BoG Dismisses 2025 Gold Operations Loss Claims as Speculative, Cites Pending Audited Accounts
The Bank of Ghana has dismissed reports suggesting losses from its gold operations in 2025, insisting that any such figures should be treated as speculative until its audited financial statements are published next year.
According to the central bank, its annual audited accounts, including all relevant disclosures, will be released in accordance with statutory requirements, making it inappropriate to attach credibility to unverified loss estimates at this stage.
This clarification was contained in a document issued by the Bank of Ghana, which also sought to place concerns raised by the International Monetary Fund (IMF) about the Domestic Gold Purchase Programme (DGPP) within a broader macroeconomic context.
While the IMF review flagged financial risks associated with the programme, the Bank argued that the DGPP has delivered significant macroeconomic benefits, including boosting Ghana’s international reserves, supporting currency stability and facilitating access to substantial foreign exchange inflows without increasing public debt.
“The Domestic Gold Purchase Programme should be seen as a policy tool that has helped to boost Ghana’s international reserves, supported currency stability, and enabled access to large volumes of foreign exchange without incurring new debt,” the Bank stated.
It further highlighted the operational role of GOLDBOD, noting that its function as an aggregator has been critical in channelling gold inflows from the small-scale mining sector into the formal market.
“The operational role of GOLDBOD as an aggregator has been important in channelling gold-based inflows from the small-scale mining sector into the official market,” the document said, adding that the collaborative arrangement between the Bank of Ghana and GOLDBOD has ensured that the programme remains aligned with public policy objectives.
Against this backdrop, the Bank disclosed that, in recognition of both the macroeconomic benefits and fiscal costs of the DGPP, its Board has approved a set of reforms aimed at improving pricing and operational efficiency in the downstream segment of the programme.
The reforms are expected to take effect from January 2026 and will be implemented in line with budgetary provisions in the 2026 national budget to fully resource GOLDBOD and secure its long-term sustainability.
According to the Bank, priority areas will include reducing intermediation fees, improving cost efficiency and achieving competitive but economically sound gold buying prices, with positive spillovers for both the sector and the wider economy.
The central bank also pointed to its newly introduced foreign exchange operations framework as a critical complement to these reforms.
It explained that the framework, which is aligned with global best practices, clarifies intervention triggers, separates reserve accumulation from market intermediation and enhances transparency, all with the aim of strengthening confidence in the foreign exchange market.
The Bank noted that the effectiveness of this framework is closely linked to the stability and efficiency of GOLDBOD’s operations, underscoring the need for sustained oversight and operational discipline.
The document further referenced the IMF staff report, which confirmed that Ghana’s macroeconomic environment has improved markedly under the Extended Credit Facility programme, despite prevailing global headwinds.
As a result, real GDP growth has exceeded expectations, inflation has declined faster than projected into the Bank of Ghana’s target band, and international reserves continue to expand.
The central bank added that preliminary data as of mid-December indicate that gross international reserves could exceed US$13 billion by the end of 2025, reinforcing growing confidence in the economy.
