The Bank of Ghana (BoG) has disclosed detailed figures on the performance of the Domestic Gold Purchase Programme (DGPP), revealing losses recorded between 2022 and 2024, with 2025 figures currently undergoing external audit confirmation.

The information was provided in an official response to a data request from The Multimedia Group, dated January 12, 2026.

Background on the DGPP

Launched in June 2021, the DGPP is one of the Bank of Ghana’s key strategies to strengthen Ghana’s foreign exchange reserves, stabilise the currency, and reduce dependence on the US dollar for critical imports. The programme allows the central bank to purchase gold domestically, including from large-scale producers and artisanal small-scale miners (ASM).

Summary of gold purchases and losses

The Bank’s data shows a significant increase in gold quantities purchased over the years, rising from 3.47 tonnes in 2022 to 110.99 tonnes in 2025. Despite this growth, the report also reveals substantial financial losses tied to the programme’s operations.

Below is the summary as provided:

2022:
- Total Gold: 3.47 tonnes
- Value: US$194.43 million
- Losses: GHS 74.44 million
2023:
- Total Gold: 37.02 tonnes
- Value: US$1.55 billion
- Losses: GHS 1.37 billion
2024:
- Total Gold: 56.47 tonnes
- Value: US$4.06 billion
- Losses: GHS 5.66 billion
2025:
- Total Gold: 110.99 tonnes
- Value: US$11.40 billion
- Losses: Pending audit

The Bank clarifies that the losses arise from two main segments of the programme:

G4O losses: Linked to both gold and oil transactions
G4R losses: Linked to ASM gold and other components of the reserve-building strategy

Reasons for the Losses

The central bank notes that the DGPP’s structure—particularly the process of securing gold inflows and using them for reserve accumulation—can result in accounting losses when international market prices fluctuate or when domestic purchases are made at prices influenced by local market distortions.

BoG Defends Programme

Despite the losses, the Bank of Ghana defends the DGPP as a crucial tool for macroeconomic stability, arguing that the programme has:

Strengthened foreign exchange reserves
Reduced external vulnerabilities
Supported long-term economic confidence

“The aim of the programme is to increase and diversify the Bank’s foreign exchange reserves and to strengthen confidence in the economy through improved FX reserve buffers,” the statement said.

Awaiting 2025 Audit Results

The Bank emphasised that the 2025 figures will be finalised once external auditors complete their verification.