Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has urged critics of GoldBod to be factual in their assessment of the institution’s financial performance, saying public discussions about its operations should be based on accurate information.

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Speaking at the Government Accountability Series, Mr Gyamfi acknowledged that losses could occur in gold trading but rejected what he described as misleading narratives about GoldBod’s performance.

“Nobody is saying there hasn’t been loss, but be factual about it,” he said.

Mr Gyamfi explained that GoldBod operates as a specialised gold trading institution, unlike the Bank of Ghana, whose primary responsibility is monetary and financial stability.

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He said the central bank was not originally established to trade gold as part of its core functions.

According to him, GoldBod was created to provide a specialised institution with the mandate, resources and capacity to manage Ghana’s gold purchasing and trading activities.

Mr Gyamfi said that since March, GoldBod had expanded its activities beyond the purchase of physical gold to include derivatives and other forms of gold trading.

“We don't only buy physical gold, we trade derivatives. And we trade gold 24/7,” he said.

He added that, while losses are possible in trading, GoldBod’s objective was to ensure that its overall profits exceed any losses incurred during its operations.

“In trading, you can make profit, you can make losses. We're going to ensure that at the end of the year, your overall profit is more than your losses,” he stated.

📰 Source: Joy Online Ghana