Sammy Gyamfi
The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has indicated that the Board has recovered GH¢38.7 million, representing 69.2 percent of the GH¢55.9 million owed to its predecessor, the Precious Minerals Marketing Company (PMMC), by third parties.
Mr. Gyamfi disclosed this when he appeared before Parliament’s Public Accounts Committee (PAC) yesterday, explaining that the debts were identified during an audit of PMMC’s financial statements for 2020 to 2024, which had not been audited for five consecutive years.
“When we assumed office in January 2025, we found out that the financials of the PMMC, the antecedent of the Gold Board, had not been audited for five consecutive years, which is from the year 2020 to 2024,” he said.
He said the audit exercise revealed that third parties owed PMMC GH¢55.88 million as of December 31, 2023.
According to Mr. Gyamfi, management subsequently issued demand notices to recover the outstanding amounts and had retrieved GH¢38.71 million as of September 30, 2026. The remaining GH¢17.1 million is being pursued through court proceedings and other civil recovery measures.
“Of the remaining amount of GH¢17.1 million, approximately GH¢7.5 million is involved in matters before courts of competent jurisdiction, and an amount of approximately GH¢9.6 million relates to debts that we are currently pursuing through various civil options like demand notices and negotiations with the parties concerned,” he said.
He expressed optimism that the Board would recover more of the outstanding debt before the end of the year.
“We hope that by the end of this year we will have even increased what we have recovered so far,” he said.
GoldBod does not trade in forex
Meanwhile, Mr Gyamfi has dismissed claims that the Board trades in foreign exchange, explaining that it only sells forex generated through its statutory gold operations to make the proceeds available to the country.
He said GoldBod was established under the Ghana Gold Board Act, 2025 (Act 1140), with a mandate to generate foreign exchange for Ghana and support the Bank of Ghana’s gold reserve accumulation.
“The Gold Board does not trade currency. The word trade means or connotes the buying and selling of a commodity. The Gold Board does not buy currency,” he told the Committee.
He explained that, unlike licensed foreign exchange dealers who buy and sell currencies, GoldBod sells only the foreign exchange generated through its statutory operations.
“We only sell effects that we generate from our statutory functions. And that is grounded on Section 2B of the Ghana Gold Board Act, which mandates us to generate foreign exchange,” he said.
Mr. Gyamfi argued that selling the foreign exchange generated through its operations was necessary to fulfil the Board’s mandate, as the proceeds provide the cedis needed to purchase gold.
He added that GoldBod operates within a foreign exchange market regulated by the Bank of Ghana, which oversees the sale of foreign exchange.
The GoldBod CEO also disclosed that the Board wrote to the Central Bank on September 23, 2026, seeking guidance and authorisation for its funding model after obtaining policy approval from its supervising minister, the Minister of Finance.
“I’m happy to inform the committee that the Bank of Ghana has given us that guidance and authorisation,” he said.
A Daily Guide Report