GoldBod Rejects Loss Claims, Cites GH¢5.44bn Surplus as Defence of State Gold Strategy

Ghana Gold Board (GoldBod) has forcefully dismissed allegations by members of the opposition New Patriotic Party (NPP) that it is operating at a loss, insisting that its audited financial statements show a strong surplus and underscore the institution’s growing role in strengthening the country’s external position.

In a strongly worded statement, GoldBod Chief Executive Officer Sammy Gyamfi said the state gold trading agency recorded an operational surplus of GH¢909.7 million and an overall surplus of GH¢5.44 billion for the 2025 financial year, figures contained in the organisation’s audited annual report prepared by the Auditor-General.

The response follows renewed criticism from sections of the NPP Minority Caucus, who have alleged that the GoldBod is losing money and mismanaging public funds. Gyamfi dismissed the claims as false and politically motivated, arguing that they are contradicted by independently audited financial records.

According to GoldBod, the institution has continued to deliver against its strategic objectives despite a challenging market environment marked by a more than 23% decline in international gold prices since February 2026 and a reduction in pricing incentives under its baseline implementation programme from roughly 14% to 6%.

The agency said it remains on course to meet its surplus target for the 2026 financial year while maintaining strong performance across key operational indicators, including gold purchases, foreign exchange generation, support for Ghana’s gold reserve accumulation, local value addition and sustainability initiatives.

The latest defence comes as GoldBod assumes an increasingly central role in Ghana’s broader macroeconomic strategy, with gold exports serving as a critical source of foreign exchange and helping to bolster reserves amid efforts to stabilise the cedi and strengthen public finances.

Gyamfi urged the public and investors to rely on the institution’s audited financial statements rather than what he described as “baseless” political accusations, adding that GoldBod would remain focused on executing its mandate despite mounting political scrutiny.

The dispute highlights the growing political attention surrounding Ghana’s gold sector, where state intervention through GoldBod has become a key pillar of the government’s economic management strategy. With the institution expected to play an even larger role in reserve accumulation and foreign exchange generation, its financial performance is likely to remain under close scrutiny from both investors and political stakeholders.