The International Monetary Fund (IMF) has reiterated its position that the Ghana Gold Board (GoldBod) incurred losses of approximately US$214 million under the government’s gold purchase programme.
The figure was highlighted in the Staff Report for the Fifth Review of Ghana’s IMF-supported programme.
Speaking at a press briefing on Thursday, 15th January 2026, IMF Director of Communications Julie Kozack explained that the assessment remains unchanged.
“The loss stemmed from trading activities, fees, and exchange rate movements. While it is not formally recorded on the government’s fiscal balance sheet, it ultimately represents a cost to the state,” Ms Kozack said.
She noted that the programme also delivered benefits, including a build-up of international reserves and reduced pressure on the foreign exchange market during a challenging period for Ghana.
Ms Kozack further recommended that the losses be formally included on the government’s balance sheet rather than remaining on the books of the Bank of Ghana.
She added that stronger transparency, governance, and risk management measures, particularly for GoldBod-linked operations, are essential.
“These steps are critical to ensure the Bank of Ghana remains financially sound,” she concluded, emphasising the need for clearer reporting and enhanced oversight of the gold purchase programme.
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