US$1.7bn Domestic Gold Purchase Programme ‘loss’ largely an accounting matter — IEA

Bilson-Darku said the first two components of the reported loss represented payments made by the central bank to GoldBod for gold purchased and exported on behalf of the Bank of Ghana.“The first two sources of the loss were money that the central bank paid to Gold Board on behalf of buying and exporting the gold on its behalf.7 billion loss associated with the Bank of Ghana’s (BoG) Domestic Gold Purchase Programme involving the Ghana Gold Board (GoldBod) is attributable to accounting and valuation treatment rather than an actual loss to the economy, the Institute of Economic Affairs (IEA) has said.