The Chamber of Licensed Gold Buyers (CLGB) has responded to the International Monetary Fund’s (IMF) report indicating provisional losses of about US$214 million under Ghana’s Gold-for-Reserves (G4R) programme, clarifying that the figures relate to the Bank of Ghana’s balance sheet rather than the operations of licensed gold buyers or the Ghana Gold Board (GoldBod).

In a statement, the Chamber—which represents tiered licensed gold buyers operating under the GoldBod aggregation model—said the reported amount largely reflects timing differences, international gold price volatility and execution-related challenges, rather than direct trading losses by market operators.

The CLGB explained that licensed gold buyers are paid regulated margins for sourcing gold from artisanal and small-scale miners (ASM) and channelling it into the formal system. As a result, they do not bear the losses referenced in the IMF report.

“Gold sector reforms must be anchored not only in national interest, but also in sound commercial design and risk management. Strengthening GoldBod’s operational architecture—particularly pricing transparency, settlement efficiency and private sector participation—will be critical to preventing future balance-sheet pressures,” the Chamber’s Chief Executive Officer, Kwaku Amoah, stated.

The Chamber also highlighted several operational challenges confronting licensed buyers, including inconsistencies in ASM gold quality, high logistics costs and exposure to global price fluctuations. It called for improved transparency, standardised pricing mechanisms, risk-sharing frameworks and enhanced capacity-building initiatives to strengthen the sector.

Reaffirming its support for the GoldBod model, the CLGB stressed that licensed buyers remain key partners in formalising ASM gold production, supporting sustainable reserve accumulation, driving formal sector growth and delivering broader economic benefits to Ghana.

Meanwhile, the Ghana Gold Board has also rejected the IMF’s characterisation of the programme, insisting that the report misrepresents both the structure and implementation of the Gold-for-Reserves initiative.

According to GoldBod, the programme was designed to boost foreign exchange reserves while formalising the artisanal and small-scale mining sector, and does not expose the institution to the trading losses suggested in the IMF review.

The Board maintained that any provisional figures cited by the IMF relate to accounting outcomes on the Bank of Ghana’s balance sheet, rather than operational losses incurred by GoldBod. It further challenged the portrayal of “off-takers’ fees,” noting that these costs are standard market-related expenses covering aggregation, assaying, logistics and regulatory compliance, and do not undermine the programme’s viability.