Alleged $1.7bn GoldBod Loss Does Not Reflect Our Books – Sammy Gyamfi

In an Official Facebook Post on 13 October 2026, Kojo Anane Sonkondo reported remarks made by Lawyer Sammy Gyamfi, CEO of the Ghana Gold Board (GoldBod), during his appearance before Parliament’s Public Accounts Committee. Gyamfi categorically rejected claims that GoldBod was responsible for a $1.7 billion loss, insisting that the figure does not appear anywhere in the company’s financial records.

According to him, the Auditor‑General’s audited report paints a very different picture. He explained that GoldBod recorded an operational surplus of GH¢900 million and a total surplus of GH¢5.4 billion, which directly contradicts the allegations of massive losses. Gyamfi emphasized that the institution’s books are transparent and available for scrutiny, and that the claims of losses are politically motivated attempts to tarnish GoldBod’s reputation.

His testimony before the Committee is part of a broader debate about accountability and resource management in Ghana’s gold sector. The alleged $1.7 billion loss has been a recurring talking point in political discourse, with critics pointing to the Bank of Ghana’s Domestic Gold Purchase Programme as the source of financial strain. Gyamfi, however, clarified that GoldBod’s role was limited to acting as a buying agent and that it had no involvement in determining prices or selling gold.

The controversy underscores the tension between political narratives and institutional records. While opponents of GoldBod argue that its operations deserve closer scrutiny, Gyamfi’s defense highlights the importance of relying on audited reports rather than speculation. His insistence that the company has not recorded losses but instead surpluses reflects an effort to restore public confidence in GoldBod’s management.

Public reaction to his statement has been divided. Supporters praised his clarity and reliance on official records, arguing that it exposes misinformation. Critics, however, maintain that the IMF’s mention of fees paid to GoldBod warrants further investigation, even if they were legitimate service charges. The debate reveals the challenges of balancing political accountability with institutional credibility in Ghana’s resource sector.

Ultimately, Gyamfi’s testimony is a reminder of the need for transparency and vigilance in national discourse. Allegations of losses must be substantiated with evidence, and institutions like GoldBod must continue to defend their integrity through audited reports and open communication. The Public Accounts Committee’s proceedings will likely remain a focal point for discussions about how Ghana manages its natural wealth and ensures accountability in its institutions.

Source: Kojo Anane Sonkondo, Official Facebook Post, 13 October, 2026.