The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has strongly rejected allegations by the Chairperson of the Public Accounts Committee (PAC) of Parliament, Abena Osei-Asare that the institution siphoned public funds.
He insisted that GoldBod’s audited financial statements show no evidence of financial misappropriation.
At a press conference in Parliament on Thursday, July 23 after the mid-year budget presentation, Abena Osei-Asare raised concerns over funds released to GoldBod.
She questioned why the Bank of Ghana and the Finance Ministry would spend a total of GHC4.5 billion on GoldBod alone, alleging that the institution is siphoning public funds.
“The Bank of Ghana had spent $900 million on GoldBod. When you look in the mid-year budget review, it also gives you your 2025 actuals and in the 2025 actuals, for the last quarter, the Finance Ministry also spent another $297 million on GoldBod, translating into GHC4.5 billion.
“Let’s ask them, what is it at all with GoldBod that is siphoning so much money from us?” she stated.
Responding to the claims on Joy FM Morning Show, Friday, July 24, Mr. Gyamfi said the GH¢4.5 billion released to GoldBod was a budgetary allocation approved by Parliament in the 2025 Budget to serve as revolving seed capital for the institution’s trading operations.
According to him, although the allocation was captured in the 2025 Budget Statement, the Ministry of Finance did not release the funds until the end of December 2025.
“The Ministry of Finance is obligated to release that money to the GoldBod as revolving capital for our trade operations. We only received the funds on December 30 or 31, 2025. How is it a crime for the Ministry to release money that Parliament approved in the budget?” he questioned.
Mr. Gyamfi argued that describing the release of the approved funds as evidence of “siphoning public funds” was misleading and demonstrated a misunderstanding of how public financial management works.
Mr. Gyamfi challenged Abena Osei Asare to produce evidence to support its allegations.
“I am daring her to pick our audited financial statements and invite GoldBod to come and show one piece of evidence of siphoning or misappropriation of public funds,” he said.
He accused the Minority of taking contradictory positions, noting that while they had criticised the Finance Minister for failing to release funds to ministries and agencies, they were now accusing GoldBod of wrongdoing because it received its approved budget allocation.
The GoldBod CEO urged Abena Osei-Asare to consult the institution’s audited financial statements before making allegations.
“Our 2025 audited financial statements have been audited and published by the Auditor-General. There was not even one adverse report,” he said.
Mr. Gyamfi further revealed that GoldBod recorded an operational surplus of GH¢909 million in 2025, which he said was generated entirely from the institution’s internally generated funds (IGF), not from taxpayer money.
According to him, because the government’s revolving capital was released only at the end of December 2025, GoldBod’s operations throughout the year were financed without government subvention.
He added that when the government’s revolving capital is combined with the institution’s operational surplus, GoldBod recorded an overall surplus of GH¢5.4 billion.
