The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has defended the operational model of the Board, stressing that gold trading cannot be managed in the same manner as cocoa and dismissing claims that GoldBod recorded a US$214 million loss.

Speaking on JoyNews’ Newsfile, Mr Gyamfi explained that the pricing structure in the cocoa sector is fundamentally different because cocoa farmers benefit from extensive state support, including fertilisers, agrochemicals and farm rehabilitation programmes. These incentives, he noted, justify discounts of between 30 and 40 per cent on cocoa prices.

According to him, no such support mechanisms exist in the gold sector, making it impossible for GoldBod to purchase gold at discounted rates or operate the same trading model used by the Ghana Cocoa Board.

“Cocoa farmers sometimes accept prices that are 30 to 40 per cent discounted because they receive fertilisers, chemicals and rehabilitation support. GoldBod does not provide such incentives to miners, so there is no justification to buy gold at a discount or trade gold the same way cocoa is traded,” he stated.

Mr Gyamfi also pointed to the inherent differences between the two commodities, noting that cocoa is bulky and difficult to smuggle, while gold is compact, high in value and easily transported across borders.

“You don’t manage cocoa the way you manage gold. When drawing comparisons in this debate, we must compare like with like, not apples with oranges,” he added.

Addressing reports of a US$214 million loss, the GoldBod CEO described the claims as misleading, revealing that the Board generated more than GH¢960 million in revenue in 2025, while total expenditure remained below GH¢120 million, based on unaudited management accounts.

He explained that as a public institution, GoldBod does not declare profits but surpluses, and is projected to record a conservative surplus of between GH¢700 million and GH¢800 million for the 2025 financial year.

Mr Gyamfi further emphasised that the performance of a state-owned enterprise should be assessed in relation to its core mandate rather than profit alone.

While acknowledging that the Cocoa Board often records losses, he said GoldBod was established primarily to generate foreign exchange and support the accumulation of Ghana’s gold reserves.

“In assessing the efficiency of our model, you don’t look at cost alone, even if there were carrying costs—which there aren’t,” he stated.

He maintained that GoldBod’s operations remain sound and aligned with its strategic objective of strengthening Ghana’s external position and supporting macroeconomic stability.