The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has rejected claims that the institution’s gold trading operations are making losses, insisting that its audited financial records show a surplus of more than GH¢5.4 billion in the previous financial year.

Speaking at the Mining in Motion Summit in Accra on Tuesday, October 20, 2026, Gyamfi said Ghana must prioritise policies that protect its economic interests rather than rely solely on recommendations from international financial institutions.

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His comments follow concerns raised by the International Monetary Fund (IMF) about the financial implications of GoldBod’s operations, particularly the costs associated with efforts to curb gold smuggling and their impact on the Bank of Ghana’s balance sheet.

Addressing the concerns, Gyamfi argued that the benefits of protecting Ghana’s gold resources must be considered when assessing the institution’s performance.

He maintained that GoldBod’s operations should not be judged solely by the costs involved in implementing its policies.

“At a forum like this where we as Africans have gathered, it is important for us to focus on the things that advance our national interest as Africans and not what is in the interest of institutions of the West like the IMF,” he said.

The GoldBod CEO cited the institution’s financial records to support his position, disclosing that it recorded a total surplus of more than GH¢5.4 billion in the previous financial year. He also stated that its operational surplus stood at GH¢900 million.

“There is nothing like losses related to GoldBod’s operations. Even as you have seen our audited financials, we generated over GH¢5.4 billion in surplus last year,” Gyamfi stated.

He acknowledged that the IMF had a role in commenting on Ghana’s economic policies under the country’s programme with the institution. However, he stressed that such concerns should not prevent the government from pursuing measures it considers beneficial to the country.

“Where we have to collaborate, we collaborate. Where we have to share ideas, we share ideas. But where opinions conflict, we will approve what is in our national interest,” he added.

Gyamfi reaffirmed GoldBod’s commitment to managing Ghana’s gold resources in a manner that supports the national economy.

ANAS/MA

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