GoldBod Denies Involvement in BoG's US$1.7 Billion Loss
The Ghana Gold Board (GoldBod) has distanced itself from the US$1.7 billion loss recorded by the Bank of Ghana's Domestic Gold Purchase Programme (DGPP) in 2025.
In a statement, GoldBod CEO Sammy Gyamfi clarified that the institution was merely a buying agent for the central bank under the DGPP and had no role in the subsequent sale of gold or determination of selling prices.
Gyamfi pointed out that GoldBod's fees, amounting to 0.758% of the total purchases, were legitimate charges for services rendered and not unique to the institution.
The CEO also attributed the reported losses partly to 'valuation effects', specifically the difference between the Forex Bureau exchange rate used in purchasing gold and the BoG reference rate used for accounting purposes.