{"id":367192,"date":"2025-12-25T02:38:09","date_gmt":"2025-12-25T02:38:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/367192\/"},"modified":"2025-12-25T02:38:09","modified_gmt":"2025-12-25T02:38:09","slug":"goldbod-rejects-imf-claims-of-214m-loss-in-bog-gold-for-reserve-program","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/367192\/","title":{"rendered":"GoldBod rejects IMF claims of $214m loss in BoG Gold-for-Reserve program"},"content":{"rendered":"

\"GoldBod <\/a>GoldBod CEO, Sammy Gyamfi described the claims as inaccurate and misleading<\/p>\n

The Ghana Gold Board (GoldBod) has strongly rejected claims contained in the International Monetary Fund<\/a>\u2019s (IMF) Fifth Review report under Ghana\u2019s three-year Extended Credit Facility (ECF) programme that the <\/a><\/a><\/a>Bank of Ghana<\/a> (BoG) incurred losses of about US$214 million under the Gold-for-Reserve (G4R) program.<\/p>\n

In its report, the IMF flagged the alleged losses as a key downside risk to Ghana\u2019s broader macroeconomic stabilisation agenda, attributing them largely to trading losses under the Artisanal and Small-scale Mining (ASM) dor\u00e9 gold transactions component, as well as what it described as \u201cGoldBod off-takers\u2019 fees.\u201d<\/p>\n

However, responding in a detailed statement on his Facebook page on December 24, 2025, the Chief Executive Officer of GoldBod, <\/a>Sammy Gyamfi<\/a>, described the claims as inaccurate and misleading, insisting that the institution has made no losses in 2025.<\/p>\n

GoldBod exceeds 2025 small-scale gold export target \u2013 <\/a><\/a>Sammy Gyamfi<\/a><\/p>\n

\u201cFirst and foremost, the Ghana Gold Board has made no losses. Rather, the GoldBod has made significant profit or surplus under its gold trading programs in the year 2025,\u201d he stated.<\/p>\n

He added that unaudited financial statements published on GoldBod\u2019s website indicate the entity is \u201cset to declare income surplus of not less than GH\u00a2600 million for the year 2025.\u201d<\/p>\n

Gyamfi further clarified that GoldBod\u2019s role in 2025 has been limited to the local purchasing, assaying, and export of gold on behalf of the <\/a><\/a><\/a>Bank of Ghana<\/a>, stressing that \u201cthe selling or trading of gold purchased by GoldBod to off-takers lies in the exclusive domain of the BoG.\u201d<\/p>\n

He also dismissed claims regarding off-taker fees, stating, \u201cFor the records, there is nothing like \u2018GoldBod off-taker fees\u2019 under the ASM gold trading program. That assertion is incorrect.\u201d<\/p>\n

According to him, the only fees charged by GoldBod are a statutory Assay Fee of 0.25 percent and a Service Charge of 0.5 percent, both inherited from a 2023 Gold Purchase Agreement between the <\/a><\/a><\/a>Bank of Ghana<\/a> and the now-defunct Precious Minerals Marketing Company (PMMC).<\/p>\n

The GoldBod CEO further disclosed that the institution generated over US$10 billion in foreign exchange in 2025 alone through ASM gold purchases for the <\/a><\/a><\/a>Bank of Ghana<\/a>, contributing significantly to increased reserves and the stabilisation of the cedi.<\/p>\n

He added that GoldBod is scheduled to fully take over the ASM gold trading programme in January 2026, describing the future of the sector as \u201cbright for Ghana.\u201d<\/p>\n

Read the full statement below:<\/p>\n<\/p>\n

FKA\/MA<\/p>\n","protected":false},"excerpt":{"rendered":"GoldBod CEO, Sammy Gyamfi described the claims as inaccurate and misleading The Ghana Gold Board (GoldBod) has strongly…\n","protected":false},"author":2,"featured_media":367193,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[45,49,48,46],"class_list":{"0":"post-367192","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-ca","10":"tag-canada","11":"tag-economy"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/367192","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=367192"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/367192\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/367193"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=367192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=367192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=367192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}