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‘We’re not milking the state like a parasite’ – Sammy Gyamfi defends GoldBod fees
August 22, 2026
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‘We’re not milking the state like a parasite’ – Sammy Gyamfi defends GoldBod fees

Money
Policy

Key Points

  • GoldBod CEO Sammy Gyamfi has rejected claims that the institution is financially dependent on the state.
  • He insists GoldBod's revenue comes from legitimate, Parliament-approved fees charged for services provided to clients.
  • Gyamfi clarified that GoldBod licenses over 1,000 operators and its generated revenue belongs to the state, not extracted from the government.
  • He emphasized that GoldBod's finances are subject to government oversight, requiring Ministry of Finance approval for bank accounts.
  • The CEO also rejected claims of significant losses under the Domestic Gold Purchase Programme, attributing any prior losses to the Bank of Ghana.

Why This Matters

This clarification from the GoldBod CEO is significant for Ghana as it addresses transparency and accountability concerns surrounding a crucial state institution in the nation's vital gold sector. It impacts public perception, investor confidence, and the overall understanding of how state entities manage their finances and contribute to the national economy.

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