Ghana Gold Board (GoldBod) chief executive Sammy Gyamfi says the Auditor-General was given unrestricted access to the institution’s financial records and rejected allegations that key information was withheld during its examination of the board’s 2025 accounts.
Speaking at the government’s Accountability Series on Wednesday, 19 August 2026, Mr Gyamfi said GoldBod had supplied every document requested by the audit team and responded satisfactorily to all issues raised in the management letter.
He challenged journalists to verify that account directly with the Auditor-General, arguing that the resulting audit report contained no adverse findings against GoldBod.
Mr Gyamfi said the report did not identify losses, breaches of procurement rules or violations of the Public Financial Management Act.
“They now claim that the Auditor-General did not have access to the full picture concerning the operations of GoldBod. This position betrays either a lack of understanding of how an external audit is conducted, or a deliberate determination to undermine yet another independent state institution when its findings do not suit their narratives,” he said.
According to the Auditor-General’s report, GoldBod recorded an operational surplus of GH¢909.7 million during the 2025 financial year. Its overall surplus for the year was reported as GH¢5.44 billion.
Mr Gyamfi strongly disputed claims by Minority Leader Alexander Afenyo-Markin that GoldBod had made substantial losses.
“We have not made any losses as claimed by the Minority Leader,” Mr Gyamfi said, calling the allegation “a bare-faced lie”.
He also challenged Mr Afenyo-Markin to identify the evidence for the claim in the Auditor-General’s report.
“point to any page, paragraph, sentence, phrase or punctuation mark in the said referenced report to prove the loss by GoldBod.”
The comments followed a press conference held by Mr Afenyo-Markin in Parliament on Tuesday, 18 August. The Minority Leader alleged that the Domestic Gold Purchase Programme, operated through GoldBod, recorded losses of more than US$1.7 billion approximately GH¢22 billion in 2025.
Mr Afenyo-Markin cited IMF Country Report No. 26/213 in support of his claim. He argued that GoldBod’s reported surplus did not provide the complete financial picture because transaction costs were allegedly absorbed by the Bank of Ghana instead of being recorded in GoldBod’s accounts.
Mr Gyamfi rejected that interpretation and said it was not supported by the IMF’s findings.
“It is important for us not to attribute the IMF to what they have not said. They have not said that the GoldBod is the one that caused the Bank of Ghana to lose 1.7 billion dollars,” he said.
He added that the Bank of Ghana had recorded losses linked to the same programme before GoldBod was established.
“There was no GoldBod in 2024,” he said, referring to a separate loss of $400 million that the IMF report attributed to 2024.
Mr Gyamfi questioned the basis for assigning those losses to GoldBod, saying the two organisations were separate legal entities.
“Where in the world is one body corporate blamed for accounting losses incurred by another independent, separate and distinct body corporate without any evidentiary basis?” he asked.
