The Chief Executive Officer of the Ghana Gold Board says more than 97 per cent of the reported losses linked to the Bank of Ghana’s gold purchasing programme result from exchange rate translation, not operational failings.

Mr Sammy Gyamfi made the assertion during a panel discussion on Joy FM’s Newsfile programme on Saturday, January 3, 2026.

He said the figures being described as losses stem from accounting treatment rather than any wrongdoing by the central bank or the Ghana Gold Board.

Mr Gyamfi explained that gold purchases are made at prevailing market exchange rates applicable to non-bank transactions, while accountants later translate the foreign exchange component using Bank of Ghana rates.

“We have explained that the bulk of this cost, which people are calling losses, over 97 per cent, comes from exchange rate translation differentials. We buy gold at market exchange rates, but the foreign exchange purchases are later converted at Bank of Ghana rates,” he said.

He was responding to claims that GoldBod had incurred large losses and passed them onto the Bank of Ghana’s books.

Mr Gyamfi rejected the claims and said GoldBod had not recorded any losses since it was set up in April 2024. He said the institution was on track to declare a surplus of between GH¢700 million and GH¢800 million for 2025.

According to him, GoldBod generated revenue of a little over GH¢960 million in 2025, while expenditure for the same period stood below GH¢120 million.

Mr. Gyamfi noted that, as a public corporation, GoldBod does not declare profits but records a surplus, drawing a clear line between commercial profit-making entities and public institutions.

“When you hear people talking about GoldBod losses, maybe they are dreaming or hallucinating. We have not made any losses. These are imaginary,” he said.

On the Gold for Reserves programme, Mr Gyamfi said it was not initiated by GoldBod. He explained that it is a Bank of Ghana monetary policy programme introduced in 2022, two years before GoldBod was established.

He said the programme has always been funded by the Bank of Ghana and recorded in the central bank’s accounts, including in 2022, 2023 and 2024, when the New Patriotic Party was in government.

Mr Gyamfi said any reported losses under the Gold for Reserves programme were not the result of poor management at the Bank of Ghana. He said the outcomes were linked to the design of the policy itself, which was intended to support price stability.

Turning to GoldBod’s gold buying strategy, Mr Gyamfi defended the decision to buy gold above prevailing prices. He said the approach was adopted to curb smuggling.

He said a three per cent discount in 2021 led to a sharp drop in artisanal and small scale mining gold output from 39.3 tonnes to 3.4 tonnes.

“We buy gold at a premium to fend off smugglers. Gold is small in size but high in value. You can put one kilogramme in your pocket and cross a border without detection,” he said.

Mr Gyamfi also said Ghana’s small scale gold sector brought in more foreign exchange than the large scale mining sector in 2025, for the first time.

He said the small-scale sector generated about US$10.8 billion, while the large-scale sector brought in about US$2.4 billion.

On transparency, Mr Gyamfi said the Bank of Ghana raises syndicated cedis for GoldBod through an auction process. He added that all licensed gold buyers, including Bawa Rock Company Limited, are published on GoldBod’s website.

He said Bawa Rock was registered on January 14, 2015, and changed its name from Bawa Rock Limited to Bawa Rock Company Limited on November, 20, 2023.

He said a change of name did not amount to a change in the company’s business objects.

Mr Gyamfi also said GoldBod works with seven off takers, not one or two as had been reported. He mentioned Gold Saddle, Sovereign, Pinnacle, Alpha Stream, Stonex and Bullion among them.

The Ghana Gold Board was established under Act 1095 in April 2024 to bring state control over gold trading, support foreign exchange inflows and build the country’s gold reserves. It took over the operations of the former Precious Minerals Marketing Company.