We Can’t Be Blamed For Losses Arising from Gold for Reserves Programme- GoldBod
The Ghana Gold Board has distanced itself from the reported losses of $214 million incurred under the Bank of Ghana’s Gold for Reserves Programme.
It explained that the programme is a component of the Domestic Gold Purchase Programme (DGPP) introduced by the BoG as a non-profit monetary policy intervention.
“All Foreign exchange (FX) proceeds under the same accrue to the BoG for meeting market F needs and building reserves. Thus, the financials of the programme have always sat on the books of the BoG since the inception of the programme in 2022.”
It asserted that the G4R losses predate the existence of the GoldBod, arguing that the programme has never made a profit.
“Any loss arising from the G4R programme in 2025 is neither attributable to the GoldBod nor mismanagement or incompetence of the BoG, but rather, a product of the design of the policy.”
“In the specific case of the IMF’s claim of 2025 G4R losses, the BoG has urged the public to await the audit of the financials of the programme before any definite pronouncement is made,” it remarked.
Story by Hajara Fuseini
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