BoG Says PAC Has Received Outstanding Financial Data on Gold for Reserves Programme
Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has indicated that the Central Bank has furnished the Public Accounts Committee (PAC) with all outstanding data relating to the cost implications of the Gold for Reserves Programme, describing the matter as resolved.
Speaking at the 128th Monetary Policy Committee (MPC) press briefing on Wednesday, January 28, 2026, Dr Asiama explained that the concerns raised by the PAC during his recent appearance before the Committee stemmed from requests for specific datasets that were already captured elsewhere in the Bank’s reports.
“The PAC Chairperson was asking to see some explicit data in their accounts, but those data were captured in other areas in the report. We subsequently provided those numbers about a day or two after we left,” the Governor stated. He added that further clarification could be obtained directly from the PAC, stressing that “as far as we are concerned, that issue has been addressed and that is behind us.”
Dr Asiama was responding to a question from NorvanReports on whether the BoG had honoured its commitment to submit detailed information on the financial performance of the Gold for Reserves Programme following earlier engagements with the PAC.
During his appearance before the Committee earlier this month, the Governor presented a breakdown of losses recorded across key components of the Domestic Gold Purchase Programme (DGPP) and related initiatives, including gold-for-oil and gold-for-reserves transactions.
According to the data presented, net losses from oil-related gold transactions amounted to GH¢74.44 million in 2022, while no losses were recorded under the gold-for-reserves programme in the same year. In 2023, however, losses from gold-for-oil transactions increased sharply to GH¢317.69 million, with gold-for-reserves operations posting losses of GH¢1.054 billion.
The trend intensified in 2024, with gold-for-oil net losses rising to GH¢1.8 billion and gold-for-reserves losses escalating to GH¢3.8 billion. Dr Asiama noted that financial figures for 2025 remain under audit, with the official accounts expected to be published by March 2026.
“The losses are not new; they were there before 2025. These schemes were introduced to address a specific national problem,” the Governor told the Committee, emphasising that attention should now be directed toward reforming the programmes to improve efficiency and strengthen macroeconomic stabilisation.
He further disclosed that the Bank is engaging the Gold Board and other key stakeholders to refine the operational framework of the DGPP and related initiatives. “We want everyone to get on board to reform this better and sharpen its efficiency so that it supports economic stabilisation and our reserves build-up going forward,” Dr Asiama added.
