Bank of Ghana Stands by Gold Program Despite Growing Losses

The Bank of Ghana has released detailed figures on its Domestic Gold Purchase Programme (DGPP), defending its role as a strategic tool despite rising financial losses.

The programme, launched in 2021, is intended to support the stability of the nation’s currency.

In a response to an RTI petition filed by Asempa FM’s Philip Osei Bonsu, the Bank stated that losses from 2022 to 2024 rose from GH74 million to GH5.66 billion.

These losses include net G40 transactions, which cover gold and oil trades, and net G4R losses, which cover artisanal gold and other segments of the programme.

Net G40 losses include losses from both gold and oil transactions under the programme, while Net G4R losses include losses from ASM gold and other segments, the Bank explained.

The DGPP continues to be seen as part of Ghana’s reserve buffers.

Figures for 2025, which record 110.99 tonnes of gold valued at US11.4 billion, are awaiting external audit confirmation.

Financial experts have highlighted that the increase in losses is significant, but stressed the programme’s strategic importance.

The DGPP is crucial in stabilising the cedi and managing Ghana’s foreign reserves, one analyst said.

The Bank has encouraged stakeholders to seek clarification on the programme, signalling a commitment to transparency amid growing public interest.

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