GoldBod did not cause BoG’s $1.7bn loss – Sammy Gyamfi challenges IMF claims

The IMF also indicated that losses related to the Domestic Gold Purchase Programme, together with the high cost of open market operations and exchange-rate valuation losses resulting from the appreciation of the cedi, had worsened the Bank of Ghana’s negative equity position to 6.” He maintained that the relevant passages from the IMF reports attributed the losses to the scaling-up of the Domestic Gold Purchase Programme, while identifying service fees, discounts and exchange-rate valuation effects among the factors that contributed to the financial losses.

According to Mr Gyamfi, the IMF report states that the Domestic Gold Purchase Programme “weighed on the financial sustainability of the BOG”.