Ghana GoldBoard (GoldBod), the centralised gold regulator in the country, has received widespread praise for its remarkable achievements in the last year. The gold regulator declared a surplus of over GH₵960 million in 2025, with expenditures below GH₵120 million. This translates into a surplus of between GH₵700 million and GH₵800 million, according to unaudited accounts last year.

However, questions and demands for transparency into their trading model and accounts emerged after the International Monetary Fund (IMF) reported a US$214 million loss linked to gold trading. According to the IMF’s report, the alleged losses could undermine Ghana’s efforts to stabilise the economy.

These claims have been vehemently denied by the CEO of Gold, Sammy Gyamfi, who insists that his outfit is unaware of any losses as purported by the international financial institution.

According to him, GoldBod runs as a non-profit organisation, with a very few who understand its trading module. He described the claims as inaccurate, adding that the IMF’s assertions are based on misconceptions and an inaccurate understanding of GoldBod’s operational framework.

“Emphatically, no. GoldBod, even though it is not a profit-making public institution, has not made any losses,” Sammy Gyamfi stated.

Reacting to his remarks, Honorary Vice President of IMANI Africa, Bright Simons, during an appearance on Joy News’ Newsfile on Saturday, January 3, refuted Sammy Gyamfi’s claims, detailing that the Fund has both the mandate and the right to describe the issue as “trading losses.”

According to him, the Fund’s attribution of the US$214 million loss is coming from the results of its assessment of all member countries under its surveillance under Article IV consultations, which apply to all member countries, not only those on active IMF programmes.

“The IMF insists that we should call it trading losses. We did not use that term arbitrarily,” Simons said, stressing that IMF reviews are grounded in treaty obligations Ghana voluntarily signed up to as a member of the Bretton Woods institution.

Simons clarified that IMF surveillance is not optional, even for wealthy or non-borrowing countries. “The IMF is a treaty organisation. We are members. As long as you are part of that treaty, the IMF surveillance function applies,” he said.

He believes the IMF’s conclusions were not arbitrary but were reached through fair and respectful engagement with the country’s leaders.

He rejected suggestions that the issue could be reduced to a mere administrative or accounting problem. “You cannot all of a sudden convert a trading loss into something that’s a purely administrative matter. A trading loss means it’s a commercial loss,” Simons argued.

In November, the Ghana Gold Board made significant strides in its operations during the third quarter of 2025, particularly in gold collection and export, reserve building, and regulatory compliance among miners.

Its latest report shows that small-scale miners handed over 26,153.98 kilograms of gold, valued at approximately US$2.76 billion.

According to the Chief Executive Officer of the Board, Sammy Gyamfi, “The Ghana Gold Board continued to demonstrate strong institutional performance and sectoral leadership during the third quarter of its operational year (July–September 2025). The period was marked by steady progress in regulatory enforcement, gold aggregation and export, licensing and compliance, and inter-agency collaboration aimed at formalising Ghana’s gold value chain.”

“The GoldBod’s operational and financial performance reflects its growing institutional maturity and alignment with the objectives of the Ghana Gold Board Act, 2025 (Act 1140), which mandates it to regulate, promote, and ensure transparency in the purchase, assay, and export of gold and other precious minerals,” Sammy Gyamfi stated.

This growth, according to the institution, demonstrates that more small-scale miners are operating formally and under improved supervision.

GoldBod also purchased 119.78 kilograms of gold from large mining companies to support the Bank of Ghana’s reserves, valued at approximately US$11.82 million. This forms part of the government’s broader strategy to strengthen Ghana’s gold reserves and support the economy.

The Ghana Gold Board (GoldBod) also reported strong export figures for both small-scale and large-scale miners. Small-scale miners exported 25,780.60 kilograms of gold, valued at about US$2.71 billion, while large-scale miners exported 24,911.21 kilograms, worth US$2.43 billion.

According to the Board, these exports underscore the continued importance of mining in revenue generation and foreign exchange inflows into the country.

The report further highlighted progress under the new tiered licensing system, which aims to streamline operations and ensure compliance across the sector.

During the period, a total of 577 licences were processed, comprising 432 Tier 2 licences, 123 Tier 1 licences, and 22 self-financed aggregator licences. Two licences were suspended, while several others were revoked for non-compliance, demonstrating GoldBod’s commitment to sanitising the sector.

A month ago, the Ghana Gold Board (GoldBod) reported significant revenue accrued from small-scale gold exports between January and October 15.

According to data from GoldBod and the Precious Minerals Marketing Company (PMMC), the sector generated US$8 billion in foreign exchange within the ten months.

The data showed that small-scale miners exported 81,719.23 kilograms of gold during the period, valued at US$8.06 billion. This represents a sharp increase from US$4.61 billion recorded in 2024 and nearly quadruples the US$2.19 billion achieved in 2023.

Additionally, gold exports increased by 29% between 2024 and 2025, rising from 63,647 kilograms to 81,719 kilograms. When compared to 2023, GoldBod’s earnings have grown more than threefold.

The data highlighted a consistent upward trend in both export volume and value over the three years, reflecting improved regulation, transparency, and compliance within Ghana’s small-scale mining sector.

It also showed strong month-on-month growth in the second quarter of the year, with revenues of US$897.6 million in April, US$1.17 billion in May, and US$957.9 million in June.

The country’s official gold buying and distribution authority has attributed these gains to its partnership with PMMC and strengthened oversight of small-scale gold exports and related purchasing regulations. The GoldBod–PMMC collaboration has proven effective since mid-April 2025, when GoldBod commenced operations and absorbed the functions of PMMC.

The partnership has been instrumental in curbing illicit trade and ensuring that proceeds from gold sales are properly repatriated into the Ghanaian economy.