Sammy Gyamfi, GoldBod CEO, has defended the operations of the Ghana Gold Board, insisting that gold trading cannot be managed like cocoa and dismissing recent reports suggesting a US$214 million loss.
Speaking on JoyNews’ Newsfile today, Gyamfi said cocoa farmers receive fertilisers, chemicals, and rehabilitation support, which justifies pricing discounts of 30–40%.
In contrast, GoldBod provides no such incentives to miners, making it impossible to buy gold at a discount or trade it in the same way cocoa is traded.
“Cocoa farmers sometimes get prices that are 30, 40% discounted because of support like fertilisers and rehabilitation. Gold Board provides no gold rules or such incentives to miners and therefore cannot have a justification to buy gold at a discount or to trade gold the same way cocoa is traded. Understand that,” he said.
He also highlighted the difference, like the commodities, noting that cocoa is bulky and difficult to smuggle, while gold is compact and high in value.
“So you don’t manage cocoa the way you manage gold. When you are drawing parables in a debate like this, make sure you’re comparing like with like, not oranges with apples,” Gyamfi said.
Addressing the reports of a US$214 million loss, Gyamfi said GoldBod generated more than GH₵960 million in revenue in 2025, while total expenditure remained below GH₵120 million, based on unaudited management accounts.
He explained that, as a public institution, GoldBod does not declare profits but surpluses, and the Board is expected to report a conservative surplus of between GH₵700 million and GH₵800 million for 2025.
Gyamfi stressed that assessing the efficiency of a state enterprise must consider its objectives.
While the Cocoa Board often records losses, GoldBod was established primarily to generate foreign exchange and support the accumulation of Ghana’s gold reserves.
“In assessing the efficiency of our model, you don’t only look at cost, even if there were carrying costs, which there aren’t,” he said.
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