GoldBod CEO Sammy Gyamfi Denies $1.7 Billion Alleged Loss at PAC Hearing

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Hon. Sammy Gyamfi, has forcefully dismissed claims that the state agency suffered a $1.7 billion loss. Appearing before Parliament’s Public Accounts Committee (PAC) today, October 13, 2026, Mr. Gyamfi stated that the alleged deficit is entirely "alien" to GoldBod’s financial structure. He emphasized that the figure "has no expression in the financials of GoldBod," seeking to set the record straight on the board's balance sheet. 

​During the committee session, Mr. Gyamfi offered a detailed clarification regarding the origin of the $1.7 billion figure, explaining that any associated financial adjustments relate to central bank policy operations rather than operational losses by GoldBod. He reaffirmed that GoldBod operates within strict financial guidelines and continues to perform its mandate without the reported deficit dragging down its corporate books. To reinforce his point, the CEO noted that the institution remains financially sound and focused on delivering on its strategic mandate for the country.

​However, the Committee’s proceedings highlighted lingering concerns from lawmakers regarding public account transparency. PAC Chairperson Hon. Abena Osei-Asare maintained that the multi-billion dollar amount cannot simply be overlooked and requires a thorough, transparent explanation. She pointed out that while GoldBod maintains its independence from the transaction, the Bank of Ghana (BoG) will still need to clarify figures directly tied to its own financial accounts to satisfy oversight requirements.

​The encounter underscores ongoing parliamentary scrutiny into state agencies and foreign exchange operations tied to national gold trading programs. As the Public Accounts Committee continues its audit sittings, stakeholders are watching closely for the Bank of Ghana’s expected representation to further unpack the financial details and bring complete closure to the debate.

@Volta Today