The Ghana Gold Board has made significant progress cleaning up legacy financial messes.
CEO Sammy Gyamfi says GoldBod debt recovery efforts have pulled in GH¢38.7 million from third parties who owed money to the old Precious Minerals Marketing Company. This represents 69.2% of the total GH¢55.9 million identified as owed to the predecessor agency.
Speaking to Parliament's Public Accounts Committee on Tuesday, October 13, Gyamfi explained the debt surfaced after an audit of financial statements from 2020 to 2024.
Those accounts sat unaudited for five consecutive years before new management stepped in January 2025. The exercise revealed third parties owed PMMC GH¢55.88 million as of December 31, 2023.
Gyamfi noted that discovering these figures was a priority upon assuming office to ensure financial transparency within the sector.
Court Cases and Civil Options
Management issued demand notices and retrieved GH¢38.71 million by September 30, 2026. That leaves GH¢17.1 million still outstanding.
Gyamfi broke down the remainder for the committee. "Of the remaining amount of GH¢17.1 million, approximately GH¢7.5 million is involved in matters before courts of competent jurisdiction," he said.
Another GH¢9.6 million is being chased through negotiations and civil options. The board is using multiple avenues to ensure maximum retrieval of public funds owed to the state entity.
The CEO expressed optimism that the Board would recover more of the outstanding debt before the end of the year.
"We hope that by the end of this year we will have even increased what we have recovered so far," Gyamfi told legislators.
The recovery represents a significant portion of the total identified debt, signaling a push to clear legacy financial hurdles. Cleaning up the books allows the new board to focus on its statutory mandate without the burden of past financial ambiguities hanging over operations.
Gyamfi assured the committee that management remains committed to retrieving every cedi possible through legal and civil means.
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