The Bank of Ghana (BoG) has taken a firm position that figures being circulated on alleged losses arising from gold trading operations in 2025, including those attributed to the International Monetary Fund (IMF), should be treated as speculative in the absence of audited financial statements.
According to the Central Bank, until its audited financial statements — complete with all statutory disclosures — are published next year, any claims about losses linked to gold operations lack the necessary accounting verification and should not be accorded credibility.
The Bank insists that financial outcomes of its operations can only be properly assessed through audited accounts prepared and released in line with legal and institutional requirements.
This position was outlined in a document issued by the Bank of Ghana, in response to growing public debate following references in IMF programme reviews to financial risks associated with the Domestic Gold Purchase Programme (DGPP).
According to the IMF’s latest assessment, losses linked to gold transactions under the Domestic Gold Purchase Programme have deepened significantly since the scheme was expanded.
In 2025 alone, through the end of the third quarter, losses from the artisanal and small-scale mining doré gold component of the Gold-for-Reserves initiative reached US$214 million, equivalent to about 0.2 per cent of Ghana’s gross domestic product.
The Fund attributes the bulk of these losses to adverse trading outcomes, compounded by fees paid to GoldBod off-takers, the new state-backed structure created to intermediate domestic gold purchases.
These losses come on top of earlier setbacks recorded under a now-discontinued component of the programme.
In 2024, the Gold-for-Oil (G4O) arm of the Domestic Gold Purchase Programme generated losses amounting to US$128 million, or 0.15% of GDP.
Notably, about 30 per cent of that loss stemmed solely from the sale of US$800 million worth of gold, underscoring the price, timing and execution risks inherent in the central bank’s direct participation in commodity trading.
While acknowledging that the IMF had raised concerns about potential fiscal and financial exposures within the programme, the Central Bank cautioned against drawing definitive conclusions ahead of the completion of the audit process.
The Bank argued that the IMF’s observations must be understood within the broader macroeconomic context and the strategic role the DGPP has played in stabilising Ghana’s economy at a time of acute external vulnerabilities.
It stressed that the programme was conceived as a policy tool rather than a purely commercial venture, and its primary objective has been to strengthen Ghana’s external position rather than generate short-term profits.
According to BoG, the Domestic Gold Purchase Programme has contributed significantly to the build-up of international reserves, supported relative stability in the foreign exchange market, and enabled the country to access substantial volumes of foreign exchange without contracting new debt.
At a time when Ghana was effectively shut out of international capital markets and facing severe balance-of-payments constraints, the Central Bank said the programme offered a critical alternative source of foreign exchange inflows.
The Bank further pointed to the operational role of GoldBod as central to the effectiveness of the programme.
As an aggregator, GOLDBOD has served as a conduit through which gold produced by the small-scale mining sector is channelled into the formal and official market.
This, the Bank said, has helped to reduce smuggling, improve traceability, and ensure that gold inflows are captured within the official balance of payments framework.
“The operational role of GoldBod as an aggregator has been important in channelling gold-based inflows from the small-scale mining sector into the official market,” BoG said
It added that the collaborative structure between the Central Bank and GoldBod has ensured that the DGPP remains firmly anchored in public policy objectives, rather than driven solely by commercial considerations.
While defending the strategic importance of the programme, the Bank of Ghana acknowledged that the DGPP has carried macroeconomic and fiscal costs, particularly in its downstream operations.
In that regard, it disclosed that the Board of the Bank has recently approved a set of reforms aimed at improving pricing mechanisms and enhancing operational efficiency within the programme.
According to the Bank, these reforms are intended to address weaknesses identified through internal reviews and external assessments, including those highlighted by IMF staff.
The changes are expected to reduce cost pressures while preserving the programme’s core macroeconomic benefits.
The reforms will be rolled out beginning in January 2026 and are aligned with provisions made in the 2026 national budget to fully resource GoldBod and ensure its long-term sustainability as its mandate evolves.
The Central Bank explained that the budgetary backing is critical to strengthening the institutional capacity of GoldBod and improving oversight across the gold value chain.
Under the reform agenda, BoG said priority areas will include reducing intermediation fees, improving cost efficiency, and achieving buying prices that are both competitive for producers and economically sound for the state.
The Bank believes that these measures will generate benefits not only for the gold sector but also for the broader economy, by enhancing value for money and reducing fiscal leakages.
In addition to reforms within the DGPP, the Central Bank highlighted the importance of its new foreign exchange operations framework, which it described as a key pillar of ongoing macroeconomic stabilisation efforts.
The framework, according to the Bank, has been designed in line with global best practices and provides clearer rules for foreign exchange market interventions.
The framework separates reserve accumulation from routine market intermediation, clarifies intervention triggers, and enhances transparency in foreign exchange operations.
These features, the Bank said, are intended to deepen confidence among market participants and reduce uncertainty in the forex market.
The Bank of Ghana emphasised that the effective functioning of this framework is closely linked to the stability and efficiency of GoldBod’s operations, reinforcing the need for strong oversight, operational discipline, and alignment between gold purchases and foreign exchange management.
On the broader macroeconomic outlook, the Bank noted that the IMF staff report itself confirms a marked improvement in Ghana’s economic environment, driven largely by the implementation of the IMF-supported Extended Credit Facility programme, despite ongoing global headwinds.
According to the Central Bank, recent data show that real GDP growth has exceeded expectations, inflation has declined faster than projected into the Bank of Ghana’s target range, and international reserves are expanding steadily.
These trends, it argued, underscore the effectiveness of current policy measures and the stabilising role played by programmes such as the DGPP.
The Bank further disclosed that fresh data as of mid-December suggest that Ghana’s international reserves could exceed $13 billion by the end of 2025.
Such an outcome, it said, would represent a significant strengthening of the country’s external buffers and contribute to rising confidence in the economy.
In that context, the Bank of Ghana reiterated its call for caution in interpreting unverified figures on alleged losses from gold operations.
It maintained that a full and fair assessment can only be made once audited financial statements are published, and insisted that until then, claims of losses should be treated as speculative rather than definitive.
