The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has strongly rejected claims that the institution has incurred losses, describing such assertions as “imaginary” and politically motivated.

Mr Gyamfi accused critics of the government and GoldBod of deliberately misrepresenting the Board’s financial performance out of a desire to see both the institution and the Mahama administration fail.

In a Facebook post on December 27, 2025, he argued that GoldBod remains a surplus-making entity and that claims of losses are unfounded. “In their desperation to see the transformational GoldBod and the Mahama government fail, the doom-wishers have created ‘by force’ imaginary losses and are aggressively imposing them on the surplus-making GoldBod. How ridiculous,” he stated.

He explained that the Domestic Gold Purchase Programme (DGPP), which underpins GoldBod’s operations, involves inherent costs to the central bank—costs he said critics had previously ignored while promoting the policy.

According to Mr Gyamfi, the DGPP was designed after a careful assessment of its costs relative to its broader economic benefits, adding that the current administration has delivered strong results within a short time.

He further criticised what he described as double standards by opponents, noting that the same administration of the Bank of Ghana now being attacked has achieved price stability and delivered results in a year that previous governments failed to accomplish over a longer period.

Mr Gyamfi reaffirmed GoldBod’s commitment to transparency and performance, insisting that its operations remain sound and beneficial to the wider economy.

Check out Sammy Gyamfi’s Facebook piece below: