Answer: No.
a. The ASM G4R programme has never at any time generated profit for the BoG. As has already been explained, the ASM G4R programme is a not-for-profit policy and has never made profit for the central bank.
b. In 2023 and 2024, the BoG incurred audited G4R (gold component) losses of GHS2.15 billion (over $185 million dollars) and GHS4.84 billion (over $320 million dollars) respectively. Yet, the corresponding economic benefits from the G4R programme in these years were very minimal.
c. The reported G4R losses of $214 million for January to September 2025 (unaudited), even if established to be accurate, will amount to a significant reduction in the cost of the G4R programme.
d. This cost reduction has been achieved in spite of the fact that the GoldBod in 2025, has purchased for the BoG, higher volumes (over 103 tons) of ASM gold (more than double the previous year’s ASM gold volume of 45 tons purchased by aggregators of the BoG), and at relatively higher prices.
e. ASM G4R purchases and associated loss/cost since 2022 are as follows:
It must be noted that reference to this data is not in any way a comparison of losses for the purpose of equalization or political goal-scoring.
Rather, it is to expose the dishonesty and hypocrisy of political mischief makers, who know very well, that the G4R programme is not designed for profit- mischief makers who themselves never made profit under the programme, yet are kicking a fuss about legitimate cost incurred under the programme to deliver the outstanding economic gains the nation is enjoying today.
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