Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has strongly defended the release of GH¢4.5 billion to the institution in 2025, rejecting claims that the allocation was evidence of the siphoning of public funds.

Speaking on Joy FM's Super Morning Show, Gyamfi responded to comments by the Chairperson of Parliament's Public Accounts Committee (PAC) and Member of Parliament for Atiwa East, Abena Osei-Asare, insisting that Parliament lawfully approved the funds as revolving seed capital for the operations of the Ghana Gold Board.

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According to him, the allocation was explicitly captured in the 2025 Budget Statement and was intended to support the newly established institution's gold trading activities.

"Check the 2025 Budget Statement of government. In that 2025 Budget Statement of government, the Ministry of Finance provided a revolving seed capital for the Ghana Gold Board, an amount of GH¢4.5 billion. That is contained in the 2025 Budget Statement."

Gyamfi explained that although the allocation had been approved in the budget, the funds were only released by the Ministry of Finance at the end of December 2025 after the ministry received the necessary resources.

"That money was not released to the Gold Board until the end of December 2025. I think we got the money in our account on the 31st or 30th of December 2025. So how is that a crime if the Minister of Finance makes a budgetary allocation for you in the budget and releases that money to you?"

He questioned suggestions that the release of the funds amounted to the siphoning of public money, arguing that the allocation followed due process and was consistent with Ghana's public financial management framework.

"How is that evidence of Gold Board siphoning public funds? All these people have suddenly forgotten about what they know or what they ought to know about public financial administration," he said.

The GoldBod CEO also criticised Abena Osei-Asare, saying her comments were surprising given her role as Chairperson of the Public Accounts Committee.

"This Abena Osei-Asare is the Chairperson of the Public Accounts Committee."

Mr Gyamfi noted that GoldBod's 2025 financial statements had already been audited by the Auditor-General and said the institution received no adverse findings.

"The 2025 audited financial statements of the Gold Board have been audited and published by the Auditor-General. There was not even one adverse report, not one."

He further disclosed that GoldBod recorded an operational surplus of GH¢909 million in 2025, which he said was generated from the institution's internally generated funds rather than government support.

According to him, the government's revolving seed capital was only received at the end of the financial year and therefore did not contribute to the institution's operational performance during the period.

"We declared an operational surplus of GH¢909 million. No taxpayers' money was paid to us throughout 2025 because government's intervention in the form of revolving seed capital came on or about the 30th of December 2025," he stated.

Gyamfi challenged the PAC Chairperson to rely on the Auditor-General's report if she had concerns about GoldBod's financial management, insisting there was no evidence of misappropriation or siphoning of public funds.

"I dare her and invite the Gold Board to come and show us one piece of evidence of siphoning of public funds or misappropriation of public funds in our audited financials."

Responding to concerns that the Bank of Ghana incurred losses under its Domestic Gold Purchase Programme, Mr Gyamfi argued that the central bank's operations should not be conflated with those of GoldBod because the two institutions have separate mandates and financial structures.

He maintained that losses recorded by the Bank of Ghana under its gold purchase programme could not be attributed to GoldBod, stressing that they are distinct corporate entities with different operational responsibilities.

NA/BAI

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