The Minority in Parliament has described the reported $214 million loss incurred by the Bank of Ghana (BoG) under the Gold-for-Reserves programme as a deliberate design failure, rather than the result of market fluctuations.
Addressing a press briefing on Monday, the Ofoase Ayirebi MP, Kojo Oppong Nkrumah, said the losses, as cited by the International Monetary Fund (IMF) in its programme review, expose deep structural flaws in the current GoldBod-led implementation of the initiative.
“This is not a ‘market fluctuation problem’. It is a system design that forces the State to bleed so intermediaries remain secure,”‘ he noted
The Ranking Member on the Economy and Development Committee said GoldBod is compelled to buy gold from small-scale miners at real global market prices and at exchange rates comparable to those offered by forex bureaus, to remain competitive.
However, after selling the gold offshore and receiving dollar proceeds, GoldBod reportedly converts the foreign exchange back to the Bank of Ghana at the BoG or interbank rate, which is typically weaker than the market rate. The resulting exchange-rate gap, the Minority explained, is then absorbed by the central bank.
“In effect, GoldBod protects its own books by passing the FX losses directly onto the Bank of Ghana,” the caucus said.
They insisted this mechanism is built into the system and cannot be blamed on volatility or external shocks.
While acknowledging the IMF’s $214 million loss estimate over nine months of 2025, the Minority said the figure does not fully capture the true cost of the programme. The caucus warned that as long as the structure remains unchanged, losses will continue to accumulate, regardless of gold prices or export volumes.
“This model forces the State to bleed so that intermediaries remain secure,” the Minority stated.
Also,the Minority warned that the $214 million loss represents foregone development opportunities, including hospitals, water systems, and other critical social infrastructure.
The concerns come amid controversy surrounding an International Monetary Fund (IMF) report, which disclosed that Ghana recorded losses estimated at about US$214 million under the Bank of Ghana’s Gold-for-Reserves programme, a development the Fund described as a potential risk to the country’s economic stability.
However, GoldBod has rejected the claims in the report, insisting it has not recorded any losses and is on course to post a surplus of at least GH¢600 million in the 2025 financial year.
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