Sammy Gyamfi Fires Back at Critics Over GoldBod Fees: “We’re Not a Parasite

Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), has fired back at critics who claim that the institution is financially dependent on the state. Speaking on JoyNews' Newsfile, Mr. Gyamfi insisted that GoldBod's revenue comes from legitimate services provided to clients.

GoldBod's Fees: A Legitimate Source of Revenue

Mr. Gyamfi rejected claims that GoldBod is a "parasite" that is "milking" another institution. He explained that the fees charged by GoldBod are approved by Parliament and are paid by individuals and businesses who access specific services provided by the institution. These services include issuing licenses to more than 1,000 operators, with each license attracting the appropriate statutory fee.

According to Mr. Gyamfi, the revenue generated by GoldBod belongs to the state and cannot be characterised as money being extracted from government. "When GoldBod makes money, that money belongs to the state," he stressed.

GoldBod's Financial Oversight: A Government-Controlled Institution

Mr. Gyamfi further explained that GoldBod does not have unrestricted control over its funds. He noted that the institution requires approval from the Ministry of Finance before it can open a bank account. This demonstrates that GoldBod's finances remain subject to government oversight.

"Our money is the money of the state," Mr. Gyamfi said, arguing that GoldBod's revenue generation should not be portrayed as a financial burden on government. He likened GoldBod's fee structure to charges imposed by other public institutions, such as the Registrar-General's Department, where applicants pay for services including company registration.

Addressing Claims of Significant Losses

Mr. Gyamfi has consistently rejected claims that GoldBod has incurred significant losses under the Domestic Gold Purchase Programme. He has insisted that losses cited by the International Monetary Fund relate to the Bank of Ghana's operations before the programme was formally transferred to GoldBod.

Mr. Gyamfi's comments come amid ongoing scrutiny of GoldBod's finances and operations. His statements are likely to be scrutinized by critics who claim that GoldBod's fees are excessive and that the institution is not transparent about its finances.

The ongoing debate about GoldBod's finances highlights the need for greater transparency and accountability in Ghana's gold industry. As the country continues to grapple with the challenges of gold mining and trading, it is essential that institutions like GoldBod operate in a fair and transparent manner.

Source: Joy Online