Ghana's $1.9 Billion Gold Purchasing Loss

The Bank of Ghana's gold purchasing program, GoldBod, was established in 2025 to buy gold from small-scale and artisanal miners using local currency. The goal was to increase Ghana's foreign-exchange reserves by holding onto the gold.

However, this plan came with a significant cost. According to the International Monetary Fund (IMF), the Bank of Ghana lost $1.9 billion during the year due to service fees, gold-assay charges, and trading margins.

The losses pushed the central bank's negative equity to 6.7% of GDP, making it an uncomfortable position for a central bank as it relies on its capital to act as a backstop for the financial system.