Adoboli Defends Bank of Ghana's $1.7 Billion Gold Programme Losses

Financial analyst Kweku Adoboli has defended Bank of Ghana's $1.7 billion gold programme losses, attributing them to a necessary cost of stabilizing the cedi rather than mismanagement.

The losses under the Domestic Gold Purchase Programme (DGPP) amount to 17% of the value of doré gold sold by the central bank, according to the IMF's 2026 Article IV Consultation report. The Fund noted that the programme's losses rose from about $400 million in 2024 to more than $1.7 billion in 2025, equivalent to about 1.5% of GDP.

Adoboli argued that most of the losses stemmed from the gap between the central bank's official exchange rate and the higher forex bureau rates used to buy gold from small-scale miners. 'About 83% of the total cost was the foreign exchange slippage,' he said, adding that the pricing was deliberately structured to draw miners away from smugglers and toward the Ghana Gold Board.

Adoboli welcomed the transfer of the gold purchase programme from the central bank to GoldBod, saying it would move the costs onto the Finance Ministry's balance sheet and increase transparency. 'It doesn't change the risks; it just increases the transparency,' he said.