IMF (Country Report 25/343):
“In 2025 through end-Q3, losses from the artisanal and small-scale (ASM) doré gold transactions component of G4R have reached US$214 million (0.2 percent of GDP), mostly on trading losses but also on GoldBod off-takers’ fees.”
Bank of Ghana (25 Dec 2025):
“Although the IMF review flagged financial risks associated with the Domestic Gold Purchase Programme (DGPP), it is important to place these concerns within the broader context of the programme’s significant macroeconomic contribution. The DGPP is a policy tool that has helped shore up Ghana’s international reserves, supported currency stability, and enabled access to large volumes of foreign exchange without incurring new debt. 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. This collaborative structure between the Bank and GOLDBOD has ensured that the DGPP remains anchored in public policy objectives.”
Me:
Bank of Ghana, please explain the loss of US$214 million to Ghanaians, rather than treating it as only “financial risks” flagged by the IMF.
A ‘loss’ is something that is fait accompli. It has already happened. A ‘risk’ is an exposure to danger, whether imminent or remote. A risk may materialise or may never materialise. A loss and a risk are not the same. Don’t use semantics to avoid accountability to the people of Ghana. Come back and explain how the “trading losses” and “GoldBod off-takers’ fees” led to the loss of $214 million. That money was the taxpayer’s money. The taxpayer deserves credible explanation as to how that loss occurred and what measures the Bank of Ghana and the GoldBod have put in place to forestall future losses. That is what accountability demands, not hiding behind semantics and technical language to dodge legitimate questions.
Kwaku Antwi-Boasiako
Accra, 27 December 2025.
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