Ghana's Gold Hoarding Program Costs Central Bank $1.9 Billion

Ghana's gold purchasing program has resulted in significant losses for the country's central bank. According to the International Monetary Fund (IMF), the Bank of Ghana absorbed a staggering loss of $1.9 billion from the operation in 2025, causing its negative equity position to swell to 6.7% of the country's gross domestic product.

The program involved financing gold purchases by the central bank and then selling it for foreign currency, but high service fees, assay and testing costs, and trading spreads severely eroded the value of the foreign reserves that should have been accumulated.

However, despite the financial cost, the program has delivered undeniable results at the macroeconomic level. Ghana's gold export revenue doubled to $21 billion in 2025, and the country's foreign exchange reserves reached a record high of $14.5 billion in February 2026.