a. Assuming the reported G4R loss of $214 million or $300 million is established to be correct, the net economic impact of the G4R programme for 2025 cannot by any stretch of imagination constitute a national loss but rather, a NATIONAL GAIN.
b. This is because the BoG working in conjunction with its Aggregator, the GoldBod, generated foreign exchange in excess of $10.8 billion dollars in 2025 from only ASM gold exports for the country.
c. Incurring cost or an expense of $214 million dollars to accumulate forex of $10 billion dollars to meet critical external obligations and FX needs for economic benefits, is good for the country.
d. It is worthy of note, that if Ghana had borrowed $10.8 billion dollars to meet its external obligations and market needs, the cost (interest and transaction fees) would have been about one billion dollars and therefore, much higher than the reported cost of $214 million by the IMF or $300 million by others.
e. The following additional facts on the economic benefits of the 2025 ASM G4R programme are worth highlighting:
f. By incurring a cost of $214 million or $300 million (unaudited) to accumulate over $10.8 billion dollars of forex for the country:
i. The Ghana cedi has appreciated by about 40% against the U.S dollar in 2025. The retail dollar to cedi rate has declined from about GHS16 in 2024 to below GHS12 cedis, with the interbank rate hovering around 10.4 cedis to the dollar as at 31st December, 2025.
This is the first time the Ghana cedi has appreciated (annual average) against its trading currencies in decades.
ii. The rate of inflation has declined for 11 consecutive months from 23.8% in December 2024 to 6.3% in November 2025. As such, food prices have reduced on average by 32%, according to the Alliance for a Green Revolution in Africa. Food price inflation recorded a single digit for the first time in about five years.
Fuel prices and general prices have seen significant reductions. Cost of living has been reduced significantly and living conditions of Ghanaians have improved considerably.
iii. The Ghana Reference Rate (the benchmark for lending rates) has reduced from 28.31% in December 2024 to 15.9% in December 2025.
iv. Ghana has met its 2028 foreign reserve target in 2025 – three (3) clear years ahead of schedule.
v. The state has saved over GHS16 billion in the servicing of external debt and the payment of Independent Power Producers.
vi. Importers and, by extension, consumers have been saved a total of over GHS60 billion in the prices of imports.
vii. The opportunity cost of not raising the much needed $10.8 billion dollars foreign exchange, if the BoG had pursued profit through discounted ASM gold purchases, would have been far higher than the reported G4R cost of $214 million (unaudited) for 2025.
viii. Overall, the impact of the G4R programme in 2025 has been highly positive. Its net effect has been a national economic gain rather than a national economic loss.
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