The Ghana Gold Board (GoldBod) has strongly refuted reports suggesting it recorded trading losses or transferred such losses to the Bank of Ghana (BoG), describing the claims as misleading and factually incorrect.
In a statement issued on Monday, January 6, GoldBod stressed that it cannot be held responsible for losses it did not incur, insisting that the assertions misrepresent the structure and ownership of Ghana’s gold purchase arrangements.
DGPP and G4R Are BoG-Led Policy Tools
GoldBod clarified that the Domestic Gold Purchase Programme (DGPP), including the Gold-for-Reserves (G4R) initiative, was conceived and implemented by the Bank of Ghana as a non-profit monetary policy intervention, not a commercial trading operation.
According to the board, the programme is entirely financed by the BoG, with all foreign exchange proceeds accruing to the central bank to support reserve accumulation and stabilise the foreign exchange market.
As a result, GoldBod explained, all financial records related to the DGPP have always been captured on the books of the Bank of Ghana since the programme’s launch in 2022.
Programme Predates GoldBod
The board further noted that the G4R initiative existed long before the establishment of GoldBod itself, which has been operational for only about eight months.
GoldBod emphasised that the programme has never generated profit since inception, adding that any losses recorded in 2025 cannot be linked to its operations or management.
“Any loss arising from the G4R programme in 2025 is neither attributable to the GoldBod nor to any incompetence of the Bank of Ghana, but rather a product of the design of the policy,” the statement said.
Audit Needed Before Conclusions
Responding to recent public commentary referencing the International Monetary Fund (IMF) and alleged losses under the G4R programme, GoldBod urged restraint, calling on stakeholders to wait for the completion of a formal audit.
The board said an independent audit would provide a definitive account of the programme’s financial position and accurately identify the origins of any reported losses.
GoldBod Reaffirms Mandate
GoldBod reiterated its commitment to transparency, accountability, and sound governance within Ghana’s gold trading ecosystem.
It stressed that its role is primarily strategic and regulatory, aimed at formalising artisanal and small-scale mining, improving traceability, and supporting national reserve-building efforts — not generating profits from the DGPP.
The board concluded by assuring the public that it remains focused on strengthening Ghana’s gold sector in line with national economic priorities.
