The Minority in Parliament has intensified pressure on the Bank of Ghana (BoG) and the Ghana Gold Board (GoldBod), demanding a full account of more than US$1.7 billion, equivalent to about GH¢22 billion, in losses linked to Ghana’s Domestic Gold Purchase Programme (DGPP) in 2025.
The Minority’s concerns follow findings in an August 2026 International Monetary Fund (IMF) report, which indicated that the significant expansion of the programme resulted in losses exceeding US$1.7 billion, representing about 1.5 per cent of Ghana’s Gross Domestic Product (GDP).
The development has put the financial structure of the programme under scrutiny, particularly as the losses were recorded during a period of strong international demand for gold.
Minority Leader Alexander Afenyo-Markin says the government, BoG and GoldBod must explain how the losses occurred and disclose the transactions behind them.
According to the IMF findings cited by the Minority, the losses amounted to about 17 per cent of the value of doré gold sold by the Bank of Ghana and were largely associated with transactions involving Gold-for-Reserves (G4R) doré purchases.
The losses were attributed to several factors, including service and assay fees paid to GoldBod, discounts on gold sold to off-takers and foreign exchange losses arising from differences between the forex bureau rate used to purchase gold and the cedi reference rate applied by the BoG for accounting purposes.
Minority Questions Gold Losses
Mr Afenyo-Markin questioned how such substantial losses could be recorded from gold trading at a time when the precious metal was experiencing strong global demand.
“These losses are not bad luck. You don’t trade in gold and make losses. They are not a difficult market,” he said.
The Minority maintains that the losses raise questions about the management and policy framework governing the programme.
It is consequently demanding disclosure of the identities of the off-takers who purchased gold under the programme, the volumes involved, prices paid and the basis for discounts granted.
Mr Afenyo-Markin said the public deserved to know whether the discounted transactions provided adequate value to the country.
“You cannot claim the upside of a trade and disown a downside,” he said.
BoG-GoldBod Arrangement Under Scrutiny
The Minority has also raised concerns about how financial risks and benefits are shared between the Bank of Ghana and GoldBod.
Under the arrangement outlined by the Minority, the central bank provides financing to GoldBod to purchase gold, which is subsequently sold to generate foreign exchange to support Ghana’s reserves and help stabilise the cedi.
Mr Afenyo-Markin questioned why GoldBod should receive fees and take credit for foreign exchange generated through the programme while losses associated with the transactions are carried on the central bank’s balance sheet.
“GoldBod took Bank of Ghana’s money to assay gold and collect its fees. It cannot claim the credit that comes with the revenue while pushing every loss into Bank of Ghana’s balance sheets,” he said.
The Minority argues that such an arrangement risks separating the benefits of the programme from its financial risks.
GoldBod Surplus Questioned
The Minority has further turned attention to GoldBod’s reported financial performance.
In 2025, GoldBod reported an operational surplus of GH¢909.7 million, while the Bank of Ghana recorded a GH¢9.05 billion net loss on the DGPP, according to figures cited in the material.
Mr Afenyo-Markin questioned whether GoldBod’s reported surplus captured the full cost of transactions undertaken under the programme, particularly where some costs may have been borne by the central bank.
The Minority is therefore calling for closer scrutiny of the financial relationship between the two institutions to establish where revenues, expenses, gains and losses were ultimately recorded.
Minority Demands Full Accounting
The Minority wants the BoG and GoldBod to provide a comprehensive breakdown of the programme, including the identities of off-takers, discounted gold sales, fee arrangements, exchange rates applied to purchases and the allocation of gains and losses.
It is also seeking clarification on whether the Auditor-General had access to all relevant information when assessing GoldBod’s financial position.
“So they must account for the GH¢22 billion loss. It must account for it because it amounts to causing financial loss to the state,” Mr Afenyo-Markin said.
The Minority’s demands are expected to deepen scrutiny of the DGPP, which has become an important component of Ghana’s strategy to mobilise foreign exchange from gold and support the cedi.
For the Minority, however, the key question is no longer simply how much foreign exchange the programme generated, but the financial cost at which those inflows were obtained.
Source : capitalnewsonline.com
