The Ghana Gold Board (GoldBod) has strongly denied claims that it has incurred trading losses or transferred any such losses to the Bank of Ghana (BoG), describing the assertions as inaccurate and misleading.
In a statement issued on Monday, January 6, GoldBod clarified that it cannot be held responsible for losses it did not incur. The board explained that the Domestic Gold Purchase Programme (DGPP), including the Gold-for-Reserves (G4R) initiative, was introduced by the Bank of Ghana as a non-profit monetary policy intervention.
According to GoldBod, the programme is fully funded by the central bank, with all foreign exchange proceeds accruing to the BoG to support market liquidity and build foreign reserves. As a result, the financial records of the DGPP have, since its inception in 2022, been maintained on the books of the Bank of Ghana.
The board further noted that the G4R programme predates the establishment of GoldBod, which is only eight months old. It stated that the programme has never generated profits and that any losses recorded in 2025 stem from the design of the policy rather than operational failures.
GoldBod also urged the public to await the outcome of a formal audit, particularly in relation to claims linked to the International Monetary Fund (IMF), stressing that the audit would provide clarity on the programme’s financial performance.
The board reaffirmed its commitment to transparency and good governance, emphasizing that its mandate is regulatory and strategic, focused on formalising the small-scale mining sector and supporting national reserve-building efforts.
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