOD to Declare GH¢700m–GH¢800m Surplus for 2025 - Sammy Gyamfi
The Chief Executive Officer of the Ghana Gold Board (GOLDBOD), Sammy Gyamfi, has announced that the institution is on course to declare a surplus of between GH¢700 million and GH¢800 million for the 2025 financial year.
Damian Owusu 
The Chief Executive Officer of the Ghana Gold Board (GOLDBOD), Sammy Gyamfi, has announced that the institution is on course to declare a surplus of between GH¢700 million and GH¢800 million for the 2025 financial year.
Gyamfi explained that reported losses linked to the Bank of Ghana’s gold purchasing programme were largely due to exchange rate translation differentials, not mismanagement. He emphasized that over 97% of the so-called losses stemmed from accounting treatment rather than operational failings. GOLDBOD generated revenue of GH¢960 million in 2025, while expenditure stood below GH¢120 million, resulting in a significant surplus. As a public corporation, GOLDBOD records surpluses rather than profits, distinguishing it from commercial entities.
Gyamfi clarified that the Gold for Reserves programme was initiated by the Bank of Ghana in 2022, two years before GOLDBOD was established. Reported losses under the programme were tied to its design as a monetary policy tool aimed at supporting price stability, not poor management.
GOLDBOD’s decision to buy gold above prevailing market prices was defended as a measure to curb smuggling. Gyamfi noted that a 3% discount in 2021 led to a sharp drop in artisanal and small-scale mining output, underscoring the need for competitive pricing. In 2025, Ghana’s small-scale gold sector generated US$10.8 billion, surpassing the large-scale sector’s US$2.4 billion.
Sammy Gyamfi’s remarks highlight GOLDBOD’s strong financial performance and its strategic role in stabilizing Ghana’s gold trade. With a projected surplus of up to GH¢800 million, the institution is positioning itself as a key driver of foreign exchange inflows and national economic resilience.
