Ghana Gold Board (GoldBod) Chief Executive Officer Sammy Gyamfi has rejected claims that the institution incurred a $1.7 billion loss, equivalent to about GH¢22 billion, insisting that the figure does not appear in its financial records.

Gyamfi made the clarification when he appeared before Parliament’s Public Accounts Committee (PAC), alongside Deputy Finance Minister Thomas Nyarko Ampem, to respond to questions about GoldBod’s financial performance.

PAC Chairperson Abena Osei-Asare raised concerns about the reported $1.7 billion loss and asked Gyamfi to explain the figure.

In response, Gyamfi maintained that the amount had no basis in GoldBod’s financial statements, arguing that the claim was not supported by the institution’s records.

He further stated that the Auditor-General had made no finding that GoldBod had incurred the reported loss.

According to Gyamfi, GoldBod recorded an operational surplus of about GH¢900 million and a total surplus of approximately GH¢5.4 billion.

“The figure you are mentioning has no expression in the financials of GoldBod,” he told the committee.

However, Osei Asare said the disputed amount had become a subject of public discussion and that the Bank of Ghana (BoG) needed to provide further clarification.

She explained that the central bank had initially funded GoldBod’s operations before announcing that it would discontinue the arrangement.

The PAC chairperson noted that the Bank of Ghana was expected to appear before the committee but could not attend because of the IMF-World Bank Annual Meetings.

She said the central bank would have an opportunity to explain its role in funding GoldBod and address questions surrounding the disputed figure when it appears before the committee.

Gyamfi reiterated that the $1.7 billion figure was not reflected in GoldBod’s financial records, adding that the Bank of Ghana would be better placed to explain figures relating to its own accounts.

The committee is expected to revisit the matter when the central bank appears before it.