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Ghana Gold Board CEO defends GH¢4.5 billion allocation amid siphoning claims
via GhanaWeb3 min read
Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board GoldBod, has defended the GH¢4.5 billion allocation to the institution in 2025, refuting claims of public fund siphoning. Speaking on Joy FM's Super Morning Show, Gyamfi stated that Parliament lawfully approved the funds as revolving seed capital for GoldBod's operations, explicitly captured in the 2025 Budget Statement. He explained that the Ministry of Finance released the funds at the end of December 2025 after receiving necessary resources. Gyamfi questioned suggestions that the release constituted siphoning, arguing it followed due process and Ghana's public financial management framework. He criticized Abena Osei-Asare, Chairperson of Parliament's Public Accounts Committee PAC, for her comments, given her role. Gyamfi noted that GoldBod's 2025 financial statements were audited by the Auditor-General with no adverse findings and reported an operational surplus of GH¢909 million in 2025 from internally generated funds, as the government's seed capital was received at the financial year's end. He challenged the PAC Chairperson to find evidence of misappropriation in GoldBod's audited financials. Gyamfi also clarified that losses incurred by the Bank of Ghana under its Domestic Gold Purchase Programme should not be conflated with GoldBod's operations, as they are distinct entities with separate mandates.
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