Ghana Gold Board (GoldBod) has recovered GHS 38.7 million from its total outstanding receivables of GHS 55.8 million. This successful recovery represents approximately 69% of the total amount owed to the state-owned entity. The remaining GHS 17.1 million is currently being pursued through legal action, demand notices, and negotiations with the involved parties.
GoldBod Chief Executive Officer, Sammy Gyamfi, disclosed these figures when he appeared before Parliament’s Public Accounts Committee on Tuesday, October 13, 2026. He expressed optimism that GoldBod would further increase its recovery rate by the end of 2026. Of the GHS 17.1 million still outstanding, GHS 7.5 million relates to matters already before the courts. Another GHS 9.6 million is being pursued through civil options like demand notices and direct negotiations.
This aggressive recovery drive by GoldBod is crucial for strengthening the financial health of state-owned enterprises in Ghana. Such efforts contribute directly to public finance stability and reduce the burden on the national budget. The initiative aligns with broader government efforts to improve accountability and efficiency across public institutions. Previous reports have highlighted concerns about GoldBod's financial management and its role in the economy, making these recovery figures significant.
Mr. Gyamfi specifically addressed questions regarding Red Sapphire, a private company acting as an aggregator under the Bank of Ghana’s Domestic Gold Purchase Programme. Red Sapphire accounted for a substantial portion of the outstanding receivables. The debt originated from assay fees for gold purchased by Red Sapphire and tested by GoldBod’s assayers. GoldBod has recovered GHS 13.53 million from Red Sapphire, which initially owed approximately GHS 16.14 million. A balance of GHS 2.61 million from Red Sapphire remains outstanding.
The GoldBod CEO explained that Red Sapphire's counter-argument suggests the Bank of Ghana should pay these assay fees. GoldBod is actively negotiating with both Red Sapphire and the Bank of Ghana to determine liability and recover the remaining amount. This situation highlights potential complexities in inter-agency financial arrangements and private sector partnerships within the gold sector. Resolving such disputes is vital for clarity and efficient operations.
The ongoing recovery efforts are expected to improve GoldBod’s liquidity and operational capacity. Increased recoveries can enable GoldBod to invest further in its mandate, potentially impacting the broader gold sector and foreign exchange market. Stakeholders, including the Bank of Ghana and other financial institutions, will closely monitor the resolution of these outstanding debts. The outcome will set a precedent for managing similar receivables in the future. GoldBod’s commitment to pursuing all outstanding amounts underscores a push for greater financial discipline within state entities.