By: Ibrahim Issah /
The Ghana Gold Board (GoldBod) has rejected claims of a $214 million loss under the Gold-for-Reserve (G4R) program, stating that the institution has made significant profits in 2025. According to GoldBod CEO Sammy Gyamfi, the entity is set to declare an income surplus of not less than GH¢600 million for the year.
The International Monetary Fund (IMF) had flagged the alleged losses as a downside risk to Ghana’s macroeconomic stabilization, attributing them to trading losses and “GoldBod off-taker fees”. However, Gyamfi dismissed these claims, stating that GoldBod’s role is limited to local purchasing, assaying, and exporting gold for the Bank of Ghana, while trading and sales are handled by the central bank.
The controversy highlights concerns about transparency and accountability in Ghana’s gold trading operations. The Bank of Ghana has acknowledged losses but attributes them to operational costs and trading shortfalls.
