BoG Gold Programme Losses Prompt Ghana Gold Board Takeover

The Bank of Ghana's Domestic Gold Purchase Programme suffered a significant loss in 2025, prompting a full handover to the Ghana Gold Board. The programme lost GH¢9.05 billion last year, up from GH¢5.66 billion in 2024, and was part of the central bank's net loss of GH¢15.6 billion for the year.

The International Monetary Fund (IMF) had previously flagged the arrangement as a risk to the central bank's independence. In its Fifth Review of Ghana's IMF-supported programme, published in December 2025, the Fund said the artisanal and small-scale gold trading component of the programme generated a 'quasi-fiscal loss' of $214 million by the end of the third quarter of 2025.

The Bank of Ghana has entered a recapitalisation agreement with the Finance Ministry running from 2026 to 2032, and Parliament has amended the Bank of Ghana Act to raise its minimum authorised capital from GH¢10 million to GH¢1 billion. GoldBod's chief executive, Sammy Gyamfi, rejected suggestions that the board itself recorded losses, saying off-take agreements and related fees are handled by the central bank rather than GoldBod.