Gyamfi dismisses loss claims as hallucinatory, outlines strong performance
In a bold denial of circulating reports that the state-owned Ghana Gold Board (GoldBod) is recording losses, Chief Executive Officer Sammy Gyamfi described the claims as products of “hallucination” or “dreams.” Speaking on JoyNews, Gyamfi emphasized that the board’s financials and operations are on a stable footing, and he urged stakeholders to base assessments on verifiable data rather than speculative narratives.
What prompted the controversy?
The assertion that GoldBod has fallen into losses gained traction amid ongoing debates about the country’s mining and commodity sectors. Critics have pointed to fluctuating market prices, procurement costs, and revenue challenges as possible indicators of distress within state agencies involved in mineral governance. However, Gyamfi argued that such interpretations misrepresent the board’s overall trajectory and strategic intent.
Gyamfi’s defense: accountability, transparency, and performance
Gyamfi outlined several pillars he believes underpin GoldBod’s resilience. He cited:
- Transparent accounting practices and regular financial reporting to relevant government bodies.
- Strategic partnerships aimed at stabilizing revenue streams and maximizing the state’s mineral resources.
- Operational reforms designed to improve efficiency across procurement, refining, and distribution channels.
“It is essential for the public to understand that not every price fluctuation translates into a loss for the board,” Gyamfi noted. He added that the board’s dashboards and quarterly reports reflect prudent management and a commitment to safeguarding national resources.
What the public should monitor going forward
Analysts say market realities, including global gold prices, exchange rates, and domestic demand, will continue to influence GoldBod’s performance. The board’s leadership indicated that going forward, emphasis would be on:
- Enhancing value addition through better refining and value chain integration.
- Strengthening cash flow management to endure price volatility without compromising service delivery to the state.
- Maintaining strict governance frameworks to prevent malpractices and ensure accountability to the public.
Gyamfi’s remarks aim to reassure investors, employees, and citizens that GoldBod remains committed to its mandate of supporting the country’s mineral sector and contributing to national revenue. He urged stakeholders to rely on official disclosures rather than media speculation.
Context for the broader mining sector
This debate comes at a time when Ghana’s mining industry has faced both opportunities and pressures: rising global demand for gold, domestic processing capabilities, and calls for better revenue management from commodity assets. A stable GoldBod positions the government to negotiate better terms, support artisanal and small-scale miners, and ensure competitive pricing within the domestic market.
Conclusion: a call for data-driven discourse
While questions about public institutions are healthy in a democracy, Gyamfi’s defense underscores the importance of data-driven conversation. As GoldBod continues its work, the onus remains on the board to publish clear, audited financials and performance indicators. For citizens and market observers, the takeaway is simple: rely on verified figures, demand transparency, and monitor key performance metrics as GoldBod pursues its mandate to govern Ghana’s gold resources responsibly.
