The claims made in the International Monetary Fund’s (IMF) Fifth Review report under Ghana’s three-year Extended Credit Facility (ECF) programme that the Bank of Ghana (BoG) suffered losses of roughly US$214 million under the Gold-for-Reserve (G4R) programme have been categorically denied by the Ghana Gold Board (GoldBod).
According to the IMF’s report, trading losses under the Artisanal and Small-scale Mining (ASM) doré gold transactions component and what it called “GoldBod off-takers’ fees” were the main causes of the alleged losses, which it identified as a major downside risk to Ghana’s larger macroeconomic stabilisation agenda.
However, GoldBod’s CEO, Sammy Gyamfi, responded with a thorough post on his Facebook page on December 24, 2025, calling the assertions false and deceptive and maintaining that the organisation has not experienced any losses in 2025.
First and foremost, there have been no losses for the Ghana Gold Board. Instead, under its gold trading activities, the GoldBod has achieved a substantial profit or surplus in 2025,” he said.
The organisation is “set to declare an income surplus of not less than GH¢600 million for the year 2025,” according to GoldBod’s website’s unaudited financial figures, he continued.
Gyamfi emphasised that “the selling or trading of gold purchased by GoldBod to off-takers lies in the exclusive domain of the BoG” and further explained that GoldBod’s function in 2025 has been restricted to the local acquisition, assaying, and export of gold on behalf of the Bank of Ghana.
“For the records, there is nothing like ‘GoldBod off-taker fees’ under the ASM gold trading programme,” he added, rejecting allegations of off-taker payments. That claim is untrue.
He claims that the only costs that GoldBod charges are a statutory assay fee of 0.25 per cent and a service charge of 0.5 per cent, which were both carried over from a 2023 Gold Purchase Agreement between the Bank of Ghana and the now-defunct Precious Minerals Marketing Company (PMMC).
The CEO of GoldBod also revealed that ASM gold purchases for the Bank of Ghana brought in over US$10 billion in foreign money in 2025 alone, greatly boosting reserves and stabilising the cedi.
The future of the industry is “bright for Ghana,” he continued, adding that GoldBod is slated to fully take over the ASM gold trading programme in January 2026.
See the complete statement below: