The Bank of Ghana (BoG) has revealed that it has incurred significant financial losses under the Domestic Gold Purchase Programme (DGPP) since the initiative was introduced in June 2021.

Official data released by the central bank show that net losses totalling about GH¢7.1 billion were recorded between 2022 and 2024. The losses stemmed mainly from transactions carried out under the Gold for Oil (G4O) and Gold for Reserves (G4R) initiatives.

The disclosure was contained in a letter dated January 12, 2026, addressed to the Multimedia Group, in response to a request for detailed information on the performance of the programme.

A breakdown of the figures indicates that in 2022, the BoG recorded net G4O losses of GH¢74.44 million after purchasing 3.47 tonnes of gold valued at US$194.43 million.

Losses escalated sharply in 2023, with the Bank reporting total net losses of GH¢1.37 billion. This comprised GH¢317.69 million in net G4O losses and GH¢1.05 billion in net G4R losses, following the purchase of 37.02 tonnes of gold valued at US$1.55 billion.

The situation worsened further in 2024, when total net losses surged to GH¢5.66 billion. Of this amount, GH¢1.82 billion resulted from G4O transactions, while GH¢3.84 billion came from G4R operations. During the year, the Bank purchased 56.47 tonnes of gold valued at US$4.07 billion.

For 2025, the BoG reported gold purchases of 110.99 tonnes, valued at US$11.4 billion, although loss figures for the year are yet to be confirmed pending an external audit.

The central bank explained that the reported losses also include those linked to Artisanal and Small-Scale Mining (ASM) gold purchases. ASM-related losses were estimated at GH¢74 million in 2022, GH¢2.15 billion in 2023, and GH¢4.84 billion in 2024.

According to the BoG, net G4O losses reflect transactions involving both gold and oil, while net G4R losses largely arise from ASM gold purchases and other components of the Gold for Reserves programme.

Despite the financial setbacks, the Bank defended the DGPP, describing it as a strategic policy intervention aimed at stabilising the currency, strengthening foreign exchange reserves, and boosting confidence in the economy.

“The programme seeks to increase and diversify the Bank’s foreign exchange reserves and improve FX reserve buffers in line with our core mandate,” the Bank of Ghana stated.