Ghana's Gold-Buying Scheme Suffers Devastating Losses

The Bank of Ghana's domestic gold-buying scheme, run in tandem with the state-owned Ghana Gold Board, suffered losses of GH¢22 billion (approximately $2 billion USD) in a single year, according to the International Monetary Fund.

This figure is far larger than earlier estimates, which had already stirred controversy. The IMF said that the Domestic Gold Purchase Programme generated losses equal to 1.5% of Ghana's gross domestic product in 2025.

The programme was intended to accumulate reserves and channel foreign exchange to the private sector. However, it incurred significant trading losses, with half stemming from buying gold at a more expensive forex-bureau exchange rate.

Authorities have since taken steps to address these issues, including transferring the gold programme from the central bank to GoldBod and assuming 100% of its costs. The government has also committed to full recapitalisation of the Bank of Ghana by 2032.