The Ghana Gold Board (GoldBod) has refuted claims that it is shifting trading losses onto the books of the Bank of Ghana (BoG).
In an official statement, GoldBod clarified that it has not incurred any trading losses, and therefore cannot be transferring non-existent losses.
The controversy centers on the Domestic Gold Purchase Programme (DGPP), a non-profit monetary policy intervention introduced by the BoG in 2022 under the Gold for Reserves (G4R) component.
The DGPP is funded by the BoG, and all foreign exchange proceeds from the programme accrue to the central bank for meeting market FX needs and building reserves.
Consequently, the financials of the programme have always been recorded on the BoG’s books since its inception.
GoldBod also noted that G4R losses predate the eight-month-old GoldBod entity.
The G4R programme has been profitable since its launch in 2022, and any 2025 losses from the G4R are attributed to the policy design, not to mismanagement or incompetence by the BoG or GoldBod.
Regarding the IMF’s claim of 2025 G4R losses, the BoG has urged the public to await an audit of the programme’s finances before making any definitive pronouncements.
