The Institute of Economic Affairs (IEA) has rejected claims that Ghana Gold Board (GoldBod) incurred a GH¢1.7 billion loss under the Bank of Ghana’s Domestic Gold Purchase Programme (DGPP).
IEA Director of Research, Professor Alexander Bilson Darku, said the reported figure largely reflects foreign-exchange valuation differences, service fees and assaying fees, rather than an actual financial loss suffered by GoldBod.
Speaking at the IEA’s assessment of the 2026 mid-year budget review on Wednesday, Prof. Darku questioned the classification of the fees as losses, arguing that the service and assaying fees paid by the Bank of Ghana to GoldBod constituted revenue for the gold-buying institution.
“I don’t understand why somebody would call revenue a loss,” he said.
According to him, about 90 per cent of the GH¢1.7 billion figure is linked mainly to exchange-rate valuation differences.
He explained that GoldBod purchases gold on behalf of the Bank of Ghana, with proceeds later converted from US dollars into cedis. Differences between the exchange rate at the time of purchase and the rate used to value the proceeds can therefore appear as losses in the Bank of Ghana’s accounts.
Prof. Darku stressed that such differences do not necessarily represent an actual depletion of Ghana’s wealth.
“It is merely a book accounting issue, and not a significant loss to the nation,” he said.
He argued that because both the Bank of Ghana and GoldBod are public institutions, a cost recorded by one institution could simultaneously represent revenue for another.
However, the IEA called for greater scrutiny of GoldBod’s financial operations, particularly as the institution moves towards private-sector financing for its gold-purchasing activities.
Prof. Darku said the new financing model could help deepen Ghana’s capital markets if properly managed, but stressed the need for transparency, sound financial management and strong oversight.
He also credited GoldBod with contributing to increased gold exports, foreign-exchange inflows and reserve accumulation, which he said had supported the stability and appreciation of the cedi.
According to him, greater exchange-rate stability could contribute to lower import costs, inflation and interest rates, while also improving Ghana’s debt position.
The IEA, however, cautioned the government against relying excessively on gold to support the cedi and build foreign-exchange reserves.
Prof. Darku called for broader measures including increased exports, import substitution, stronger regulation of the foreign-exchange market and greater local ownership of economic activities.
He said Ghana had made progress in achieving macroeconomic stability but must now focus on translating those gains into sustainable economic growth, job creation and improved living standards.
The IEA also recommended increased investment in agriculture, local processing of natural resources, reforms to the natural-resource regime and the transformation of GoldBod from primarily a gold trader into a strategic asset manager.
