BoG’s gold purchase programme involving GoldBod lost GH¢22bn in 2025, IMF says

In its latest report accompanying the sixth and final review of Ghana's $3 billion Extended Credit Facility, the Fund said the Domestic Gold Purchase Programme (DGPP), on which the central bank had relied to accumulate reserves and channel foreign exchange to the private sector, generated losses of GH¢22 billion, or 1.

As a corrective step and a prior action for completing the review, the Bank of Ghana, GoldBod and the government signed a memorandum of understanding in July formalising the transfer of the gold programme from the central bank to GoldBod and eliminating the related quasi-fiscal activities.

The gross loss on the doré gold trade with GoldBod ultimately reached the GH¢22 billion cited by the Fund, about $2 billion at prevailing rates, before offsets from a government intervention and gains on bullion sales reduced the net hit reported in the central bank's audited accounts.