The Ghana Gold Board (GoldBod) has strongly rejected claims contained in the International Monetary Fund’s (IMF) Fifth Review report under Ghana’s three-year Extended Credit Facility (ECF) programme that the Bank of Ghana (BoG) incurred losses of about US$214 million under the Gold-for-Reserve (G4R) program.

In its report, the IMF flagged the alleged losses as a key downside risk to Ghana’s broader macroeconomic stabilisation agenda, attributing them largely to trading losses under the Artisanal and Small-scale Mining (ASM) doré gold transactions component, as well as what it described as “GoldBod off-takers’ fees.”

However, responding in a detailed statement on his Facebook page on December 24, 2025, the Chief Executive Officer of GoldBod, Sammy Gyamfi, described the claims as inaccurate and misleading, insisting that the institution has made no losses in 2025.

GoldBod exceeds 2025 small-scale gold export target – Sammy Gyamfi

“First and foremost, the Ghana Gold Board has made no losses. Rather, the GoldBod has made significant profit or surplus under its gold trading programs in the year 2025,” he stated.

He added that unaudited financial statements published on GoldBod’s website indicate the entity is “set to declare income surplus of not less than GH¢600 million for the year 2025.”

Gyamfi further clarified that GoldBod’s role in 2025 has been limited to the local purchasing, assaying, and export of gold on behalf of the Bank of Ghana, stressing that “the selling or trading of gold purchased by GoldBod to off-takers lies in the exclusive domain of the BoG.”

He also dismissed claims regarding off-taker fees, stating, “For the records, there is nothing like ‘GoldBod off-taker fees’ under the ASM gold trading program. That assertion is incorrect.”

According to him, the only fees charged by GoldBod are a statutory Assay Fee of 0.25 percent and a Service Charge of 0.5 percent, both inherited from a 2023 Gold Purchase Agreement between the Bank of Ghana and the now-defunct Precious Minerals Marketing Company (PMMC).

The GoldBod CEO further disclosed that the institution generated over US$10 billion in foreign exchange in 2025 alone through ASM gold purchases for the Bank of Ghana, contributing significantly to increased reserves and the stabilisation of the cedi.

He added that GoldBod is scheduled to fully take over the ASM gold trading programme in January 2026, describing the future of the sector as “bright for Ghana.”

Read the full statement below:



FKA/MA