The Bank of Ghana (BoG) has ordered an external audit into transactions conducted under the Gold for Oil Programme between 2022 and 2024, following cumulative losses estimated at about GH¢2.2 billion.
The Governor of the BoG, Dr Johnson Asiama, disclosed this at a sitting of Parliament’s Public Accounts Committee (PAC) during deliberations on the Auditor-General’s report on Foreign Exchange Receipts and Payments at the Central Bank.
He explained that the decision was taken after the Bank identified several unresolved issues under the programme.
“There were quite too many issues under the Gold for Oil that we needed to unearth, and therefore the Board authorised an external audit. We obtained Public Procurement Authority approval about two months ago, and that exercise is currently underway,” Dr Asiama told the Committee.
According to the Governor, the Gold for Oil Programme recorded a net loss of about GH¢74 million in 2022, which increased to GH¢317.69 million in 2023. In 2024, the programme posted a much larger net loss of approximately GH¢1.8 billion, bringing total losses over the three-year period to about GH¢2.2 billion.
He further disclosed that while the Gold for Reserves Programme did not record any net loss in 2022, it suffered significant losses in subsequent years. The programme recorded a net loss of slightly over GH¢1 billion in 2023 and about GH¢3.8 billion in 2024.
Dr Asiama stressed that all figures presented to the Committee remain subject to the ongoing audit, adding that it would be premature to comment on the 2025 performance of the programmes. He said the Bank’s audited financial statements would be published by March, at which point data for 2025 would be made public.
“It is not simply a question of losses then and now. These schemes were introduced to address specific national problems,” he said, urging a broader assessment of the policy objectives behind the initiatives.
Addressing concerns about the future of the Gold for Reserves Programme, the Governor indicated that the initiative would not be discontinued but restructured to improve efficiency. He said preliminary evidence suggests that inefficiencies identified within the programme could be corrected to better serve the country’s reserve-building objectives.
Dr Asiama also revealed that serious risk-management lapses had previously existed in the export of gold, particularly from the small-scale mining sector. He noted that until last year, some gold consignments were exported without insurance cover after arrival at their destination, a situation he described as risky for the country.
According to him, the Bank has since introduced stricter safeguards, including requiring full payment before consignments are lifted or the provision of an insurance guarantee.
He said these measures are aimed at protecting Ghana’s interests and ensuring greater accountability going forward, adding that addressing the challenges identified would require a unified national approach.
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