BoG dismisses gold loss claims, cites IMF-backed macroeconomic gains

The Bank of Ghana (BoG) has rejected claims that it recorded losses from its gold operations, describing such reports as speculative while the central bank’s annual external audit is still ongoing.

In a statement issued on December 25, 2025, the BoG said that any figures circulating about losses from gold operations in 2025 were unverified. It stressed that its audited financial statements, together with all required disclosures, will be published in 2026 in line with statutory obligations.

The clarification follows public discussions around the Domestic Gold Purchase Programme (DGPP), which the International Monetary Fund (IMF) highlighted as carrying potential financial risks during the fifth review of Ghana’s Extended Credit Facility (ECF) programme, completed on December 17, 2025.

While acknowledging the IMF’s caution, the BoG maintained that the DGPP has generated significant macroeconomic benefits. It described the programme as a key policy tool that has strengthened Ghana’s international reserves, supported exchange rate stability, and enabled access to substantial foreign exchange inflows without increasing public debt.

The central bank also underscored the role of the Ghana Gold Board (GoldBod) as an aggregator, noting that its operations have been crucial in channelling gold from the small-scale mining sector into the formal market. According to the BoG, this has helped ensure that the programme remains aligned with broader public policy objectives.

Linking the DGPP to Ghana’s external position, the BoG cited provisional data suggesting that the country’s international reserves could exceed US$13 billion by the end of 2025.

The BoG further noted that the IMF’s latest review acknowledged the significant macroeconomic progress achieved under the ECF programme, despite delays in some structural reforms due to their complexity.

To address the fiscal costs associated with the gold programme, the central bank disclosed that its board has approved reforms aimed at improving pricing and operational efficiency. These measures, scheduled to begin in January 2026, will focus on reducing intermediation fees, enhancing cost efficiency, and setting competitive but economically sustainable buying prices, with support provided in the 2026 national budget.

The Bank of Ghana reiterated that any conclusions on the financial performance of its gold operations should await the completion of the external audit, emphasising that claims of losses at this stage are premature.