Sammy Gyamfi Fires Back: GoldBod Revenue Isn’t Illicit, It’s Legally Approved

By Culture Gossip! • August 22, 2026 • 3 min read

Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), has come out swinging in defense of the institution's revenue-generation model. Speaking on Newsfile on JoyNews on Saturday, August 22, Mr. Gyamfi insisted that GoldBod's earnings come from legally approved fees and charges for services rendered to players in the gold industry.

GoldBod's Revenue Sources Revealed

According to Mr. Gyamfi, GoldBod's sources of funds are clearly provided for under the law and include allocations approved by Parliament, funds raised from financial markets, borrowing, as well as fees and charges generated from its operations. The institution's revenue comes from a range of statutory services, including licensing, assaying, field inspections, and other regulatory activities within the gold sector.

Mr. Gyamfi explained that GoldBod charges different fees for various services. For instance, when applying for an aggregator licence, applicants pay an application fee of $100,000 to the Gold Board. Upon approval, they pay a licence fee of the cedi equivalent of $500,000. The CEO also mentioned that large-scale mining companies are required to submit their gold to GoldBod for assaying before exporting.

Field Inspections and Assaying Fees

GoldBod officers conduct field inspections at mining companies to monitor the smelting process and ensure that gold quantities and purity are not under-declared. Mr. Gyamfi said that these visits are charged at $840 per visit. Additionally, large-scale mining companies pay an assay fee of $90 per every sample GoldBod assays. Exporters of artisanal and small-scale mining gold are also required to pay an assaying fee approved by Parliament, regardless of their status.

The CEO emphasized that all these charges contribute to GoldBod's revenue. He noted that GoldBod's non-tax revenue increased significantly from GH¢307.7 million in 2024 to GH¢970.7 million in 2025. This increase, according to Mr. Gyamfi, is a result of the fees generated from these services.

GoldBod's Licensing Fees

Mr. Gyamfi also highlighted that GoldBod issues licences to refineries, jewelers, and fabricators, who pay application and licensing fees. These fees, he said, are another source of revenue for the institution. The CEO emphasized that GoldBod's revenue-generation model is transparent and compliant with the law.

In conclusion, the Ghana Gold Board's revenue-generation model has been the subject of scrutiny in recent times. Mr. Gyamfi's defense of GoldBod's fees and charges has shed light on the institution's sources of funds. As the debate continues, it remains to be seen how the public and stakeholders will respond to GoldBod's revenue model.

Source: Joy Online