The Bank of Ghana (BoG) has firmly rejected claims that it incurred losses from its gold operations in 2025, describing such reports as speculative and premature.
The central bank said the assertions are being made while it is still undergoing its statutory annual external audit, a process that will determine its final financial position for the year.
In a statement issued by the Bank, it stressed that any figures currently circulating in the public domain cannot be considered authoritative.
“As such, any figures reported in relation to losses from gold operations in 2025 remain speculative,” the BoG said, adding that the audited financial statements, including all relevant disclosures, will be published next year in line with legal requirements.
The clarification comes amid heightened public debate following references in the International Monetary Fund’s (IMF) recent review of Ghana’s economic programme, which flagged potential financial risks linked to the Domestic Gold Purchase Programme (DGPP).
“Although the IMF review flagged financial risks associated with the Domestic Gold Purchase Programme, it is important to place these concerns within the broader context of the programme’s significant macroeconomic contribution.”
Bank of Ghana (BoG)
According to the BoG, the DGPP has played a key role in strengthening Ghana’s international reserves and supporting stability in the foreign exchange market.
The programme has also allowed the country to access substantial volumes of foreign exchange without taking on new debt, an outcome the Bank described as particularly important amid ongoing fiscal consolidation efforts.
GOLDBOD in Gold Aggregation
Central to the DGPP is the operational role of GOLDBOD, which acts as an aggregator for gold sourced from Ghana’s small-scale mining sector. The Bank said this arrangement has helped channel gold-based inflows into the formal financial system.
BoG added that the collaboration between the central bank and GOLDBOD has ensured that the DGPP remains anchored in public policy objectives rather than purely commercial considerations.
By formalising gold purchases and linking them to reserve accumulation, the Bank believes the programme has delivered benefits that extend beyond immediate balance sheet outcomes.
The statement also referenced reforms to Ghana’s foreign exchange operations that were highlighted in the IMF report.
“The framework clarifies intervention triggers, separates reserve accumulation from market intermediation, and enhances transparency.”
Bank of Ghana (BoG)
It added that the effectiveness of this system is closely linked to the stability and efficiency of GOLDBOD’s operations, underscoring the need for continued oversight and discipline.
The Bank suggested that these reforms are already contributing to improved market confidence, even as authorities continue to fine-tune operational arrangements.
Planned Reforms to Improve Efficiency
While defending the DGPP’s macroeconomic value, the BoG acknowledged that the programme comes with fiscal costs that must be carefully managed.
In response, the Bank’s Board has approved a set of reforms aimed at improving pricing and operational efficiency, particularly in the downstream segment of the programme.
“Recognising both the macroeconomic benefits and fiscal costs of the DGPP, the Board of the Bank of Ghana recently approved reforms to improve pricing and operational efficiency.”
Bank of Ghana (BoG)
These reforms are expected to take effect from January 2026 and are aligned with provisions in the 2026 national budget. The Bank said the budget will fully resource GOLDBOD to ensure its long-term sustainability as the programme evolves.
Key priorities of the upcoming reforms include reducing intermediation fees, improving cost efficiency and ensuring that gold buying prices remain competitive while still being economically sound. The Bank believes this balance will benefit both the mining sector and the wider economy.
As the audit process continues, the BoG urged stakeholders and the public to await the release of its audited accounts before drawing conclusions about the financial performance of its gold operations.
The central bank’s position underscores a broader message: that assessments of complex programmes like the DGPP should be based on verified data and a full understanding of their economic impact, rather than on preliminary or incomplete information.
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