GoldBod now owns all the risk: What the Bank of Ghana’s exit from the Gold Programme really means

GoldBod's expanded trade model, which began in April 2026, means it now buys, holds, and sells gold on its own account, so if the same forex-spread and off-taker-discount losses that hit the BoG recur, they now land directly on GoldBod's own books, not the central bank's.

In July 2026, the central bank, GoldBod, and the government signed a memorandum of understanding formally transferring Ghana's Domestic Gold Purchase Programme (DGPP) and every quasi-fiscal risk that comes with it entirely to the Ghana Gold Board.

Of the three components, GoldBod's own fees, discounts paid to off-takers, and the exchange-rate spread between the price gold was bought at and the rate used for accounting, the IMF says the exchange-rate spread was "most importantly" the biggest single driver, roughly half the total loss on its own.