Ghana Gold Board (GOLDBOD) Chief Executive Officer Sammy Gyamfi has rejected claims that the state-owned gold-buying institution incurred losses of $1.7 billion in 2025, describing the allegation as a “barefaced lie”.

Speaking at the Government Accountability Series on Wednesday, 19 August, Gyamfi said the figure did not reflect GOLDBOD’s financial performance for the 2025 financial year.

He accused the opposition, particularly Minority Leader Alexander Afenyo-Markin, of repeatedly making the claim in Parliament and through the media despite GOLDBOD’s previous denials.

Gyamfi said GOLDBOD’s audited financial statements should be the basis for assessing the institution’s performance rather than what he described as politically motivated claims.

“Afenyo-Markin and his followers alleged on several occasions on the floor of Parliament and the media that the Ghana Gold Board made losses in the year 2025 repeatedly. This claim is a barefaced lie which has been debunked times without number by the GoldBod,” he said.

He said the audited annual report and financial statements for the year ended December 31, 2025, showed that GOLDBOD recorded an operational surplus of GH¢907 million and an overall surplus of GH¢5.4 billion.

“The audited annual reports and financial statements of the GoldBod for the year ended December 31, 2025, prepared and published by the Auditor General of Ghana, disclose an operational surplus of GHS907 million and an overall surplus of profits of GHS5.4 billion. This is an incontrovertible fact,” he said.

The comments come amid an ongoing dispute over the financial impact of Ghana’s Domestic Gold Purchase Programme (DGPP), which involved the Bank of Ghana and gold-buying agents.

The International Monetary Fund has reported significant losses associated with the programme, while GoldBod has maintained that such losses should not be equated with losses incurred by the institution itself.