The losses incurred by the Bank of Ghana in its gold acquisitions have reached a critical level, amounting to $1.7 billion for the year 2025 alone according to a report published by the International Monetary Fund (IMF).
These figures reveal that the financial impact of the “Domestic Gold Purchase” program, operated through GoldBod, far exceeds the initial estimates disclosed.
Indeed, the IMF’s country report No. 26/213 on Ghana (reference document for the 2026 Article IV consultation), published on August 4, demonstrates that the initially rumored $214 million loss was only a tiny portion of the actual deficit borne by the institution.
This surge in losses, totaling over $1.7 billion – equivalent to 1.5% of GDP – is almost exclusively due to transactions on G4R gold, representing a 17% depreciation in the value of the gold resold by the central bank.
