Accra: Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has strongly defended the release of GHS4.5 billion to the institution in 2025, rejecting claims that the allocation was evidence of the siphoning of public funds. Speaking on Joy FM's Super Morning Show, Gyamfi responded to comments by the Chairperson of Parliament's Public Accounts Committee (PAC) and Member of Parliament for Atiwa East, Abena Osei-Asare, insisting that Parliament lawfully approved the funds as revolving seed capital for the operations of the Ghana Gold Board.
According to Ghana Web, the allocation was explicitly captured in the 2025 Budget Statement and was intended to support the newly established institution's gold trading activities. Gyamfi emphasized that the approval and subsequent release of the funds were in line with Ghana's public financial management framework. He explained that the Ministry of Finance only released the funds at the end of December 2025, after securing the necessary resources, dismissing any allegations of financial misconduct.
Gyamfi questioned suggestions that the release of the funds amounted to the siphoning of public money. He argued that the allocation followed due process, urging critics to refer to the 2025 Budget Statement, which clearly outlined the government's financial commitment to GoldBod. Furthermore, he expressed surprise at Abena Osei-Asare's comments, given her role as the Chairperson of the Public Accounts Committee, and invited her to rely on the Auditor-General's report for any concerns regarding GoldBod's financial management.
The GoldBod CEO also highlighted that the institution's 2025 financial statements had been audited by the Auditor-General, resulting in no adverse findings. He noted that GoldBod recorded an operational surplus of GHS909 million in 2025, generated from its internally generated funds rather than government support. Gyamfi clarified that the government's revolving seed capital was received at the end of the financial year and did not contribute to the institution's operational performance during the period.
Addressing concerns about the Bank of Ghana's losses under its Domestic Gold Purchase Programme, Gyamfi argued that the central bank's operations should not be conflated with those of GoldBod. He stressed that the two institutions have separate mandates and financial structures, and losses recorded by the Bank of Ghana could not be attributed to GoldBod.
Gyamfi concluded by challenging the PAC Chairperson to provide evidence of any misappropriation or siphoning of public funds from GoldBod's audited financials, reiterating the institution's transparency and compliance with financial regulations.