The Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, has dismissed claims that the Gold Board is making losses or shielding poor financial performance.
He said the institution was never created as a profit-making entity.
Speaking on the KeyPoints with Alfred Ocansey, Mr. Gyamfi said the Gold Board is a strategic national institution, established to support Ghana’s gold reserves and strengthen the country’s macroeconomic stability, not to operate like a typical commercial business.
“The Gold Board is not a commercial venture established for the purpose of making profits. We are mandate-driven, not profit-driven,” he stressed on December 27.
According to him, the law establishing the Gold Board is clear on its objectives, which focus on national interest rather than profitability.
He explained that the Gold Board Act deliberately avoids the use of the terms “profit” and “loss” because the institution’s success must be measured by its impact on the economy, not its balance sheet.
“Even if we make losses in the discharge of our mandate, we will not shy away from it. What matters is whether that loss produced benefits for the country,” he said.
Mr. Gyamfi clarified that contrary to suggestions circulating in public discourse, the Gold Board has not recorded losses since it began operations eight months ago.
He said the Board has published its financial statements as required by law and encouraged the public to verify them.
“The IMF has not said the Gold Board has made losses. That narrative is simply not true, and we must put that matter to rest,” he stated.
He explained that the Board inherited assets, liabilities, and contracts from the Precious Minerals Marketing Company when it was established, and its financial performance must be understood within that context.
Addressing claims that the Bank of Ghana is concealing losses linked to the gold-for-reserves programme, Mr. Gyamfi said the issue is not about denial but accounting treatment and financial reporting standards.
“The Bank of Ghana is not running away from any loss. These are accounting issues that have been referred to external auditors to ensure fairness and balance,” he explained.
He noted that the Bank of Ghana has recorded far larger losses in previous years without controversy, questioning why a comparatively smaller figure is now being sensationalised.
“Why would the Bank of Ghana run away from a figure that is far smaller than the recurring losses it has recorded in the last three years?” he asked.
Defending the programme’s economic value, Mr. Gyamfi cited improvements in macroeconomic indicators, including a significant appreciation of the cedi and a sustained decline in inflation.
“The cedi has appreciated by almost 35 percent, and inflation has reduced for 11 consecutive months. That is real value to the Ghanaian economy,” he said.
He argued that if Ghana had borrowed $10 billion externally instead, the interest payments alone would have exceeded any losses associated with the gold-for-reserves programme.
“In this country, we know the cost of everything but the value of nothing. There is a cost to every economic decision,” he remarked.
By Christabel Success Treve
