BoG's Gold Purchase Programme Criticized for $1.7 Billion Losses
The Bank of Ghana's Domestic Gold Purchase Programme has come under scrutiny, with MP Attah Issah arguing that it was a mistake for the central bank to manage the initiative.
Issah claims that the programme should have been handled by the Ghana Gold Board due to its quasi-fiscal nature, which he believes makes it a financial burden on the Bank of Ghana.
The IMF has estimated that the programme generated losses of over $1.7 billion in 2025, despite helping rebuild Ghana's foreign exchange reserves and support the Cedi.
Issah acknowledged that the programme imposed costs on the central bank but defended it as necessary to achieve broader macroeconomic objectives, saying 'We were very clear from day one that we needed to spend this money to restore macroeconomic stability... The position should therefore not be reduced to just a line, ‘Ghana lost money by buying gold’.'