 has refuted media reports by Accra-based Asaase Radio.){kind=link}
The Ghana Gold Board (GoldBod) has refuted media reports by Accra-based Asaase Radio.
Asaase Radio had earlier claimed the GoldBod recorded losses exceeding GH¢3 billion in its first year of operations.
However, GoldBod, in a statement issued on Monday, November 17, 2025, rebutted the allegations, describing them as false and contrived.
The Goldbod statement read, “The attention of the Ghana Gold Board (“GoldBod”) has been drawn to a publication by “Asaaseradio” alleging that the GoldBod has recorded losses in excess of GHC3 billion in its first year of operations.
The GoldBod wishes to put on record that the publication under reference is entirely false and deliberately contrived to undermine the successes and significant contributions of the GoldBod to the revitalisation of Ghana’s economy”.
The statement added, “Contrary to the mischievous claims contained in the said publication, the GoldBod has been making significant surpluses/profits since its establishment. Quarterly financial statements of the GoldBod, which will soon be published on the official website of the statutory corporation, will bear this fact out”.
The Goldbod further urged Asaaseradio to retract and render an unqualified apology to the general public for such misleading publication.
“The Ghana Gold Board urges the general public to treat this false publication by ‘Asaaseradio’ with utmost contempt and calls on the management of the station to retract and render an unqualified apology to the general public for such misleading and unethical publication”, the statement added.
In related news, the Ghana Gold Board (GoldBod) and the Precious Minerals Marketing Company (PMMC) have revealed Ghana’s small-scale gold export sector has generated over US$8 billion in foreign exchange.
According to the data released by Goldbod, between January and 15th October 2025, over US$8 billion was generated for foreign exchange through the small-scale gold export sector.
The data showed small-scale miners exported 81,719.23 kilograms of gold during the period, valued at US$8.06 billion.
The data showed an increase from US$4.61 billion recorded in 2024, nearly quadruple the amount achieved in 2023, which was US$2.19 billion.
Sizable monthly gains were in May (US$1.17 billion), June (US$957.9 million), and April (US$897.6 million).
Also, Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), has clarified that the Goldbod is not in the market buying galamsey gold.
The CEO explained that licensed private individuals make the purchases of gold, not GoldBod.
Speaking on Joy FM’s Super Morning Show, Sammy Gyamfi explained, “To create the impression that nobody was buying galamsey gold and all of a sudden GoldBod is now giving it a market is clearly wrong”.
“There has always been a market for gold anywhere in the world, including Ghana. Have we ever woken up to any news that there is stranded gold in Ghana? There’s always demand,” he said.
He detailed, “Gold Board itself is not on the market buying gold. These licensed buyers are not stationed at mining sites. They sit in their offices, mostly in district and regional capitals, and buy gold brought to them. They have no technology or system to tell whether the gold was mined responsibly or not”.
“It is this five-month-old corporation called Gold Board that has now been given the mandate to find a solution to that problem. You think we can find a solution in five months to a problem that has existed for decades?” he asked.
See the post below:
GoldBod not making losses. #GoldBod #Gold pic.twitter.com/KKSEuD7qo6
— Ghana GOLDBOD (@GhanaGOLDBOD) November 17, 2025