MF report reveals $1.7 billion BoG gold purchase losses – 8 times higher than the previously reported $214 million

The IMF said the losses accrued from a combination of factors, including: Service and assay fees paid to GoldBod Discounts on gold sold to off-takers/exporters Exchange rate losses from the spread between the forex bureau rate paid to purchase gold and the cedi reference rate used for BoG accounting The report adds that survey data suggests Ghanaian ASGM prices are among the highest in the region.

The IMF report states that the significant scaling up of Domestic Gold Purchase Programme operations in 2025 led to staggering losses of over US$1.

Additional losses, the report noted, also accrued from Gold-for-Reserves-related claims on BOST that were partly written off in the year.