The Ghana Gold Board (GoldBod) has recovered GHS 38.7 million, representing 69.2 percent of the GHS 55.9 million owed to its predecessor, the Precious Minerals Marketing Company (PMMC), by third parties. GoldBod Chief Executive Officer Sammy Gyamfi confirmed this significant recovery to Parliament's Public Accounts Committee (PAC) yesterday. The Board continues to pursue the outstanding balance through legal and civil recovery measures.
This substantial debt recovery stems from an audit of PMMC's financial statements covering 2020 to 2024. GoldBod assumed office in January 2025 and discovered that PMMC's financials had not been audited for five consecutive years. The audit revealed that third parties owed PMMC GHS 55.88 million as of December 31, 2023, prompting GoldBod to issue demand notices for repayment.
This recovery effort is crucial for Ghana's public finance management and the operational integrity of state-owned enterprises. Unaudited accounts and outstanding debts can weaken public institutions and hinder their ability to contribute effectively to the national economy. The proactive stance by GoldBod reflects a broader government push for accountability and efficiency within state entities, aligning with efforts to improve fiscal discipline and revenue generation.
Mr. Gyamfi stated, "When we assumed office in January 2025, we found out that the financials of the PMMC, the antecedent of the Gold Board, had not been audited for five consecutive years, which is from the year 2020 to 2024." He added that management subsequently issued demand notices to recover the outstanding amounts. As of September 30, 2026, GHS 38.71 million had been retrieved, with the remaining GHS 17.1 million actively being pursued.
The recovery of these funds has direct implications for GoldBod's financial health and its ability to fulfill its mandate. The remaining GHS 17.1 million includes approximately GHS 7.5 million involved in court cases and GHS 9.6 million being pursued through other civil options like negotiations. GoldBod expects to increase its recovery rate by the end of this year, which would further strengthen its financial position and potentially reduce reliance on government funding. This also signals a commitment to good corporate governance for state-owned enterprises.
Beyond debt recovery, Mr. Gyamfi also clarified GoldBod's role regarding foreign exchange operations. He dismissed claims that the Board trades in foreign exchange, explaining that GoldBod only sells forex generated through its statutory gold operations. This foreign exchange is then made available to the country, supporting the Bank of Ghana's gold reserve accumulation efforts.
GoldBod was established under the Ghana Gold Board Act, 2025 (Act 1140), with a clear mandate to generate foreign exchange for Ghana. Mr. Gyamfi emphasized, "The Gold Board does not trade currency. The word trade means or connotes the buying and selling of a commodity. The Gold Board does not buy currency." He clarified that GoldBod sells only the foreign exchange it generates from its statutory functions, as mandated by Section 2B of its establishing Act.
Selling this generated foreign exchange is essential for GoldBod to obtain the Ghana cedis needed to purchase gold domestically. This process operates within the foreign exchange market regulated by the Bank of Ghana. Mr. Gyamfi confirmed that GoldBod sought and received guidance and authorization from the Bank of Ghana on its funding model after obtaining policy approval from the Minister of Finance. This ensures GoldBod's operations align with national monetary policy and regulatory frameworks, contributing to the stability of the cedi and the national economy.